American booking full flights next week; Big Lots still busy

The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments Friday related to the national and global response, the work place and the spread of the virus.

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RETAIL ROUNDUP:

— Big Lots is seeing the continuation of strong demand that started in mid-April, with second quarter-to-date comparable sales through fiscal June increasing well ahead of expectations.

The company now anticipates second-quarter comparable sales will be up by a mid-to-high twenties percentage. Big Lots said Friday that it is in a very strong liquidity position, with current cash and short-term investments of approximately $890 million, and no amounts drawn on its $700 million revolving credit facility.

— Shopping mall owner Intu is scrambling to avoid bankruptcy after failing to strike a deal with its creditors. The London-based company is being hammered by lower rent payments from retail clients during the pandemic.

The group, which owns the Trafford Centre in England, has been trying to secure a “standstill’’ on loans and must reach a deal by midnight Friday. Intu has struggled with a 4.5 billion pound ($5.6 billion) debt burden this year.

The company said in a statement that its board is “considering the position of Intu with a view to protecting the interests of its stakeholders. This is likely to involve the appointment of administrators.’’

TRAVEL & LEISURE:

— American Airlines will start booking flights to full capacity starting next Wednesday. The move contrasts sharply with rivals including Delta that limit bookings to create space between passengers.

American said Friday that it will continue to notify customers of full flights and let them change flights at no cost. The airline...