Chrysler closing all 30 plants for 1 month.
Posted By: Ford closing 10. GM filing for bankruptcy. nm on 2008-12-17
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As of yesterday, Chrysler and GM were still
Today's news about cash flow evidently took that off the table pronto.
Chrysler's Thank You America ads sm
After getting bailout money, Chrysler spends a fortune on Thank You America ads. What gall they have. Take a look at the comments about it before someone removes them. Glad to see people do realize how much the government is screwing us over with these bailouts.
http://blog.chryslerllc.com/blog.do?id=564&p=entry
4 Fords & 2 GMs. Never even bothered with Chrysler!
in the case of the Fords, when I could even FIND parts. Planned obsolescence, you know. Tried to get a replacement seat belt for a broken one in my 4-yr-old Ford. 'No longer have any', they told me. So what am I supposed to do then? Junk the car? Illegal to drive without the belt, can't buy a new one, and still paying off the loan. Maybe just tie a good strong rope around myself to hold me in the seat?
Now I've got a sturdy, reliable Toyota. 5 years old when I bought it, and now it's 13 years old. Only thing I've ever replaced is a water pump. That's IT.
Unlike my Fords, when you drive it down the street, you can actually steer it in a straight line without drifting. And unlike my GM, things don't fall off of it every time you slam the door shut or turn on the engine.
mexico car plants
I saw somewhere this little tiny town in Mexico where they build gas guzzling trucks had to lay off 5% of its work force because of decreased demand. I think Detroit would have been thrilled with only 5% lay offs instead of this massacre.
Mexican plants
They might consider closing those Mexican plants and bringing the jobs back to Detroit. Then they might not need a bail out. I haven't noticed the price of cars and trucks going down since they built the Mexican plants. Guess the savings on labor went straight into the crooks pockets!
what happens to car prices if Chrysler files bankruptcy?
If Chrysler ends up filing bankruptcy and has to liquidate, will the prices of the new cars go down or will everything just continue on, business as usual as far as we are concerned?
I am in the process of looking at a convertible Sebring and am now wondering if maybe I should wait an extra month and see what kind of deal I can get... 
what happens to car prices if Chrysler files bankruptcy?
If Chrysler ends up filing bankruptcy and has to liquidate, will the prices of the new cars go down or will everything just continue on, business as usual as far as we are concerned?
I am in the process of looking at a convertible Sebring and am now wondering if maybe I should wait an extra month and see what kind of deal I can get...
Not really, those are plants. Not hard to stop. Probably is you.
x
Invasive tropical plants?
Interesting theory.
Dubai may take over some US weapons plants
Doesn't this just give you a warm fuzzy?
Dubai's $1.2 Bln Bid for U.S. Weapons Maker Delayed (Update2)
By James Cordahi
March 20 (Bloomberg) -- Dubai, which agreed this month to sell its interest in U.S. ports, said its $1.2 billion takeover of a U.K. company with U.S. plants that make military equipment is delayed while the authorities investigate security concerns.
Dubai International Capital LLC, which is owned by the government of the Persian Gulf emirate, and Doncasters Group Ltd. agreed to delay the transaction by as many as two months from March 31 while government agencies review the purchase, Sameer Al Ansari, Dubai International's chief executive, said in an interview today.
``After what happened with Dubai Ports, the government is looking at this deal more closely,'' Al Ansari said after a press conference in Dubai announcing an agreement with HSBC Holdings Plc.
Dubai's bid may ignite a similar political furor in the U.S. to that the emirate's purchase of London-based Peninsular & Oriental Steam Navigation Co. caused last month when DP World had to agree to sell interests in six U.S. terminals. Revenue from Doncasters' nine U.S. plants, which make parts for tanks and military aircraft, account for about 40 percent of total sales.
The derailing of the ports plan was a setback for President George W. Bush, who was rebuffed by fellow Republicans and stung by polls that showed strong public opposition to the sale. Dubai is one of seven sheikdoms making up the United Arab Emirates, from where two of the hijackers involved in the Sept. 11, 2001, attacks came.
The Committee on Foreign Investment, a federal body which considers the sale of U.S. assets to foreign companies, started a more detailed 45-day investigation into the Doncasters agreement at the end of February, said Al Ansari.
Al Ansari declined to comment on whether the transaction will go through.
Dubai Investments
Dubai International last year spent $1 billion for a stake in DaimlerChrysler AG and 800 million pounds ($1.4 billion) for Tussauds Group, owner of London's Madame Tussauds waxworks museum.
Doncasters, which is based in Melbourne, England, has plants in Rincon, Georgia; Groton, Connecticut, and other U.S. sites. Its customers include Boeing Co. and General Electric Co., according to information on its Web site.
