United Airlines is already reeling from the coronavirus impact on travel to Asia. It’s getting another abrupt shock Thursday from President Donald Trump’s decision to suspend travel from Europe.
The Chicago-based airline gets about 17% of its passenger revenue from travel across the Atlantic. Delta Airlines gets 15%, followed by American at 11%.
Analysts don’t see a bankruptcy in United’s future, but airlines are most definitely in cash-preservation mode as it rides out the coronavirus crisis.
In other Chicago-area business news:
McCormick Place has lost two more major upcoming conventions to the coronavirus.
The National School Boards Association canceled an April conference at the Near South Side convention center, and tech giant Salesforce will turn an event that it planned to hold there in May into an online meeting instead.
That brings the tally of canceled conventions trade shows to six.
The total estimated attendance of canceled McCormick Place events now stands at about 123,000 and the number of canceled hotel room nights is around 140,000.
And finally, major downtown organizations are taking a cautious approach to coronavirus. Chicago futures exchange operator CME Group is closing its trading floors in Chicago at the end of the day Friday, with no set date for reopening. And the local headquarters building of PepsiCo in the West Loop closed Wednesday for an intensive cleaning after the family member of an employee member there was confirmed to have contracted the virus. The building at 555 W. Monroe reopened Thursday.
Note: This story will be updated with video.
Crain’s Headlines is a joint production between WTTW and Crain’s Chicago Business. It airs every Monday through Thursday on the WTTW News program “Chicago Tonight.”