Fallout Jeopardizes Proposal to Take Over Victoria's Secret
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P2JW114000-6-A00100-17FFFF5178F ****** THURSDAY,APRIL 23,2020~VOL. CCLXXV NO.95 WSJ.com HHHH $4.00 DJIA 23475.82 À 456.94 2.0% NASDAQ 8495.38 À 2.8% STOXX 600 330.14 À 1.8% 10-YR. TREAS. g 15/32 , yield 0.618% OIL $13.78 À $2.21 GOLD $1,728.70 À $50.50 EURO $1.0825 YEN 107.74 Legislating and Lunching at a Distance at Virginia Capitol Covid-19 What’s News Toll Tops 10,000 Business&Finance At Senior ycamorewants to scrap Sitsplans to take control of Victoria’sSecret, ahigh- Facilities profile legal test of whether the pandemic allows abuyer to abandon adeal reached Nursing homes say beforethe outbreak. A1 they are struggling to PG&E chief Johnson will step down on June 30, get testing they need S leaving the troubled Cali- to contain outbreaks fornia utility after a little PRES over a year at the helm. A1 TED CIA BY JON KAMP At least 18 million Euro- SO AND ANNA WILDE MATHEWS pean workershavebeen AS CH/ idled over the past month AT Thenumber of U.S. corona- as the pandemic devastates virus-linked deaths in long- the world’sjob markets. A7 term care facilities including TIMES-DISP nursing homes has eclipsed U.S. stocks rallied,claw- 10,000,asnursing-home own- ing back some of the week’s erssaid they arestill struggling losses. The Dow, S&P 500 to access the testing they need and Nasdaq rose 2%, 2.3% N/RICHMOND to detect and curb outbreaks. and 2.8%, respectively. B11 OW BR Agrowing number of state AT&T said the coronavi- BOB health departmentsare report- ruscrisis is clouding itsfi- STEPPING UP: Members of the Virginia House of Delegates practiced social distancing during a lunch break on the steps ing data, including deaths, nancial outlook as customers of the capitol in Richmond on Wednesday. The delegates were meeting outside in a tent instead of the House chamber. linked to facilities that primar- spend lessand TV produc- ily house older people who of- tion grinds to ahalt. B1 tenare in frail health and par- ticularly vulnerable to infection Silicon Valleyinvestor from the virus.Some states still Gurley won’t take part in a haven’t reported dataondeaths newfund that venture-capital Fallout Jeopardizes Proposal in such facilities,including Ohio firm Benchmark is raising. B1 and Washington, but aWall Deltareported itsfirst Street Journal survey has found quarterly lossinmorethan at least10,700fatalitiesamong five yearsamid the pan- To Take Over Victoria’sSecret more than 35 states that either demic’stoll on travel. B1 report dataonline or responded to requestsfor information. Global remittances are Theoverall U.S. reported set to decline by about BY KHADEEJA SAFDAR ersand skip April rent pay- orously defend the lawsuit and death toll from the newcorona- 20% this year,according AND CARA lOMBARDO mentswereviolations of the pursue all legal remedies to virus passed 46,000 on to the World Bank. A7 proposed transaction, accord- enforce itscontractual rights.” THE Wednesday, according to data Facebook’s $5.7 billion Private-equity firm Sycamore ing to a lawsuit filed by Syca- Thecompanysaid it would CORONAVIRUS from Johns Hopkins University, tie-up with India’sJio aims Partnerswantstoscrap its moreinaDelaware court continue to work toward clos- as newly reported early deaths to createanew kind of com- plans to take control of Victo- Wednesday. The firm is seek- ing the deal. It is preparing ale- PANDEMIC in California have challenged petitor in the world’sbiggest ria’sSecret, ahigh-profile legal ing the court’sblessing to galresponse that could be filed the timeline of the pandemic. untapped digital market. B4 test of whether the coronavirus break the deal. as soon as Thursday, people fa- Thefirst American died from pandemic allows abuyer to Shares of LBrands,which is miliar with the mattersaid. Aidfor mortgage firms, A2 the virus in early February, ac- Hackersmay be attack- walk away from an agreement also the parent of Bath &Body LBrands agreed in February cording to acounty in the SaN ing Apple iPhones by ex- Surgeries, other procedures reached beforethe outbreak. Works,fell 15% to $10.19 to sell acontrolling stakeiN FranciscoBay Area, nearly ploiting a previouslyun- to resume, A6 The investor said the deci- Wednesday. Theshares were the chain and itsPink brand to three weeks earlier than U.S. known software flaw, a sion by LBrands Inc., parent trading above$20 in February. Sycamorefor $525 million. As LIFE IN QUARANTINE: health authorities had previ- digital-security firm says. B4 of the lingerie brand, to close In astatement, LBrands part of the deal, longtime Relationships areforged ously realized. itsU.S.storesinMarch, fur- said it believes the termination leader Leslie Wexner agreed to and strengthened, A10-11 In light of the growing toll in World-Wide lough the majority of itswork- is invalid and that it “will vig- PleaseturntopageA4 PleaseturntopageA6 Thenumber of U.S. coro- Oil