Gulf Arab governments, flush with record oil revenue, are spending billions of dollars on companies from South Korea to the U.S.
Kuwait's state-controlled PWC Logistics, which won a U.S. military contract last year worth as much as $14 billion to feed troops in Iraq, agreed in July to buy Santa Ana, California-based GeoLogistics Corp. for $454 million. GeoLogistics is an international freight management company with operations in more than 100 countries, according to its Web site.
To contact the reporter on this story:
James Cordahi in Dubai at cherifcord@bloomberg.net
Last Updated: March 20, 2006 06:35 EST
SP: Build 45 more nuclear plants.
I am so sure.
Not in time for Chrysler, its employees, downstream businesses
x
A lot of the hysterical people at McCain rallies these days are Obama plants....
b
One month -- (sm)
That would be about the time we get a president and staff in there who actually know what to do.
About a month ago
I posted a link to the following OpEd article, which I was touting as the best idea I'd heard yet to resolve the economic crisis:
Promoted to Headline (H3) on 12/27/08:
The Real Bailout Needed is a Consumer Bailout
by Steven Leser Page 1 of 1 page(s)
www.opednews.com
5
votesBuzz up!
SAVE FAVORITESVIEW FAVORITES
The economic disaster that I predicted back in April of 2008 in these articles click here and here is here. What enabled me to predict what was coming was my evaluation of five key areas of the economy. They are:
1. Consumer savings and spending/ability to spend
2. Corporate income, health and spending/ability to spend
3. Government financial health and ability to spend
4. The lending and banking (and financial) system and its ability to extend credit
5. Inflation & scarcity of resources
I made the point that for the first time in American history, all five of these areas were problematic.
Looking at the same indicators now, eight months later, there are some real and some apparent changes. Number 4 - The lending, banking and financial system has been bailed out, but it is still reeling from the Lehman brothers’ bankruptcy, several bank failures, and the threatened failures or near failures of several more institutions. On the surface, Number 5, Inflation & scarcity of resources seems have improved. Indeed several news reports have suggested that Deflation is what is now the concern. This is an illusion.
The two main commodities driving up prices were energy and food, both because of supply fears. Both have come down in price/cost somewhat, energy in particular, but WHY have they come down in price. Is there suddenly more supply? No, there is no more supply. They are down due to a temporary decrease in demand. As soon as there is the beginning of a return to economic normalcy, and people start to use the additional income to consume, the price increases in both food and energy will return. The governments of the world should take NO action to try to deal with the apparent but temporary deflationary conditions.
Having stabilized the financial system and the auto industry with bailouts, the government should turn to the most critical economic issue, the one that really is threatening to make this a prolonged downturn and that is consumer savings, huge consumer debt and resulting inability for consumers and households to spend and buy goods and services. Businesses cannot survive without the consumer and yet the average household is completely broke and drowning in debt.
I conceived the idea for this article about a week ago and was dreading having to perform the requisite research into the actual numbers supporting my positions. Thankfully, another author on OpEdNews, James Quinn, wrote an excellent article that completely outlines just how terribly in debt the American Household now finds itself titled “The Great Consumer Crash of 2009.” Among his research, he found that "Household debt reached $13.8 trillion in 2007, with $10.5 trillion of that mortgage debt." He also had a chart that showed that the average household debt per person in 2007 was $47,000. As staggering as those numbers are, that was a year ago. It is likely that total household debt is now up to $15 Trillion Dollars.
This suggests several conclusions. First, as I said earlier, the consumer is too deep in debt to be the engine that this country needs to drive the country out of the recession/depression. Second, without intervention, consumer debt will stifle the country's productivity and economic growth for the next 5-10 years. Third, if the consumer is the main force that drives the economy and affects whether the economy grows or contracts (recession), but the consumer cannot power the economy because they are in debt, something has to be done to fix that. It's a slight alteration of the old Sherlock Holmes quote, "when you have eliminated the impossible, whatever remains, however improbable, must be the truth?”. Turning the economy around with a broke consumer is impossible, so what remains? Bail out the consumer.
What would a Government Bailout of the Consumer Look Like?
The government bailout of the consumer that I am proposing dwarfs all other government bailouts to date. It probably is the largest government spending initiative by any measurement in the history of humankind. It involves the government offering to each consumer and household to pay all of their debt. In exchange, the consumers who agree to be bailed out will pay the government .125% more of their income in taxes each year for three years for every unit of debt that corresponds to one percent of their annual income up to a maximum of 12.5%. Let me illustrate:
Joe and Sally have a combined income of $100,000 per year. They have $60,000 in debt. They opt for a complete bailout of their debt. In return, they will pay an additional (60 x .125)% or an additional 7% in taxes for three years. So, the Government pays out $60,000, the government gets back $21,000 over three years (7% of Joe and Sally's $100,000 a year income or $7000 for three years), and Joe and Sally are debt free.
