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Faraday Future’s bankrupt founder gets OK for reorganization plan

Michael Leahy

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Faraday Future’s bankrupt founder gets OK for reorganization plan

The billionaire founder of electric-car startup Faraday Future — who boldly challenged Tesla with a far-out car design in 2015, only to file for personal bankruptcy last fall — said Friday his Chapter 11 restructuring plan has won court approval.

The nod from a federal bankruptcy judge is a win for Faraday Future’s ex-chief executive YT Jia, whose personal debts range anywhere from $3.5 billion to nearly $8 billion according to his financial disclosures, and remove a significant hurdle for Faraday’s equity financing efforts, the company said in a statement

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“YT’s creditors are now one step closer to obtaining the valuable recovery upon their claims and the plan has positioned YT’s creditors to enjoy the future success of FF along with the FF Partners and employees.

Jia has said in court filings that potential investors had been waiting on the his bankruptcy case to be put to rest before pouring any more money into the company.

The cash-strapped company, which is angling to begin production its first ever vehicle, last month confirmed to The Verge that it received a $9 million loan from the Small Business Association’s Paycheck Protection Program in order to keep its operations running.

Faraday has said that it expects to begin deliveries of its first-ever vehicle, the FF 91, “approximately 9 months following the closing of successful equity funding.”

The California-based company turned heads in 2015 when it released renderings of a vehicle that looked like something out of “Tron.” 

Michael Leahy has worked in various news organizations and now aims to make Report Door one of the best and fastest growing news websites in the U.S. He contributes to the US section. He loves going around different people in the US and loves meeting new people and making new friends.

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Google will let workers expense $1,000 worth of office furniture

Michael Leahy

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Google will let workers expense $1,000 worth of office furniture

Google employees who don’t want to return to the office this summer can start shopping for a nice home office.

The search giant said Tuesday that it will begin letting employees come back to the office beginning July 6, and will gradually ramp up its in-person attendance throughout late summer and early fall. Employees who choose to stay home, the company said, will be allowed to expense up to $1,000 for home office needs like standing desks and ergonomic chairs.

Google expects 10 percent of employees to return to the office following the July 4 holiday, CEO Sundar Pichai told employees in a memo, and aims to have 30 percent of its workforce return from remote work by September.

In an interview published in Wired Magazine last week, Pichai said that he doesn’t expect Google to abandon its physical office spaces, which have become famous for the perks they provide employees such as free dry cleaning, meals and work out classes.

“In all scenarios I expect us to need physical spaces to get people together, absolutely. We have a lot of growth planned ahead,” Pichai said. “So even if there is some course correction, I don’t think our existing footprint is going to be the issue.”

Google’s announcement comes days after Facebook CEO Mark Zuckerberg said half of the social-networking giant’s employees could be working remotely within the next five to 10 years, and that Facebook will begin allowing certain employees to work from home on a full-time basis.

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Burger King debuts giant crowns to encourage social distancing

Michael Leahy

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Burger King debuts giant crowns to encourage social distancing

Burger King has launched giant social distancing crowns to make sure customers keep 6 feet apart.

The fast food chain introduced the creative new way to keep customers socially distant as franchises began to reopen dine-in services in Germany.

Restaurants now reopening their doors after weeks of lockdown are looking for ways to ensure customers maintain their distance.

Burger King tweeted an image of two customers digging into a meal outside the store while using special “social distancing” crowns to stay safe.

The post was captioned: “Distancing, but make it fashion”.

The oversized headgear is meant to extend far enough off the wearer’s head to ensure they are 6 feet from other customers.

When a Twitter user asked where they could get one, Burger King responded that the crowns were available to customers in Germany.

“We wanted to reinforce the rules of high safety and hygiene standards that the BK restaurants are following,” a Burger King spokesperson told Business Insider.

“The do-it-yourself social distance crown was a fun and playful way to remind our guests to practice social distancing while they are enjoying food in the restaurants.”

GETTING CREATIVE

Cafes and restaurants around the world are coming up with inventive ideas post-lockdown.

Some establishments have reduced the amount of seating available, while others opt to paint markings on the floor to keep customers separated.

In Maryland, Fish Tales Bar & Grill transformed inflatable inner tubes into portable tables to keep customers 6 feet apart.

And, in Sweden, a restaurant called Bord för En, or Table for One, is serving a single person every day by delivering food to a table in the middle of a field via a basket on a rope pulley system.

In Thailand, Maison Saigon is using stuffed panda bears to indicate where customers can and cannot sit.

A Chinese national park began handing tourists 3-foot-wide social distancing hats as the country reopens and visitor numbers grow.

The park was inspired by schoolchildren seen wearing similar headgear at the Yangzheng School in Hangzhou, capital of Zhejiang Province in east China.

Children donned surgical masks and a “social distancing hat”, which has a 3-foot-long measuring tool jutting out the sides.

A cafe in the German city of Schwerin was seen offering customers hats topped with pool noodles, but was later revealed as a prank.

Jacqueline Rothe, the owner of Cafe Rothe, said the gag showed how difficult it is for restaurateurs to enforce social distancing.

In Italy, Burger King is also selling a “Social Distancing Whopper,” which features three times the amount of raw onions usually found on the burger.

The idea is that people’s onion-induced bad breath will keep them farther away from each other.

“The triple onion Whopper that helps others stay away,” a commercial promoting the burger says.

Back in the UK, Burger King has reopened around 50 restaurants – but only for drive-thru and delivery.

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Apple will reopen 100 more US retail locations this week

Michael Leahy

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Apple will reopen 100 more US retail locations this week

Apple will open another 100 retail stores in the United States this week, though most won’t let customers inside.

The iPhone-maker will reopen stores across 21 states including New York, California and Texas according to Bloomberg.

The reopening locations will largely focus on repairing products and troubleshooting issues at Genius bar appointments, as well as preparing items for pick-up rather than making in-store sales. Apple has launched a number of products via press release over the past few months which it has sold on its website.

The reopened stores require temperature checks for employees and customers and will limit the number of people in the store at any one time.

Apple first closed its stores for two weeks on March 4, before extending the closure “indefinitely” on March 17. It began reopening locations earlier this month, beginning with six stores in Alabama, Alaska, South Carolina and Idaho.

“Our new social distance protocol allows for a limited number of visitors in the store at one time so there may be a delay for walk-in customers,” the company said at the time. “We recommend, where possible, customers buy online for contactless delivery or in-store pick up.”

CEO Tim Cook declined last month to provide an outlook for the June quarter, citing business uncertainty created by the virus. First-quarter sales in China, reflecting that country’s store closings and lockdown, were $9.46 billion, about $1 billion less than for the same period a year earlier.

Apple has 510 stores worldwide and 271 in the United States.

All Apple retail employees have continued to receive regular paychecks during the duration of the closures, Apple told The Post.

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