Trump business brand dealt big blow after Capitol riot

Businesses and organisations such as Girl Scouts are jumping ship, leaving president worried for his brand

President Donald Trump before a speech near a section of the US-Mexico border wall, Alamo, Texas, January 12, 2021. The Monitor via AP

Businesses and organisations are severing ties with companies affiliated with departing US President Donald Trump after his supporters rioted at the US Capitol.

The Girl Scouts of Greater New York became the latest organisation to announce its intentions to end its 15-year lease at Trump Tower, staff confirmed to The National.

“In 2014, the Girl Scouts of Greater New York entered into a 15-year lease at 40 Wall Street,” said Meridith Maskara, its chief executive.

"As a matter of very high priority, our organisation has been exploring options for getting out of the lease and the building.

"We continue to investigate our options and work to find office space that would best serve the girls of New York City."

Business Insider was the first to report the story as part of the backlash hitting the Trump brand after the deadly events of January 6, when rioters stormed the Capitol.

The House of Representatives held Mr Trump responsible for the attack and impeached him on Wednesday.

Since the attack, an increasing number of businesses and local councils are abandoning all ties with his businesses.

New York City ended more than $17 million in contracts with The Trump Organisation after the riots.

They include contracts to oversee Wollman and Lasker ice rinks, the Central Park Carousel and links with the Trump golf course in the Bronx.

Organisers of the PGA Championship also cancelled plans to hold the event at Mr Trump’s club in Bedminster, New Jersey, in 2022.

Deutsche Bank, Signature Bank and Professional Bank also cut ties with Mr Trump.

Deutsche Bank, Mr Trump's biggest lender with about $340m in outstanding loans to his organisation, announced the cut last week, The New York Times  reported.

Signature Bank is closing two personal accounts belonging to Mr Trump, which hold about $5.3m.

"Signature Bank began the process to close President Trump’s personal accounts," company spokeswoman Susan Turkell said last week.

In a separate statement, the bank called on the president to resign.

"We have never before commented on any political matter and hope to never do so again," the bank said.

"To witness a rioter sitting in the presiding chair of the US Senate and our elected representatives being told to seek cover under their seats is appalling and an insult to the republic.

"At this point in time, to ensure the peaceful transition of power, we believe the appropriate action would be the resignation of the president of the United States, which is in the best interests of our nation and the American people."

Professional Bank, which Bloomberg said lent Mr Trump $11m in the past, also ended its relationship with his organisation.

“Professional Bank has decided not to engage in any further business with the Trump Organisation and its affiliates, and will be winding down the relationship,” the bank said.

Shopify, an online software maker, took down two online stores affiliated with Mr Trump, which sold Make America Great Again merchandise.

PayPal, the money-processing site, shut down a fund-raising account for Trump supporters who travelled to the nation’s capital.

This, on top of social media bans on Mr Trump from platforms such as Twitter, Facebook and Snapchat, is taking a toll on the US president, NBC reported.

It said he is growing increasingly worried about his brand after he leaves office on Wednesday.

“President Donald Trump has an increasingly singular focus in his final days in office: rehabilitating his brand,” NBC reported on Wednesday night.

That concern led some of his allies to suggest that he invite president-elect Joe Biden to the White House in a gesture that reflects his acceptance of democratic norms, thus abandoning his calls to reject the outcome of the election.