My name is Mike Duncan, and for the past two years I have been honored to serve as Chairman of the Board of Governors for the United States Postal Service. Throughout my life, I have looked for ways to help strengthen and support institutions important to American communities. That’s why I spent five years serving on the Board of the Tennessee Valley Authority, and why I serve on the Board of Alice Lloyd College near my home in Kentucky. When I accepted this position, I did so because of my admiration for the United States Postal Service and its public service mission. Click read more below for the rest of the statement.

Pearson plc announces the prospective appointment of Andy Bird as its new Chief Executive, starting on 19th October, 2020. It is intended that John Fallon will continue as Chief Executive until that date, when he will step down from the Board and remain as an advisor until the end of the year. Andy is currently a Non-Executive Director at Pearson plc and was appointed to the Board on 1st May, 2020. Andy has had a distinguished career spanning 35 years in the media industry. Most recently he worked for The Walt Disney Company, as Chairman of Walt Disney International, responsible for the company’s businesses outside of the US. After joining in 2004, he led a major expansion of Walt Disney International, transforming the organisation into a digital-first business focused on the diverse needs of consumers around the world.

The Board of Managers of American Media, LLC's holding company have made the strategic decision to combine American Media and Accelerate360, LLC (Accelerate). The announcement was made by Accelerate CEO David Parry. As part of the consolidation, American Media will be renamed A360 Media and American Media President and CEO, David J. Pecker has been named Executive Advisor of A360 Media effective immediately. "This is a transformative event that significantly reshapes Accelerate and American Media into a new type of media and marketing company with an unprecedented reach all the way to the sales floor," said Mr. Parry.

“The U.S. Postal Service greatly appreciates the efforts of the House of Representatives to assist us. We look forward to continuing to work with Congress on more meaningful reform that will ensure our long-term health, and we remain a vital part of our nation’s critical infrastructure. We are concerned that some of the requirements of the Bill, while well meaning, will constrain the ability of the Postal Service to make operational changes that will improve efficiency, reduce costs, and ultimately improve service to the American people. We reiterate that the Postal Service is fully capable and committed to delivering the nation’s election mail securely and on time, and will do everything necessary to meet this sacred duty.”

Learning Company Houghton Mifflin Harcourt (HMH) reinforced its commitment to racial justice with a major book donation aimed at amplifying Black voices while getting books into hands of children and families in need. HMH is in the process of donating over 50,000 titles by Black authors to more than 15 youth-serving nonprofit organizations across the United States. Donated through HMH’s Books for Equity initiative, the curated list of titles explores issues of race and features Black main characters, including works by Toni Morrison, Kwame Alexander, Nana Kwame Adjei-Brenyah, Margaret Walker, Melba Pattillo Beals and many more. Recipients of the donations include City Year, Girls Write Now, Boys & Girls Club of Harlem, Communities In Schools of Central Texas, and more.

Following news last month that O, The Oprah Magazine would cease regular print publication, Oprah herself has addressed the brand’s future in a video published on its website. In a video posted on O, the media mogul hinted at big things for the brand, while announcing the print magazine will scale back to at least four special print issues a year. “There’s been a lot of chatter and a lot of speculation about O, The Magazine ending,” Oprah said from her home. “I want you to know, it’s not ending, it’s evolving. Because after 20 years of covers, I think it’s time, and I also think it’s a good thing. None of us were meant to stay the same. We evolve.”

Everything is relative. Unit sales of print books fell 5.6% last week compared to the week ended August 8, 2020, when sales rose 10.2% over the prior week driven by several new blockbuster titles. Compared to August 17, 2019, however, sales were up 14.3% at outlets that report to NPD BookScan. The biggest factor in last week’s sales decline was the trailing off of sales of Midnight Sun by Stephenie Meyer, which sold more than 524,000 print copies following its release on August 4. Last week it sold a very respectable 139,000 copies, making it once again the top-selling title for the week, but the sales drop from its debut led to a 38% sales decline in the young adult segment in the week.

Consistent with expectations disclosed in the company’s July 28, 2020 business update, net sales were $2.319 billion for the quarter ended Aug. 1, 2020, a decrease of 20 percent compared to sales of $2.902 billion for the quarter ended Aug. 3, 2019. Total Bath & Body Works second quarter sales in the United States and Canada were $1.197 billion, an increase of 13 percent compared to $1.061 billion last year. Total Victoria’s Secret second quarter sales in the United States and Canada were $977.5 million, a decrease of 39 percent compared to $1.606 billion last year. Reported loss per share for the second quarter ended Aug. 1, 2020, was $0.18 compared to earnings per share of $0.14 for the quarter ended Aug. 3, 2019. Second quarter operating income was $44.0 million compared to $174.6 million last year, and net loss was $49.6 million compared to net income of $37.6 million last year.

When U.K. bookseller James Daunt took over as CEO of Barnes & Noble a year ago, after a sale that landed it in private hands, he faced the formidable challenge of rescuing the chain from troubles largely of its own making, in the shadow of Amazon's prowess in the segment. At the time of the sale, annual revenue at Barnes & Noble hadn't grown for seven years, declining, in fact, by some $700 million since 2015. As Amazon powered on as a top bookseller, Barnes & Noble cycled through a series of CEOs and strategies.