Another example is John. John makes $60,000 per year and has a mortgage of $150,000 and other debt of $8,000 of which $6,000 is taxes and $2000 is credit cards. John opts for the total bailout. The Government pays $158,000 and wipes out John's debt. John owes the government $7,500 additional in taxes each year for three years, or $22,500. Even though the Government paid more to bail John out, the payback is capped at 12.5% in additional taxes per year for three years.
There is another component to my proposal. The Government will pass legislation limiting the amount of credit that can be granted to consumers by percentage of annual income and type of debt so that the country will not again find itself in a position where a huge percentage of consumers are over leveraged. The government would also make it illegal to charge the kinds of percentage rates on credit cards we have seen in the past. Also, for those opting for the bailout, any negative reports on their credit ratings would be wiped clean.
The total potential Government bailout outlay is the total of household debt or $15 Trillion Dollars. Actual bailout total will be lower because although many consumers would opt for this bailout, many others would not depending on each households circumstances, so the total amount that the Government would put out would be considerably less than $15 Trillion, but it would not surprise me to see the amount exceed $5-8 Trillion, financed by Government bonds. The Government would get a percentage of that back in the temporary additional taxes I proposed, probably between 20% and 30% over three years. So, assuming that the Government outlays $5 Trillion for the bailout, it would get back $1 to $1.5 Trillion.
What everyone should understand is that in exchange for the government spending that money, we would have an American consumer that was essentially out of debt and per the additional legislation would never again get in debt to the point that the indebtedness would endanger the whole country's economic health. Households would be able to spend money again, and all of those businesses that currently hold consumer debt accounts would receive a sudden and massive infusion of cash and would be paid for all of that debt. The totality of this program would result in a massive boost to the economy. Considering this, even the money that the Government would not receive back from consumers that it bailed out, it would likely receive back and more from the money that it injected into the economy generating business, income and retail taxes. Another great benefit of a consumer bailout is the mortgage crisis would be over. Households would own their homes free and clear and the banks would have been paid in full. Other organizations like Visa would be back in good financial health. Visa is currently hurting and requesting government assistance. Helping the consumer as I have outlined is the right way to help banks, business and the financial industry and the economy at large. Everyone wins this way.
I also posted a link to Part 2, posted in response to the many comments the author received on the first article:
Promoted to Headline (H3) on 1/4/09:
The Real Bailout Needed is a Consumer Bailout - Part 2
by Steven Leser Page 1 of 2 page(s)
www.opednews.com
3
votesBuzz up!
SAVE FAVORITESVIEW FAVORITES
The excellent responses, even harsh criticism from some to my first article on my proposed Consumer Bailout http://www.opednews.com/articles/The-Real-Bailout-Needed-is-by-Steven-Leser-081227-715.html helped crystallize some of the finer points of the proposal. They also made me surer than ever that the best thing to do to bring about a recovery is to address bailout efforts to the consumer.
To recap briefly before I go on, I wrote:
... the consumer is too deep in debt to be the engine that this country needs to drive the country out of the recession/depression. Second, without intervention, consumer debt will stifle the country's productivity and economic growth for the next 5-10 years. Third, if the consumer is the main force that drives the economy and affects whether the economy grows or contracts (recession), but the consumer cannot power the economy because they are in debt, something has to be done to fix that....
the consumers who agree to be bailed out will pay the government .125% more of their income in taxes each year for three years for every unit of debt that corresponds to one percent of their annual income up to a maximum of 12.5%. One of the more serious components of the current crisis that is just starting to become apparent is the catastrophic budget shortfalls in state and local budgets. Five to fifteen trillion dollars in additional taxable income for businesses all around the country would fix that portion of the crisis immediately as it seems to fix just about every other portion of the crisis. That is what I think is compelling about my bailout proposal. If you make a list of the problems in the economy and analyze the effect of this proposed consumer bailout, it eliminates them one by one from the bottom up...
There is another component to my proposal. The Government will pass legislation limiting the amount of credit that can be granted to consumers by percentage of annual income and type of debt so that the country will not again find itself in a position where a huge percentage of consumers are over leveraged. The government would also make it illegal to charge the kinds of percentage rates on credit cards we have seen in the past. Also, for those opting for the bailout, any negative reports on their credit ratings would be wiped clean.
Let me address some of the more important criticisms of the proposal:
Criticism 1 – This Consumer Bailout is not Affordable
Anytime you are talking about a government program costing in the trillions of dollars it is natural to have questions about how this program would be funded so these questions and criticisms are good and to be expected.