Prices Climb, Lifting Stocks navirus-linked deaths in Health Chief’s Missteps long-term care facilities in- Stocks rallied Wednesday as crude prices rose. Negative oil cluding nursing homes has prices have hurt the image of CME Group, where oil futures topped 10,000,asnursing- contracts are traded. B1 and B11 home ownerssaid they are SetBack Virus Response still struggling to access Brent crude-oil futures prices S&P500 the testing they need. A1 $30 abarrel 2875 Newlyreported deaths in HHS Secretary Azar waited weeks to brief Trump, oversold progress California have challenged Wednesday Wednesday the timeline of the pandemic, $20.37 +2.29% raising newquestions about +5.4% BY REBECCA BALLHAUS AND STEPHANIE ARMOUR telling the president it was “the fastest when and howthe virus 25 2825 we’ve ever created a test,” the officials re- firstarrived in the U.S. A4 WASHINGTON—On Jan. 29, Health and called, and that more than one million tests The vice president said Human Services Secretary Alex Azar told would be available within weeks. that the White House President Trump the coronavirus epidemic That didn’t happen. The CDC began ship- hopes the coronavirus epi- was under control. ping tests the following week, only to dis- demic caN be “largely in 20 2775 The U.S. government had never mounted a cover a flaw that forced it to recall the test the past” by early June. A3 better interagency response to a crisis, Mr. from state public-health laboratories. When Trump threatened to de- Azar told the president in a meeting held White House advisers later in February criti- eight days after the U.S. announced its first cized Mr. Azar for the delays caused by the stroy Iranian boatsthat ha- case, according to administration officials. recall, he lashed out at Dr. Redfield, accusing rass the U.S. Navy,asIraN At the time, the administration’s focus was the CDC director of misleading him on the said itsIslamic Revolution- 15 2725 on containing the virus. timing of a fix. “Did you lie to me?” one of aryGuardCorps launched its Mon. Tues. Wed. Mon. Tues. Wed. When other officials asked about diagnos- the officials recalled him yelling. first military satellite. A16 Source:FactSet tic testing, Dr. Robert Redfield, director of Six weeks afterthat Jan. 29 meeting,the Thecoronavirus pan- the Centers for Disease Control and Preven- federal government declared anational emer- demic is expected to weigh tion, begaN to answer. Mr. Azar cut him off, PleaseturntopageA8 on the financial condition of Social Security,which is pro- jected to paybenefitsthat ‘Body Coach’ exceed itsincome in 2021. A2 PG&E CEOtoDepart Avaccine expert who wasousted as chief of afed- Gives Britons PerIDC’s eral biomedical division said AfterChallenging Year latest annual marketshareresults, he waspenalized forrefusing Sprains, Pains to promotedrugs touted by BY KATHERINE BLUNT adeadline forits participation Trump to treat coronavirus. A4 iii in a California wildfire fund Oracle is the #1 Harvard and at least ‘Lunges can be PG&E Corp.’s chief execu- meant to help the state’sutili- Enterprise Applications vendor in two other major universi- tivewill step down following a ties handle futureliabilities. ties said they wouldn’t ac- dangerous’ during tumultuous year overseeing Mr.Johnson, 66 yearsold, cept stimulus funds after the utility’s attempts to im- came intothe job with arepu- Trump began pressuring home lockdown provesafety and emerge from tation for improving opera- North America Harvardoverthe money. A4 bankruptcy afterits power tions afteralong career in the based on marketshareand revenue. Deforestation in Brazil’s BY PARMY OLSON lines sparked California wild- utility industry. But he faced firesthat destroyed thousands enormous challenges in at- Amazon has increased to LONDON—Britain’s“Body of homes and killed morethan tempting to transform PG&E— O S itsfastest paceinyears, A Coach” is trying to keep the 100 people. acompanywith along record R L and the season when clear- E I A N ing typically accelerates countryfit during the pan- Bill Johnson, who wasap- of safety problems—while also S demic.His home workouts, pointed last April to help steer brokering agreementsamong C F T S hasn’t started yet. A16 O U A L R however, areproving to be a thecompanyout of chapter 11, regulators, politicians,inves- I P M C T health hazard themselves. has decided to retireJune 30, tors and lawyersinvolved in E E S CONTENTS Markets..................... B11 Everymorning at 9a.m., the companysaid Wednesday, itscomplexbankruptcy case. Banking &FinanceB10 Opinion.............. A13-15 Business News...... B3 Sports........................ A12 British fitnessguruJoe Wicks adding that it appointed Wil- He hadexpressed frustra- IDC Worldwide Semiannual SoftwareTracker, April 2019,results for CY2018. Crossword.............. A12 Technology............... B4 broadcastsa30-minute, at- liam “Bill” Smith, who joined tion with some of thosechal- North America is the USAand Canada.