In preparation for the 2020 holiday season, Ulta Beauty, Inc. (NASDAQ: ULTA) today announced its decision to close all stores on Thanksgiving, November 26, 2020. “The holiday season is when Ulta Beauty and our guests shine brightest,” said Mary Dillon, chief executive officer. “Keeping our associates at the heart of our decisions always, we are adapting this season’s plans to reflect our immense gratitude for their commitment to serving our stores, our guests and our communities throughout this unprecedented year. It’s our hope that everyone takes time this Thanksgiving to see the beauty in togetherness with loved ones.”

John Wiley and Sons Inc. announced a strategic partnership with PwC’s Academy Middle East, the talent and skills development business of PwC Middle East, to provide virtual Certified Public Accountant (CPA) exam preparation in the Middle East region, including UAE, Bahrain, Egypt, Jordan, Kuwait, Lebanon and Qatar. This partnership will address the need to continually upskill, especially as the world contends with the economic impact of COVID-19. PwC Middle East’s 23rd Annual CEO Survey shows that 80% of CEOs consider a shortage of skills in the workforce a potential threat to their organization’s growth prospects, while 70% of CEOs recognize that they must maximize the potential of existing staff through upskilling programs. The global pandemic has highlighted the need for resilience in today’s workforce and accelerated transformation that was already underway. This shift presents a critical opportunity for workers to utilize this time to upskill and reskill, with 96% of adults believe that learning new skills and retraining will improve their future employability, according to PwC’s 2020 New World New Skills survey.

Consumers spent $211.5 billion online during the second quarter of 2020, with e-commerce sales up 31.8% from the previous quarter, according to figures released by the Census Bureau of the Department of Commerce. E-commerce sales in the quarter accounted for 16.1% of total retail sales. The data showed that total retail sales decreased 3.6% in the same period. Compared to the year-ago period, second quarter 2020 e-commerce sales increased increased 44.5% while total retail sales decreased 3.6%.

• Second quarter comparable sales grew 24.3 percent, the strongest the Company has ever reported. • Store comparable sales increased 10.9 percent. Digital comparable sales grew 195 percent, accounting for 13.4 percentage points of Target's comparable sales growth. ° Stores fulfilled more than 90 percent of Target's second quarter sales. ° Same-day services (Order Pick Up, Drive Up and Shipt) grew 273 percent and accounted for approximately 6 percentage points of total Company comparable sales growth.

*Strengthened financial position during the quarter, ending with $2.4 billion in cash *Disciplined management of expenses and inventory resulted in positive operating cash flow *Second quarter net sales decrease (22.9%) *Second quarter diluted earnings per share of $0.30; adjusted loss per share(2) of ($0.25)

Meredith Corporation's category-leading brands—PEOPLE, Allrecipes, Better Homes & Gardens, SHAPE, Southern Living, Entertainment Weekly, FOOD & WINE and Travel + Leisure—have achieved momentous performances in audience rankings, according to the latest Magazine Media 360° Brand Audience Report produced by the Alliance for Audited Media (AAM) for June 2020, which covers 93 magazine brands and 21 publishing companies. PEOPLE, one of the world's leading entertainment media brands, ranks No. 1 in Total Brand Audience across platforms with 87.6 million, followed by Allrecipes, America's largest digital food media brand, at No. 2 with 62.5 million and Better Homes & Gardens at No. 7 with 39.4 million.

The Association of American Publishers (AAP) today released its StatShot report for June 2020 reflecting reported revenue for all tracked categories, including Trade (consumer publications), K-12 Instructional Materials, Higher Education Course Materials, Professional Publishing, and University Presses. Total revenues across all categories for June 2020 were approximately $1.4 billion, a decline of 4.1% as compared to June 2019. Year-to-date sales were $5.7 billion, a decline of 4.2% as compared to the same period last year. Trade sales were up 24.4% year-over-year, coming in at $700.3 million. Year-to-date (January-June 2020) Trade sales were $3.6 billion, an increase of 2.8%, as compared to the same period in 2019.

I am announcing today the expansion of our current leadership taskforce on election mail to enhance our ongoing work and partnership with state and local election officials in jurisdictions throughout the country. Leaders of our postal unions and management associations have committed to joining this taskforce to ensure strong coordination throughout our organization. Because of the unprecedented demands of the 2020 election, this taskforce will help ensure that election officials and voters are well informed and fully supported by the Postal Service. I want to assure all Americans of the following: *Retail hours at Post Offices will not change. *Mail processing equipment and blue collection boxes will remain where they are. *No mail processing facilities will be closed. *And we reassert that overtime has, and will continue to be, approved as needed.

The United States Postal Service filed notice with the Postal Regulatory Commission of a temporary price change to take effect Oct. 18, 2020. The planned temporary price adjustments are in response to increased expenses and heightened demand for online shopping package volume due to the coronavirus pandemic and expected holiday ecommerce. As a result of these changing market conditions, the Postal Service is planning a time-limited price increase on all commercial domestic competitive package volume from Oct. 18 until Dec. 27, 2020. Retail prices and international products will be unaffected. The planned price increase would go into effect at 12:00AM Central on Oct.18, 2020 and remain in place until 12:00AM Central Dec. 27, 2020.