One thing that should be obvious is that those who would opt to have the government pay their debt would pay back on average between 20% and 30% of the money directly to the government in increased taxes over three years. That is part of the design of the bailout proposal.
Second, what happens with the money that is given by the government to consumer's creditors? Those creditors have to pay taxes on it. Whether the creditor is a bank, some other lending agency, Visa, or any other creditor, that business will pay taxes on that income. Let's assume a low average effective business tax rate of 25% to be conservative. Of the money lent to consumers, another 25% will be paid back to the government within one year in the form of taxes paid by creditors. Now we are up to 45%-55% of the total bailout being paid for by those who benefited most by it.
Third, what do the creditors do with the 75% of the money they receive that they do not have to pay in taxes? They invest it, they buy other goods and services, they pay salaries and other operating costs, pay back their own debt obligations, etc. Much of that also results in taxable income by those receiving this money. Let's assume that 2/3rds of that money, or 50% of the original outlay becomes additional taxable income. 25% of that (again, assuming an average effective business tax rate of 25% is 12.5% of the total bailout. Now we are up to 57.5% to 67.5% of the outlay by the federal government paid back to it in taxes. We can go another iteration and say that 50%-12.5% is 37.5% of the original outlay becomes taxable income for entities further down the road. We can say that 25% of that will probably end up being taxable income and results in another 6.25% of the original total outlay being paid back in taxes. Now we are up to 63.75% to 73.75% of the total bailout outlay being repaid.
Finally, what then happens to the economy when consumers are debt free, their former creditors are awash in cash, as a result Visa and the banks and lending industry are no longer in crisis, in fact the opposite? When there is more disposable income all around, more money is invested, lent (properly this time with the additional regulations I specified in place) and spent. We call that an expanding economy. What happens in an expanding economy? Federal income tax receipts grow. Some of that is already accounted for in my above explanations, but some isn't. I don't know if we get back to 100% of the bailout being paid back directly or indirectly, but if we don't, we get close.
Criticism 2 – This Bailout Proposal Penalizes People Who Have Kept Up With Their Bills
Of all the top criticisms, this one was the most difficult for me to understand. People who have kept up with their bills are still hurting in this economy. Their investments have suffered, they are at risk just like anyone else for layoffs, if they are small business owners, they might be getting less business or the people that owe them money may be having difficulty paying their bills. All of those things mean that no matter how thrifty you are, you are probably feeling ill effects from this economy or at the very least; the current crisis makes you more at risk to be hurt.
All of the people would benefit greatly from an economy that gets moving again. Those who do not request a bailout would not be financing those who do. This bailout is self-financing as I illustrated above.
Criticism 3 – This Bailout Encourages Bad Behavior
It definitely would encourage bad behavior if we don't include the additional legislation that I propose that specifies how much credit can be lent to a consumer based on his income. These limits are different depending on the type of debt that would be incurred. I'm guessing that total non-auto and non-mortgage credit would be such that the monthly payments could not exceed around 10% of monthly income of a household and total outstanding non-auto and non-mortgage debt could not exceed 5% of yearly household income. The legislation would also prevent lenders from charging exorbitant interest rates.
Criticism 4 – The New Legislation you propose that would Limit Creditors in How Much they can lend to Consumers is Unworkable
For people who earn almost all of their income from a straight salary, these limits are straightforward. For those whose income is commission based or dividend based or whose income is otherwise variable, or for those who have high net worth, there needs to be another section to the legislation that better deals with their circumstance. My suggestion would be that for people who have a net worth over $250K, they could have consumer debt up to 1/3rd of their net worth.
January 4, 2009 at 07:54:15
1 1 View Ratings | Rate It
Promoted to Headline (H3) on 1/4/09:
The Real Bailout Needed is a Consumer Bailout - Part 2
by Steven Leser Page 2 of 2 page(s)
www.opednews.com
3
votesBuzz up!
SAVE FAVORITESVIEW FAVORITES
Those with variable incomes and net worth below $250K should have their debt totals determined by the following
Take the mean and median of their last 48 months worth of income and apply the 10% consumer debt limit to whichever figure is smaller..
Criticism 5 – This Bailout Could Result in Inflationary issues, Perhaps Even Hyperinflation.
Inflation is a concern, but I believe the risks can be managed. The bailout would be financed by issuing more bonds and as I already wrote, would be almost completely paid back either directly or by its effects on the economy. This bailout would not be financed by printing money. The Fed would have to be involved and would probably have to raise interest rates concurrently to ward off inflation. If you listen today to the government, the fed and private groups, they are all saying we are in a dangerous Deflationary situation. I still think there are inflationary risks with food and energy if we start to consume in similar quantities as prior to the beginning of the current crisis, but as I said I think this can be managed..
