RETAIL
J. Jill has 10 days to get its finances in order or face bankruptcy
J. Jill has just 10 days to get permission from the vast majority of its lenders for a deal that would extend the struggling retailer’s debt maturities, excuse it from financial covenants, and give it fresh cash. The Quincy-based company said in a statement Tuesday that it plans to file for bankruptcy if it fails to get lenders holding 95 percent of its term loans on board with the plan by Sept. 11. It’s struck a deal with lenders holding 70 percent of the debt to extend certain debt maturities to 2024, grant a financial covenant holiday, and provide for at least $15 million of new cash in the form of a junior term loan. The pandemic forced the women’s clothing retailer to temporarily close its more than 280 US stores in March. The company warned in June that the challenges related to COVID-19 had raised “substantial doubt’’ about its ability to survive. But like many struggling retailers, its problems predated the virus. J. Jill has struggled to find the right fashion to appeal to its customers, who were shifting spending to new online merchants and other categories. Shares of the company have lost more than 97 percent of their value since the firm went public in 2017. — BLOOMBERG NEWS
RIDE HAILING
Once Maskless Uber riders must provide a photograph
Mask slackers will now have to provide photographic proof they’re wearing a face covering before boarding an Uber. The San Francisco-based company unveiled a policy Tuesday stipulating that if a driver reports to Uber that a rider wasn’t wearing a mask, the rider will have to provide Uber with a selfie showing a mask strapped on the next time they summon a car on the ride-hailing service. The mask verification rule expands upon a similar requirement that Uber imposed on its drivers in May to help reassure passengers worried about being exposed to the coronavirus. — ASSOCIATED PRESS
VIDEO CONFERENCING
Zoom stock zooms to new heights
Zoom stock surged Tuesday, making the video conferencing company more valuable than well-established companies in the auto and aviation industries. The shares rose 40.78 percent to $457.69, pushing Zoom’s market value to more than $129 billion, after it reported explosive growth during the second quarter as more people paid for subscriptions, giving them more control over virtual meetings. Zoom’s revenue more than quadrupled from the same time last year to $663.5 million and profits blew past Wall Street forecasts. At the current level, Zoom’s market value exceeds that of two storied automakers, General Motors and Ford, combined, as well the value of aviation giant Boeing and consumer favorite Starbucks. — ASSOCIATED PRESS
AIRLINES
American and Delta join United in dropping ticket change fee
American Airlines and Delta joined their biggest rival in ditching a detested $200 fee for changing tickets, attempting to entice people back on planes as the coronavirus pandemic strangles travel demand. The fee is being dropped on flights in the United States and to nearby international destinations, except on the least-expensive tickets. United, which announced a similar decision Sunday, and American also will scrap a charge for passengers to fly standby the same day as their original flight. The changes come after the nation’s airlines cut fares and rolled out extensive cleaning protocols in a desperate effort to woo people back onto planes. The industry is moving into what typically is the year’s slowest period while pandemic-related travel restrictions continue to keep lucrative business passengers at home. US demand remains about 70 percent below year-earlier levels. — BLOOMBERG NEWS
AUTOMOTIVE
GM completes order for 30,000 ventilators
General Motors says it has finished making 30,000 medical breathing machines for the US government to help treat coronavirus patients. The Department of Health and Human Services contracted with GM to build the ventilators at a converted auto electronics plant in Kokomo, Ind., at a cost of $489.4 million. The machines were designed by Ventec Life Systems of the Seattle area, and GM ramped up production in about a month when it appeared the United States and other countries would run short of ventilators. Earlier Ford announced it has finished making 50,000 ventilators for the government at a cost of $336 million. A portion of a factory near Detroit was converted to make the machines. It will go back to producing auto parts. — ASSOCIATED PRESS
BANKING
Wells Fargo offers account with no fees for overdrafts
Wells Fargo launched one of its promised new bank accounts earlier than scheduled as the firm remakes some of offerings under chief executive Charlie Scharf. The no-overdraft-fee account, Wells Fargo’s first offered across the United States, is available for $5 a month, according to a statement Tuesday. The firm announced the planned move and a second new account that limits overdraft fees in March. At the time, it said the new products would be available by early 2021. The new account is part of San Francisco-based Wells Fargo’s broader effort to streamline businesses after a series of scandals that began with the 2016 revelation that branch employees opened millions of fake accounts to hit sales goals. — BLOOMBERG NEWS
ENERGY
Solar and wind majority of new power generated
For the first time, solar and wind made up the majority of new power generation in the world — marking a seismic shift in how nations get their electricity. Solar additions last year totaled 119 gigawatts, or 45 percent of all new capacity, according to a report Tuesday by BloombergNEF. Together, solar and wind accounted for more than two-thirds of the additions. That’s up from less than a quarter in 2010. The surge comes as countries cut carbon emissions and technology costs fall. — BLOOMBERG NEWS