The Home Depot® reported sales of $38.1 billion for the second quarter of fiscal 2020, a 23.4 percent increase from the second quarter of fiscal 2019. Comparable sales for the second quarter of fiscal 2020 were positive 23.4 percent, and comparable sales in the U.S. were positive 25.0 percent. Net earnings for the second quarter of fiscal 2020 were $4.3 billion, or $4.02 per diluted share, compared with net earnings of $3.5 billion, or $3.17 per diluted share, in the same period of fiscal 2019. For the second quarter of fiscal 2020, diluted earnings per share increased 26.8 percent from the same period in the prior year.

Driven by strong sales from a host of new titles, unit sales of print books jumped 24.8% in the week ended Aug. 8, 2020, over the comparable week in 2019, at outlets that report to NPD BookScan. The biggest gain came in the young adult fiction segment, where unit sales skyrocketed 168.8% over the week ended Aug. 10, 2019. The category received a huge boost from the release of Stephenie Meyer’s Midnight Sun, which sold more than 524,000 copies in its first week. The juvenile fiction segment had an 18.8% gain over 2019, led by a new Jeff Kinney title, Rowley Jefferson’s Awesome Friendly Adventure, which sold nearly 46,000 copies in its first week. Two new releases drove up sales in the adult nonfiction category 23.1% over 2019.

Following the House Antitrust Subcommittee’s capstone digital markets hearing, “Online Platforms and Market Power, Part 6: Examining the Dominance of Amazon, Apple, Facebook, and Google,” three groups representing thousands of authors, publishers, and booksellers in the United States – the Association of American Publishers, Authors Guild, and American Booksellers Association – have sent a joint letter to Subcommittee Chairman David Cicilline (D-R.I.) enumerating a series of anti-competitive tactics that permit Amazon to exercise extraordinary market dominance over the advertising and sale of books in digital markets. Its practices against both book suppliers and book customers have threatened the vitality of the American publishing industry and rendered any meaningful competition from other publishers, booksellers, or emerging platforms impossible. “The Subcommittee’s work has shown that Amazon holds an outsized position of power and control in our country, giving it the ability to interfere with the free flow of information, ideas and literature on a large scale,” the letter tells the Chairman. The full letter can be viewed at: https://publishers.org/wp-content/uploads/2020/08/Joint-Letter-to-Rep-Cicilline-081720.pdf

Commenting on the January to June results, Chris Duncan, CEO of UK Publishing, said: “Bauer Media continues to be at the forefront of the UK consumer magazine industry, publishing audited circulation figures as a matter of record and providing full transparency for our commercial partners. We are reporting ABCs for the full, uninterrupted January to June 2020 period which reflect the unique circumstances in which we have traded. While our traditional supply-chain experienced massive disruption during lockdown, the demand for our products remained strong and even increased in some markets. We saw home delivered and digital copies grow through our subscriptions channels, and sales in independent shops rise as more of our readers sought out copies closer to home.

Tribune Publishing, owner of New York's Daily News and Capital Gazette, among other titles, announced it will permanently close the newsrooms of both newspapers. Staffers will work offsite. The Daily News will close its newsroom at 4 New York Plaza in Lower Manhattan with no plans for a future physical office, The New York Times reports. Workers have until Oct. 30 to collect items left in the office.

Brooks Brothers has agreed to be acquired for $325 million by Sparc Group, a venture backed by the mall giant and apparel-licensing firm Authentic Brands Group. As part of the agreement, Sparc Group, which has previously acquired Aéropostale, Forever 21, Nautica and recently bid on Lucky Brand, has committed to keeping at least 125 Brooks Brothers stores open. The retailer has about 200 stores in North America. The sale is subject to bankruptcy court approval. The 200-year-old Brooks Brothers, the nation’s oldest apparel company, filed for bankruptcy in July. While the pandemic has taken a heavy toll on sales as its stores went dark, the retailer has been struggling for some time under a heavy debt load, increased competition and the move to more casual workwear.

Details on the Company’s Chapter 11 process and go-forward strategy are as follows: The Company expects to close a significant portion, if not all, of its brick-and-mortar stores and, in connection therewith, the Company has launched a store closing and liquidation process. The Company, however, will continue to operate its business in the ordinary course in the near term; and The Company is evaluating any and all strategic alternatives, including the potential sale of its eCommerce business and related intellectual property.

Time Out will likely cease printing most of its 40 magazine editions based in cities worldwide. The company plans to continue printing the magazine in London, Madrid and Barcelona, Time Out Group CEO Julio Bruno told the Financial Times. However, the group is “unlikely” to resume printing in the US and Portugal, according to the report. Other territories are “under review by management.”

REI Co-op announced it is pursuing a sale of its newly completed corporate campus in the Spring District neighborhood of Bellevue, Washington with the intention of shifting to a less centralized approach to its headquarters presence in the Seattle area. Rather than a single location, REI’s “headquarters” would span multiple locations across the region, and the company will lean into remote working as an engrained, supported, and normalized model for headquarters employees, offering flexibility for more employees to live and work outside of the Puget Sound region and shrinking the co-op’s carbon footprint.