Criticism 6 – This Bailout is Really a Bailout of the Banking/Lending/Consumer Finance Sector (or other hated group) and I don't want to Bail them Out.
It seems that everyone wants to punish someone and everyone forgets that if we set out to punish people instead of focusing on what is going to fix this economy, we all will end up suffering for it. Libertarians want to punish the households and consumers who borrowed too much, Progressives want to punish the banks and consumer finance industry, Republicans want to punish organized Labor. For the current crisis to happen it required mistakes by consumers/households, banks, credit card companies, those who provide the underlying securities and financing for banks and credit card companies (the bond market, etc) and the government for failing to oversee all of the above and take action when things trended the wrong way. Now is not the time to concentrate on blame and recriminations. In fact, my bailout proposal bails out everyone, which is one of the reasons it has been a lightning rod for criticism. Everyone's pet economic and ideological whipping boys are helped.
We need everyone to have a 'Jeffersonian Louisiana Purchase' moment. What I mean by that is you have Jefferson, who was in his time probably close to what a Libertarian is today and believed that the government only had a the smallest amount of powers, i.e. only those specifically outlined in the constitution and no more. He did not believe in the elastic clause, and he definitely did not believe what his ideological opposites did, that if the Constitution did not explicitly forbid the government from doing something, that the government could do it.
Jefferson was given an opportunity to purchase the Louisiana territory from France but the problem was that the Constitution did not explicitly give him the power to make that deal. Recognizing that the purchase would solve several strategic issues for the country, not to mention more than double its territory, Jefferson made the deal. The point of this long-winded anecdote is that we are in an emergency. Exigency dictates that we accept that we may need to look beyond what would normally be the boundaries of our ideology to resolve the situation
------------------------
What I did not hear from those who criticized the idea is any alternate solution that resolved the current crisis and certainly none that addressed the issue of the overwhelming number of US households drowning in debt. Indeed, those who criticized the idea of bailing out consumers never acknowledged the seriousness of the household debt situation. As I wrote in the first article:
James Quinn, wrote an excellent article that completely outlines just how terribly in debt the American Household now finds itself titled "The Great Consumer Crash of 2009." Among his research, he found that "Household debt reached $13.8 trillion in 2007, with $10.5 trillion of that mortgage debt." He also had a chart that showed that the average household debt per person in 2007 was $47,000. As staggering as those numbers are, that was a year ago. It is likely that total household debt is now up to $15 Trillion Dollars.
Before thinking about the economy in terms of the overwhelming debt of the average household, I thought that infrastructure spending was the best way to pull the economy out of crisis. The adding of jobs and putting people back to work that would be accomplished by infrastructure spending is great. This does not address the debt issues, however. The unemployed would then be able to pay their rent/mortgage and try to keep up with payments on whatever debt they have, but there will still be little of the spending that is needed to fuel a recovery. I think the infrastructure-spending plan alongside a consumer bailout is a good idea, but by itself, it is going to make very little difference. This economy is going nowhere if we fail to address household debt.
she must have her quota in for the month
x
I am pro-choice up the the end of 3rd month.
I am definitely against partial-birth abortion.
and don't forget the new *word of the month*
racist. They've added that since hurricane Katrina.
keep your head in the sand - a month ago
they are VERY_CLOSE, this is no black sheep in his family....
1000 bucks a month
That is a lot to pay for health insurance. There does need to be reform so that it is more affordable, I just don't see how mandatory coverage is going to do it.
They forgot about 9/11 about a month after it happened.
i pay off my cards EVERY month, living
x
Agree a lot; but can we consider that the President only in for a month??.....sm
I am not going back to partisan politics, I think there are going to have to be many changes and many "solutions" before this economy can evea start to turn around, I pray it is sooner rather than later, but President Obama really has been condemned by many before he could even finish saying the oath of office....there is a lot of thinking and work that has to be done.
I don't have a white history month, either, but I'm okay with that.
X
If we did have a white history month
we would be called racists.
Closing time.......... sm
Would the last one out, please turn out the lights. 
Actually their leads are closing in - sm
Yes Obama is ahead but actually only by 5 points. This is according to the Rasmussen poll today, which is usually what everyone follows. I say their leads are closing in because last week Obama was ahead by 11 points, now he is ahead by only 5 points. Again, this is according to the Rasmussen report. I've said once and I'll say again, polls do not matter. The actual votes will count on November 4th. I'm at a point now that I don't care who wins. In honesty I hope McCain wins, but if Obama gets in that's the way it goes. But if you want to post a truly honest post, you should cite the poll that most everyone goes by and it is showing that their leads are narrowing. They've still got a couple weeks to go before the election and a lot can happen between now and then. Like I say I do hope McCain will win, but I am also realistic that Obama could win too, but to already project a winner could lead to devastating results in the end. Remember Tom Bradley? I would seriously think twice before stating false and misleading information as fact.
