As the City of Baltimore works to recover from the unrest over Freddie Gray, a young black man who died while in police custody, the economic implications loom large for the city.
CVS (NYSE:CVS) and T. Rowe Price (NASDAQ:TROW) are among the many companies that have been forced to close.
Five CVS stores were affected by the protest activity over the past 24-hours, according to company spokesperson Carolyn Castel, who added in a statement to FOXBusiness.com., “Unfortunately, two of these stores sustained heavy damage and will remain closed. We are assessing the damage at the three other locations and they also remain closed at this time.” No employees or customers were harmed during the incident.
Unrest Strains Relations With Business Community
Investment management firm T. Rowe Price’s offices at 100 E. Pratt Street in the downtown area are closed. Spokesman Brian Lewbart told FOXBusiness.com., “To maintain operations and continue serving our clients, we will be implementing standard business continuity procedures, including shifting activities to alternate locations and asking our associates to work remotely or from other offices. “ The firm is monitoring the situation with local law enforcement.
Under Armour, (NYSE:UA) whose headquarters are on Hull Street in Baltimore, did not respond to a request for comment at the time of publication.
Maryland Governor Larry Hogan acknowledged the protests have strained the city’s relationship with the business community. When asked how he could convince businesses to return to the city he said, "Well, that's not going to be easy." Hogan’s remarks were made during a live televised press conference carried by several media outlets including Fox News.
Baltimore is widely regarded as an East Coast business hub given its central location within an overnight drive to half of the country’s population, according to the Baltimore Development Corporation’s website. The city is also home to major health care centers The Johns Hopkins Hospital and The University of Maryland Medical System.