Fiscal 2020 fourth quarter revenues were $611 million, a decline of 22 percent from the prior year period, due primarily to (1) COVID-19 related advertising cancellations and delays that reduced revenues by an estimated $136 million; and (2) Previously announced magazine portfolio adjustments designed to improve profitability that reduced advertising and consumer related revenues by approximately $40 million. Fiscal 2020 fourth quarter earnings from continuing operations was $6 million, compared to a loss of $4 million in the prior year period. Fiscal 2020 full year revenues were $2.8 billion, a decline of 11 percent from the prior year due primarily to (1) COVID-19 related advertising cancellations and delays, and impact to consumer related activities that reduced revenues by an estimated $154 million; (2) Previously announced magazine portfolio adjustments of approximately $126 million; and (3) $79 million lower political advertising revenues in Meredith's Local Media Group, as expected in a non-political year. These declines were partially offset by $31 million retransmission growth. Fiscal 2020 full year loss from continuing operations was $209 million, compared to earnings from continuing operations of $129 million in the prior year, due primarily to non-cash impairments of goodwill, intangible, and lease-related assets.

The nearly 50-year-old kitchenware retailer, which filed for bankruptcy in July and said it would close over 50 of its 121 stores, has been sold for nearly $89 million to a joint venture between e-commerce investment firm CSC Generation and Marquee Brands LLC. The sale, which is still subject to bankruptcy court approval, was first reported by The Wall Street Journal. According to court documents, the joint venture plans to keep at least 50 Sur La Table stores open.

The Postal Regulatory Commission marks 50 years of public service in its mission to ensure transparency and accountability of one of our Nation’s most valued treasures rooted in the Constitution — the U.S. Postal Service. President Richard M. Nixon signed into law the Postal Reorganization Act of 1970 on August 12 of that year. This momentous legislation would transform the Post Office Department into a newly independent Postal Service the following year. Yet the law immediately created the Postal Rate Commission as the 1970 Act ended the role of the U.S. Congress in setting stamp prices. Later, with passage of the Postal Accountability & Enhancement Act of 2006, the agency was renamed the Postal Regulatory Commission as part of significantly expanding its responsibilities. For half a century, the Commission has been the regulatory anchor providing legal and economic oversight of the one agency that touches the lives of all Americans in every community nearly every day, at their homes and offices. Ever since Congress and President Nixon created it on August 12, 1970, the Commission has consistently conducted its work in an open and accessible way, with full transparency and an opportunity for robust input by the public. The agency's operations on behalf of its fellow citizens foster a vital and efficient universal mail system.

As districts grapple with decisions on what the fall will look like for teachers and students amid the surging COVID-19 pandemic, Learning Company Houghton Mifflin Harcourt today announced new professional learning opportunities for educators nationwide. This follows the recent launch of Teacher’s Corner™, a new online space for continuous professional learning through HMH’s digital teaching and learning platform, Ed: Your Friend in Learning and another solution within HMH’s suite of professional learning offerings. HMH’s all-new live online professional learning will help districts navigate the unique challenges facing them this back-to-school season, including addressing student learning gaps, training for remote teaching, supporting social-emotional needs and improving equity and access. Professional learning consultants, who are teachers themselves, provide a digital ‘shoulder to shoulder’ experience partnering with educators via live online courses and coaching through HMH’s award-winning Coaching Studio™ platform, with a focus on each district’s needs and goals.

Meredith Corporation launches its Meredith Data Studio, a suite of advertising solutions leveraging the company's vast, proprietary, first-party data and predictive insights capabilities to help inform its partners' marketing, product and business strategies. The offerings feature full-service data solutions, predictive analytics, paid consulting and self-service tools, all powered by Meredith's 360 platform, an end-to-end audience insights and activation platform designed for managed or self-service access, as well as predictive capabilities to analyze billions of intent signals and engagements to trends and purchase intent in order to deliver precisely targeted audience and contextual advertising. "As a brand-led organization that reaches nearly 95% of American women, Meredith possesses rich, exclusive data with massive scale in content-rich environments. Using those assets, we've built an exclusive, in-depth 12,000+-term taxonomy, a proprietary identity graph and over 12 billion intent signals to achieve an unmatched, comprehensive and timely understanding of women and their purchase intent – the holy grail for our partners," explains Alysia Borsa, Chief Business & Data Officer, who oversees Meredith Data Studio.

The new organization will align functions based on core business operations and will provide more clarity and focus on what the Postal Service does best; collect, process, move and deliver mail and packages. The new organizational structure is focused on three business operating units: *Retail and Delivery Operations — basic mission: Accept and deliver mail and packages efficiently with a high level of customer satisfaction. This organization will be led by Kristin Seaver. *Logistics and Processing Operations –— basic mission: Process and move mail and packages efficiently to the delivery units, meeting service standards. This organization will be led by David Williams. *Commerce and Business Solutions — basic mission: Leverage infrastructure to enable growth. This organization will be led by Jacqueline (Jakki) Krage Strako.