I'll tell you what I would like to see. I would like to see Obama drop out and Biden then become the nominee and Hillary as VP. Now that's a ticket I might vote for.
Stores are already closing.....sm
This is probably not an up-to-date list.
Ann Taylor closing 117 stores nationwide. A company spokeswoman said the
company hasn't revealed which stores will be shuttered. It will let the
stores that will close this fiscal year know over the next month
Eddie Bauer to close more stores. Eddie Bauer has already closed 27 shops
in the first quarter and plans to close up to two more outlet stores by the
end of the year.
Cache closing stores. Women's retailer Cache announced that it is closing
20 to 23 stores this year.
Lane Bryant, Fashion Bug, Catherines closing 150 stores nationwide. The
owner of retailers Lane Bryant , Fashion Bug , Catherine's Plus Sizes will
close about 150 under performing stores this year. The company hasn't
provided a list of specific store closures and can't say when it will offer
that info, spokeswoman Brooke Perry said today.
Talbot's, J. Jill closing stores. About a month ago, Talbot's announced
that it will be shuttering all 78 of its kids and men's stores. Now the
company says it will close another 22 under performing stores.. The 22
stores will be a mix of Talbot's women's and J. Jill , another chain it owns
The closures will occur this fiscal year, according to a company press
release.
Gap Inc. closing 85 stores. In addition to its namesake chain, Gap also
owns Old Navy and Banana Republic . The company said the closures - all
planned for fiscal 2008 - will be weighted toward the Gap brand.
Foot Locker to close 140 stores. In the company press release and during
its conference call with analysts today, it did not specify where the future
store closures - all planned in fiscal 2008 - will be. The company could not
be immediately reached for comment
Wickes is going out of business. Wickes Furniture is going out of business
and closing all of its stores, Wickes, a 37-year-old retailer that targets
middle-income customers, filed for bankruptcy protection last month. They
have already closed the Minnesota stores.
Goodbye Levitz / BOMBAY - closed already. The furniture retailer, which is
going out of business. Levitz first announced it was going out of business
and closing all 76 of its stores in December. The retailer dates back to
1910 when Richard Levitz opened his first furniture store in Lebanon , PA.
In the 1960's, the warehouse/showroom concept brought Levitz to the
forefront of the furniture industry. The local Levitz closures will follow
the shutdown of Bombay ..
Zales, Piercing Pagoda closing stores. The owner of Zales and Piercing
Pagoda previously said it plans to close 82 stores by July 31. Today, it
announced that it is closing another 23 under performing stores. The company
said it's not providing a list of specific store closures. Of the 105
locations planned for closure, 50 are kiosks and 55 are stores.
Disney Store owner has the right to close 98 stores. The Walt Disney
Company announced it acquired about 220 Disney Stores from subsidiaries of
The Children's Place Retail Stores. The exact number of stores acquired will
depend on negotiations with landlords. Those subsidiaries of Children's
Place filed for bankruptcy protection in late March. Walt Disney, in the
news release, said it has also obtained the right to close about 98 Disney
Stores in the U.S. The press release didn't list those stores.
Home Depot store closings. (E. Brunswick, Rt 18 just put up their closing
sign) ATLANTA - Nearly 7+ months after its chief executive said there were
no plans to cut the number of its core retail stores, The Home Depot Inc.
announced Thursday that it is shuttering 15 of them amid a slumping U.S.
economy and housing market. The move will affect 1,300 employees. It is the
first time the world's largest home improvement store chain has ever closed
a flagship store for performance reasons. Its shares rose almost 5 percent.
The Atlanta-based company said the under performing U.S. stores being closed
represents less than 1 percent of its existing stores. They will be
shuttered within the next two months.
CompUSA (CLOSED) clarifies details on store closings. Any extended
warranties purchased for products through CompUSA will be honored by a
third-party provider, Assurant Solutions. Gift cards, rain checks, and
rebates purchased prior to December 12 can be redeemed at any time during
the final sale. For those who have a gadget currently in for service with
CompUSA, the repair will be completed and the gadget will be returned to
owners. http://www.news.com/8301-10784_3-9834177-7html < http://www.news
com/8301-10784_3-9834177-7.html
Macy's - 9 stores
Movie Gallery - 160 stores as part of reorganization plan to exit bankruptcy
The video rental company plans to close 400 of 3,500 Movie Gallery and
Hollywood Video stores in addition to the 520 locations the video rental
chain closed last fall.