Financial and Business Highlights: *Gross revenue was $203.3 million in the second quarter of 2020, a decrease of 28.4% compared to $283.9 million in the second quarter of 2019. *Gross profit was $48.4 million, or 23.8% of gross revenue in the second quarter of 2020, compared to $68.4 million, or 24.1% of gross revenue, in the same period of last year. *Net loss for the second quarter of 2020 was $(7.9) million, or $(0.15) per diluted share, compared to net loss of $(0.5) million, or $(0.01) per diluted share in the second quarter of 2019. Year-to-date net loss was $(10.8) million, compared to $(2.6) million in the same period of 2019.

Chatham Asset Management, LLC announced that Tony Hunter will become Chief Executive Officer of The McClatchy Company, following the local news company's emergence from Chapter 11 and the completion of its Court-approved sale to Chatham, in September. Mr. Hunter will succeed Craig Forman, McClatchy's CEO, who along with the current board and Chairman Kevin McClatchy, will leave the company upon McClatchy's emergence from its court-supervised reorganization.

Since going online and rebranding as Time In in the early days of the COVID-19 pandemic, Time Outis releasing its first print issue on August 11, dedicated to the memory of Time Out’s founder Tony Elliott. Elliott launched Time Out as an eight-page listings guide he handed out himself in London 52 years ago. He died in July from lung cancer. Since launching in London in 1968, the brand has expanded to include 328 cities in 58 countries, and continues to expand its Time Out Market experience with locations in Lisbon, Montreal, New York, Chicago, Boston and Miami.

Another week with double-digit gains in all but one category led to a 15.1% jump in unit sales of print books from the comparable period in 2019 at outlets that report to NPD BookScan. The juvenile nonfiction segment had the biggest gain over the week ended Aug. 3, 2019, with units spiking 40%. The usual suspects were atop the category bestseller list in the week—Big Preschool Workbook was #1, selling nearly 33,000 copies, followed by Crystal Radke’s My First Learn-to-Write Workbook, which sold more than 28,000 copies. Last year at this time, Big Preschool Workbook sold nearly 14,000 copies. Print unit sales were up 18.9% over 2019 in the adult nonfiction category.

The Postal Service reported total revenue of $17.6 billion for the third quarter of fiscal 2020, an increase of $547 million, or 3.2 percent, compared to the same period last year. Compared to the same quarter last year, Marketing Mail revenue declined by $1.4 billion, or 37.2 percent, on a volume decline of 6.4 billion pieces, or 36.4 percent. First-Class Mail revenue decreased by $373 million, or 6.4 percent, on a volume decline of 1.1 billion pieces, or 8.4 percent. Secular declines in mail have continued to negatively affect mail revenue and volume, and those declines have been significantly exacerbated by the effects of the COVID-19 pandemic. Meanwhile, Shipping and Packages revenue increased by $2.9 billion, or 53.6 percent, on a volume increase of 708 million pieces, or 49.9 percent, compared to the same quarter last year. In the near term, the Postal Service anticipates that these trends will continue given the surge in e-commerce as many Americans stay home due to the COVID-19 pandemic. The Postal Service has and will continue to serve its customers during this crisis through the delivery of medicine, essential consumer staples, benefits checks, and important information, but does not expect its package revenue growth over the medium to long term to make up for its losses in mail service revenue caused by COVID-19.

The New York Times Co’s second-quarter results beat Wall Street estimates, as its digital unit, which includes news, podcasts and crosswords, overtook the legacy print business for the first time. The Times, which competes for ad dollars with big players like Facebook Inc (FB.O) and Alphabet Inc’s (GOOGL.O) Google, has been shifting towards a subscriber-backed model in an effort to cut its reliance on advertising. The shift has paid off for the publisher that expects third-quarter digital subscription revenue to rise about 30%. “We posted our best-ever results for new digital subscriptions, and for the first time in our history total digital revenue exceeded print revenue..,” outgoing Chief Executive Officer Mark Thompson said in a statement.

Costco Wholesale Corporation reported net sales of $13.04 billion for the retail month of July, the four weeks ended August 2, 2020, an increase of 14.1 percent from $11.43 billion last year. For the forty-eight weeks ended August 2, 2020, the Company reported net sales of $149.66 billion, an increase of 8.8 percent from $137.56 billion during the similar period last year.

• Second quarter revenues of $767.0 million rose 89.7% as compared to the prior year, reflecting the Acquisition. ◦ Same store pro forma revenues (as defined and reconciled below) decreased 28.0%, due to unfavorable impacts resulting from the COVID-19 pandemic and general trends adversely impacting the publishing industry. • Digital advertising and marketing services revenues were $168.8 million in the second quarter, or 22.0% of total revenues. • Over $160 million in annualized synergy measures were implemented by the end of the second quarter, with approximately $41.2 million in savings recognized in the quarter.

Q2 2020 Headlines: •Net sales declined 35% to $251 million in the second quarter, and declined 24% to $441 million on a year-to-date basis •Billings1 declined 39% to $297 million in the second quarter, and declined 34% to $428 million on a year-to-date basis •HMH has further improved its leading win rate in the Texas Literature adoption with virtually all decisions made •Significant growth in digital platform usage with 486% increase in student assignments over the last twelve months as schools adjust to remote learning environment •Strong growth of 127% in SaaS billings as digital transformation accelerates

Total reported sales for the second quarter of 2020 were $2.2 billion, a decrease of 17% compared to the second quarter of 2019. The decrease in revenue was primarily the result of lower sales in the Business Solutions Division (BSD) and CompuCom Division driven by impacts related to the COVID-19 pandemic, combined with lower sales in the Retail Division driven by lower volume and fewer retail stores in service. Product sales in the second quarter were down 15% relative to the prior year period. Service revenue was down 26% in the quarter related to lower comparable sales at CompuCom and sales of service in our BSD and Retail Divisions, all of which were negatively impacted by the COVID-19 outbreak. On a consolidated basis, service revenue represented approximately 14% of total Company sales in the second quarter of 2020. The Company reported an operating loss of $456 million in the second quarter of 2020, compared to an operating loss of $15 million in the prior year period. GAAP operating results in the second quarter included $466 million of charges including $401 million of non-cash asset impairment charges, and $65 million in merger and restructuring costs. Asset impairment charges of $401 million in the second quarter of 2020 included $363 million related to impairment of goodwill and other intangible assets at CompuCom and in the Company’s contract business combined, largely related to the effects of the COVID-19 outbreak on current businesses conditions. Asset impairment charges also included $25 million related to the impairment of operating lease right-of-use (ROU) assets associated with the Company’s retail store locations, with the remainder primarily relating to the impairment of fixed assets. Merger and restructuring costs of $65 million include $6 million associated with the Business Acceleration Program (“BAP”), $51 million associated with restructuring charges related to the recently announced Maximize B2B Restructuring Plan, and $7 million in merger, acquisition and integration-related expenses.

The McClatchy Company announced that the U.S. Bankruptcy Court for the Southern District of New York has approved the sale of substantially all of McClatchy's assets, including all 30 of McClatchy's news organizations, to Chatham Asset Management LLC. Chatham emerged as the successful bidder during an auction held on July 10, 2020. As previously disclosed, Chatham will acquire substantially all of McClatchy's assets for approximately $263 million in a credit bid of McClatchy's first-lien debt, plus new money consideration of approximately $49 million in cash. The transaction is subject to customary closing conditions and regulatory approvals. McClatchy expects to complete the transaction in September.

The U.S. Postal Service is implementing major changes to its delivery operations, effectively eliminating OT for carriers and informing them to leave undelivered items for the next day. This is all part of a cost-saving campaign under new Postmaster General Louis DeJoy, who estimates it will save the cash-strapped agency $200 million per year. Postal workers and unions as you might expect are not happy with the changes, which run counter to their mission to provide timely deliveries. A spokesman said the USPS is “developing a business plan to ensure that we will be financially stable and able to continue to provide reliable, affordable, safe and secure delivery of mail, packages and other communications to all Americans as a vital part of the nation’s critical infrastructure.”

1-800-FLOWERS.COM, Inc. announced that it has completed its acquisition of PersonalizationMall.com®. Chris McCann, CEO, 1-800-FLOWERS.COM, Inc., said, “The addition of PersonalizationMall.com to our unique business platform, including our all-star family of brands, significantly enhances our ability to help our customers engage and stay connected with the important people in their lives. Like our leading brand positions in Gourmet Food and Flowers, the broad assortment of products and customization processes offered by PersonalizationMall.com makes it a leader in the growing market for personalized gifts.”

Consumers are getting snookered in new and more devious ways online. And they know it, although often not until after the fact, judging by a study released last week by specialty insurer Hartford Steam Boiler (HSB) conducted by Zogby Analytics. Of consumers polled, 23% had their identity stolen in 2019 -- a 5% increase over 2016 and 2018, the study says. And these victims spent 27 hours dealing with the fallout, mainly correcting personal information and monitoring their credit. Overall, 77% are at least somewhat concerned about identity theft occurring while they are shopping on a public Wi-Fi connection. Moreover, 34% suffered a cyber attack last year, with viruses or malware the most common damage for 72%.

Meredith Corporation announced that it is teaming up with The Kroger Co.'s media advertising business, Kroger Precision Marketing (KPM), to offer a new integrated media service that will help CPG brands make advertising more shoppable. Meredith's offering provides brand advertisers access to Kroger's first-party purchase data and custom audience segments to power media campaigns across its portfolio of 40+ trusted, iconic food and lifestyle brands, including Allrecipes, REAL SIMPLE, EatingWell, PEOPLE, Better Homes & Gardens and Southern Living. The new integration marks the first time that brand advertisers on Meredith properties will be able to apply closed-loop sales data from Kroger to their campaigns. The service launches at a time when brands need to re-engage consumers whose shopping patterns have been disrupted. Meredith and Kroger Precision Marketing, by matching premium content with sales data, are positioned to influence product discovery, meal planning, product trial, and shopping routines.

Following a survey of its workforce over the last few weeks gauging employee experience with working remotely and reaction to the prospect of returning to its Manhattan offices, Penguin Random House US has confirmed that it will not return to its offices "until sometime next year," CEO Madeline McIntosh wrote in a letter to staff, adding that the publisher will return "when it’s safe and when it’s practical," whenever that may be. "Clearly, we miss being together and would want to quickly get back to the offices if it meant we could safely return to in-person meetings and conversations. But just as clearly, most of us feel that the current state of virus risk means that it would not be comfortable or responsible to come back together in our office spaces anytime soon," McIntosh wrote. "On the bright side, the vast majority report that, overall, working remotely is going quite well, and some are feeling they prefer it as a long-term solution."