Pacific Sunwear - 153 Demo stores
Pep Boys - 33 stores
Sprint Nextel - 125 retail locations. New Sprint Nextel CEO Dan Hesse
appears to have inherited a company bleeding subscribers by the thousands,
and will now officially be dropping the ax on 4,000 employees and 125 retail
locations. Amid the loss of 639,000 postpaid customers in the fourth quarter
Sprint will be cutting a total of 6.7% of its work force (following the 5
000 layoffs last year) and 8% of company-owned brick-and-mortar stores,
while remaining mute on other rumors that it will consolidate its
headquarters in Kansas . Sprint Nextel shares are down $2.89, or nearly 25%,
at the time of this writing.
J. C. Penney, Lowe's and Office Depot are scaling back
Ethan Allen Interiors: The company announced plans to close
12 of 300+ stores in an effort to cut costs.
Wilsons the Leather Experts - 158 stores
Pacific Sunwear will close its 154 Demo stores after a review of strategic
alternatives for the urban-apparel brand. Seventy-four under performing Demo
stores closed last May.
Sharper Image: The company recently filed for bankruptcy protection and
announced that 90 of its 184 stores are closing. The retailer will still
operate 94 stores to pay off debts, but 90 of these stores have performed
poorly and also may close..
Bombay Company: (Freehold Mall store closed) The company unveiled plans to
close all 384 U.S.-based Bombay Company stores. The company's online
storefront has discontinued operations.
KB Toys posted a list of 356 stores that it is closing around the United
States as part of its bankruptcy reorganization. To see the list of store
closings, go to the KB Toys Information web site, and click on Press
Information
Dillard's to Close More Stores. Dillard's Inc. said it will continue to
focus on closing under performing stores, reducing expenses and improving
its merchandise in 2008. At the company's annual shareholder meeting, CEO
William Dillard II said the company will close another six under performing
stores this year.
Bailing out the auto industry....or any other industry for that matter....would be like shutting the barn after the horses are already out. The damage has already begun and it's not going to go away or get better. The automakers are just one more domino in the row.
U.S. air base closing which is a key to
This is not good. Just heard on the news that we need McCain, Romney, and Obama to talk to Russia about this special base closing. But of course, the senate and congress are too busy with this stimulus, stated the ex-FBI agent to fight terrorism.
Supposedly Russia prime minister stated he was FOR (not against) helping fight terrorists, but instead, Russia is actually working with Taliban. Basically, "Russia is bullying Obama." This needs to be worked out soon or terrorists are going to get stronger and attack when we are at our weakest, which I say is about now. We have already lost 150 vehicles for fighting because of base closing and do we seriously have 15,000 troops? Or are some of our young ones in high school and college going to be drafted soon.
MOSCOW — Kyrgyzstan's president said Tuesday his country is ending U.S. use of an air base key to military operations in Afghanistan_ a decision with potentially grave consequences for U.S. efforts to put down surging Taliban and al-Qaida violence.
A U.S. military official in Afghanistan called President Kurmanbek Bakiyev's statement "political positioning" and denied the U.S. presence at the Manas air base would end anytime soon.
The United States is preparing to deploy an additional 15,000 troops in Afghanistan and Manas is an important stopover for U.S. materiel and personnel.
Ending U.S. access would be a significant victory for Moscow in its efforts to squeeze the United States out of Central Asia, home to substantial oil and gas reserves and seen by Russia as part of its strategic sphere of influence.
Kyrgyz President Kurmanbek Bakiyev spoke on a visit to Moscow minutes after Russia announced it was providing the poor Central Asian nation with billions of dollars in aid.
Bakiyev said when the U.S. forces began using Manas after the September 2001 terrorist attacks, the expectation was that they would stay for two years at most.
"It should be said that during this time... we discussed not just once with our American partners the subject of economic compensation for the stationing (of US forces at the base)," he said on Russian state-run TV. "But unfortunately we have not found any understanding on the part of the United States.
"So literally just days ago, the Kyrgyz government made the decision on ending the term for the American base on the territory of Kyrgyzstan," he said.
Col. Greg Julian, the U.S. spokesman in Afghanistan, denied there was any change in U.S. use of the base and he noted that Gen. David Petraeus, commander of U.S. forces in Afghanistan and Iraq, just recently traveled there.
"I think it's political positioning. Gen. Petraeus was just there and he talked with them. We have a standing contract and they're making millions off our presence there. There are no plans to shut down access to it anytime soon," he told The Associated Press.
As recently as Jan. 19, Petraeus said he had received Kyrgyz assurances that Russia was not pushing for the base to close.
In Washington, Pentagon spokesman Geoff Morrell said: "I have seen nothing to suggest, other than press reports, that the Russians are attempting to undermine our use of that facility."