The retailer stated on its website that “It’s time to say goodbye.” “Every brand has a story and ours has taken an unexpected turn. “We may be saying goodbye before too long so we’re taking 70 percent off everything. Thanks for being part of our family & history,” they said. A week later, they seem to have made the decision to shut down operations, at least for the foreseeable future. They argue COVID-19 have led them down a path they didn’t expect, confirming both their physical stores and their e-commerce are closed and that they aren’t able to take orders, marking the end of a 3-decade story.

The horrible situation that airlines are in is having quite an impact for many suppliers. For example, American Airlines’ nut supplier has a huge surplus, and is selling them directly to consumers. Inflight magazines are in an equally rough situation. They’re typically run by third parties, and rely on advertisers to pay the bills. With the number of travelers way down, circulation of these magazines is also way down. Well, it looks like United Airlines and INK Publishing have a creative solution for this… Well, Hemispheres magazine is making a comeback in August, but it won’t be available on United Airlines flights. As reported by Ramsey Qubein, United Airlines will be making its inflight magazine an elite perk, known as “Hemi at Home.” US-based United Global Services, Premier 1K, and Premier Platinum members, will start receiving copies of Hemispheres magazine at their mailing address on file.

Nearly two quarters into the U.S. economic recession, advertising appears to be outpacing the U.S. economy, according to an analysis of data from the U.S. Bureau of Economic Analysis (BEA) and Standard Media Index (SMI). The BEA Thursday released estimates that real GDP (gross domestic product) contracted 32.9% during the second quarter of the year, following a contraction of 5% during the first quarter. By comparison, the U.S. ad economy contracted only 27.4% during the second quarter and 1.4% during the first quarter of the year. That analysis is based on the U.S. Ad Market Tracker, a collaboration of SMI and MediaPost that indexes at market growth monthly.

The Association of American Publishers (AAP) today released the StatShot Annual report for Calendar Year 2019, estimating that the U.S. book publishing industry generated $25.93 billion in annual revenue, up by 1.1% as compared to 2018. In terms of units the report estimates that 2.76 billion units were sold. All figures represent publishers’ net revenue from tracked categories (trade, higher education course materials, PreK-12 instructional materials, professional books, and university press), in all formats, from all distribution channels. Overall publishing industry revenue was essentially flat, coming in at $25.93 billion for the year, which was a 1.1% increase as compared to $25.63 billion in 2018.

On July 27, the U.S. Department of Labor (DOL) put a new rule into effect that allows employee benefit plan administrators to use an electronic “notice-and-access” disclosure system as the default method of communication, making it much more difficult for millions of Americans who currently receive critical, paper-based information about their 401k, pension and retirement plans to access this information. This includes information called for under the Employee Retirement Income Security Act (ERISA), including quarterly benefits statements, plan summaries and plan changes. This new rule puts many at a disadvantage, particularly the 10% of Americans who say they do not use the internet. According to a 2019 Pew Research Center survey, the size of this group has changed little in recent years, despite ongoing government and social service programs to encourage internet adoption in underserved areas. Among those most disadvantaged by this new rule are senior citizens, (27% of whom do not use the internet), low-income families, people with disabilities and those living in rural or other areas with little or no access to the internet.

*Operating cash flow increased 42% to $51.2 billion for the trailing twelve months, compared with $36.0 billion for the trailing twelve months ended June 30, 2019. *Free cash flow increased to $31.9 billion for the trailing twelve months, compared with $25.0 billion for the trailing twelve months ended June 30, 2019. *Net sales increased 40% to $88.9 billion in the second quarter, compared with $63.4 billion in second quarter 2019. Excluding the $582 million unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 41% compared with second quarter 2019. *Operating income increased to $5.8 billion in the second quarter, compared with operating income of $3.1 billion in second quarter 2019. *Net income increased to $5.2 billion in the second quarter, or $10.30 per diluted share, compared with net income of $2.6 billion, or $5.22 per diluted share, in second quarter 2019.

Staffers at Hearst Magazines digital and print properties voted overwhelmingly yesterday to unionize with the Writers Guild of America, East (WGAE). The election, which happened by mail ballot, follows Hearst management’s refusal to voluntarily recognize its staff’s efforts to unionize in November of last year. Roughly 500 Hearst employees make up the new bargaining unit and work across editorial, video, design, photo and social. The unionized staff seeks to address issues that include diversity, transparency, compensation and editorial standards through its contract.

Pursuant to the terms that will apply to borrowing under the CARES Act, the Postal Service will provide the Department of the Treasury with certain information regarding our costs, revenues, and overall financial position. This includes providing Treasury, under strict terms of confidentiality, with those contracts that generate the most revenue for the Postal Service. Providing this information is merely an acknowledgment of the fact that Treasury has been designated by Congress as the lender for the Postal Service, and it therefore has a legitimate interest under certain circumstances in understanding those factors that affect our current and projected financial position. Other conditions, such as the requirement that borrowed funds only be used for operating expenses, and not for capital expenses, were expressly mandated by Congress in the language of the CARES Act. Contrary to insinuations made in the Washington Post article, nothing in these terms confers upon Treasury any role whatsoever in Postal Service pricing, management, or strategy.

The U.S. Postal Service announced a loyalty program designed to help smaller businesses, according to a press release obtained by Total Retail. Registered business users of USPS Click-N-Ship will earn credits by purchasing postal products they're already using for their shipping needs. Priority Mail and Priority Mail Express postage purchased online through Click-N-Ship will generate credits that can then be applied to future purchases of these products. Click-N-Ship business account users will earn $40 credits for every $500 spent on Priority Mail and Priority Mail Express labels. The program will launch nationally on Aug. 1. Existing business accounts will be auto-enrolled in the program. New Click-N-Ship business account users will earn a one-time $40 Welcome Bonus for the first $500 spent on Priority Mail and Priority Mail Express postage. In addition, the Postal Service is offering a one-time $20 Introductory Bonus for any registered Click-N-Ship business user for $500 spent in August and September this year.

UPS announced second-quarter 2020 consolidated revenue increased to $20.5 billion, a 13.4% increase from the second quarter of 2019. Net income was $1.8 billion for the quarter; adjusted net income was $1.9 billion, 8.8% above the same period in 2019. Operating profit was $2.2 billion, and adjusted operating profit was $2.3 billion, up 7.4% compared to last year’s second quarter. Diluted earnings per share was $2.03 and adjusted diluted earnings per share was $2.13, up 8.7% from the same period last year. GAAP results included a pre-tax transformation charge of $112 million, equivalent to $0.10 per share. In the prior year period, GAAP results included a pre-tax charge for transformation costs of $21 million, equivalent to $0.02 per share.

United States Postmaster General Louis DeJoy announced today that the United States Postal Service (USPS) has reached an agreement in principle with the United States Department of the Treasury on the terms and conditions associated with $10 billion lending authority provided in the CARES Act. The USPS Board of Governors unanimously approved the agreement in principle yesterday and expects that the parties will formally memorialize the agreement through loan documents that will be jointly developed over the coming weeks. DeJoy expressed his appreciation to U.S. Treasury Secretary Steven Mnuchin for working with him to reach mutually acceptable terms and conditions. DeJoy said, “Access to an additional $10 billion in borrowing authority will delay the approaching liquidity crisis.”

Meredith Corp. doesn't just publish magazines. It manufactures them. That was the conclusion of a three-year legal battle that ended last week when attorneys for the U.S. Department of Justice dropped an appeal against Meredith. The conclusion of the civil lawsuit clears the path for the Des Moines-based publisher of titles such as Better Homes and Gardens, People, Magnolia and Southern Living to collect a $12.2 million tax deduction. At issue was whether Meredith is technically a manufacturer, which would qualify the company for the tax break, which is designed to keep production jobs in the U.S. Although it does not print its magazines, Meredith argued it broadly fits the description of a manufacturer because of all the other work it does to make the product.

Torstar Corporation announced that the Ontario Superior Court of Justice (Commercial List) has approved its previously announced plan of arrangement involving NordStar Capital LP ( “NordStar”), pursuant to which NordStar will, among other things, acquire all of the issued and outstanding Class A shares and Class B non-voting shares of Torstar (the “Shares”) at a price of $0.74 per Share (the “Arrangement”). The Arrangement is expected to be completed on or about July 30, 2020 and remains subject to the satisfaction or waiver of certain customary closing conditions.

Amazon announced it has delivered more than 6 million meals with 7.4 million pounds of food since the start of the COVID-19 pandemic to people in need in over 25 cities across the U.S.—with plans to deliver a million more meals by the end of summer. With communities facing record-high unemployment and many observing strict social distancing guidelines, food banks have experienced unprecedented demand. Amazon delivery drivers are stepping in to help by safely delivering meals directly to clients’ homes. Amazon has donated delivery services to food banks and community organizations since March through its Amazon Flex network and other delivery partners. “Amazon has a longstanding commitment to addressing right now needs – with over $100 million in donations to homelessness, hunger, and disaster relief,” said Alice Shobe, Director of Amazon in the Community. S&P Global Revenue Increased 14% In Second Quarter

*Revenue and Operating Profit Grew Across All Four Divisions *Diluted EPS Increased 46% to $3.28; Adjusted Diluted EPS Increased 40% to $3.40 *Operating Profit Margin Improved 920 Basis Points to 56.9% *Adjusted Operating Profit Margin Improved 740 Basis Points to 58.7% *Several New Products Launched During the Quarter

Postmaster General Louis DeJoy issued the following statement on July 27, 2020: “The Postal Service is in a financially unsustainable position, stemming from substantial declines in mail volume, and a broken business model. We are currently unable to balance our costs with available funding sources to fulfill both our universal service mission and other legal obligations. Because of this, the Postal Service has experienced over a decade of financial losses, with no end in sight, and we face an impending liquidity crisis. Congress and the Postal Regulatory Commission must enact legislative and regulatory reforms to help address the situation. At the same time, it is imperative for the Postal Service to operate efficiently and effectively. Indeed, there are alternatives to every product that we offer, and the only way that the Postal Service can continue to provide prompt, reliable, and affordable universal postal services for all Americans over the long-term is by vigorously focusing on the efficiency of our operations." click read more below for additional comments