The United States set up Manas and a base in neighboring Uzbekistan after the September 2001 attacks to back operations in Afghanistan. Uzbekistan expelled U.S. troops from the base on its territory in 2005 in a dispute over human rights issues, leaving Manas as the only U.S. military facility in the immediate region.
Moscow, which fought a 10-year war in Afghanistan during the Soviet era, was initially supportive of U.S. efforts to keep Afghanistan from collapsing into new anarchy and stem the spread of militancy northward through ex-Soviet Central Asia.
But as Kremlin suspicions about U.S. foreign policy have grown, so has Russian wariness about the U.S. presence in Central Asia. Russia also uses a military air base in the ex-Soviet nation.
During his visit last month, Petraeus said that Manas would be key to plans to boost the U.S. troop presence in Afghanistan. He also said the United States currently pumps a total of $150 million into Kyrgyzstan's economy annually, including $63 million in rent for Manas.
About 1,200 U.S. troops are based at Manas.
Russia, however, agreed Tuesday to provide Kyrgyzstan with $2 billion in loans plus another $150 million in financial aid.
Kyrgyzstan is one of Central Asia's poorest countries and has been buffeted by political turmoil for years. Its economy has been strained to the limit this winter after neighboring Uzbekistan significantly raised prices for natural gas.
Most Kyrgyz have been supportive, or at least accepting, of the U.S. presence, though in 2007, widespread anger erupted after a U.S. serviceman at Manas shot and killed a Kyrgyz man during a security check. Kyrgyz investigators had asked the serviceman face criminal prosecution in their country.
Petraeus said during a trip to the region last month that the investigation will be reopened.
Central Asia is key to U.S. efforts to secure an alternative supply line to forces in Afghanistan. The main route, through the Khyber Pass in Pakistan's northwest, has occasionally been closed in recent months due to rising attacks by bandits and Islamist militants, including one on Tuesday that destroyed a bridge.
During his visit, which included a stop in Kyrgyzstan, Petraeus said Washington had struck deals with Russia and several Central Asian states to allow the transhipment of supplies heading to Afghanistan.
NATO spokesman Eric Povel said the alliance could not comment because use of the base was an issue for the U.S. and Kyrgyzstan.
"It's not a NATO base," he said.
The car dealerships are closing every day. SM
Mervyn's, a long-time, great dept. store, is gone. Soon Circuit City will be history, if it's not already. Construction work has dried up. With the drought, farm work has, too - even the Mexicans are leaving. Food prices skyrocketing. Lots of empty business offices from a few years back when the tech-bubble burst. Even Starbucks stores are closing. (Maybe putting one on EVERY street-corner wasn't such a great idea, after all.) People moving out of all the foreclosed homes have driven rent-prices sky-high. Animal shelters filled to overflowing by animals left behind in foreclosed homes. All we need now is another big 7.1 earthquake. That's probably next.
Other than that, things are great out here.
How many of you would leave your 4-month-old special-needs baby to run for VP? nm
It took spending 1-1/2 BILLION dollars a month...sm
over years on the war in Iraq to get us to this point, borrowing from other countries, the highest deficit ever, printing money by the government with no gold behind it to drive the value of our dollar down around the world. Nothing to do with the democrats. When Bush became president we had a huge surplus. Did you forget that?
Wow, spot on . . .10 billions dollars a month . . .
for that war. For what? OIL. That money could go a long way to making sure EVERYBODY had healthcare and dramatically speed up the process of developing alternative energy sources! Why can no one see how much sense this makes?
He even voted AGAINST closing tax loopholes
would give them loopholes to avoid paying taxes. HE VOTED "NAY". Yea, this guy is the real deal alright.
The closing argument that lifts us up
what it really means to be an American. No amount of harsh rhetoric or divisive tactics can touch the hope I hold nor the joy I take in knowing that the country I love, which has lost so much of late, is still there, is on the mend and that better and brighter days are just around the bend.
Closing Gitmo is also a priority.
It will reduce the cost to the taxpayer of holding these suspects indefinitely and, more importantly, be a significant step in restoring our international standing. The only question will be whether or not the creation of a new court system to process these suspects come to pass.
This may surprise you, but most presidents multitask and can work on more than one issue a day. His administration will address your concerns too. Our domestic and international dilemmas must all be addressed. Although this is not important to you, it is to many who voted for him.
I'm thrilled that he is closing Gitmo!
This is just the first step in undoing the damage that George Bush has done! Can't wait to see what President Obama will do next!
All of it. Hello. Closing Gitmo is not the end of the story.
This subject has been exercise all morning long below. Care to speculate on just why there is a review of operations of Gitmo and what the intent is behind that review? You cannot exercise a debate on a subject where policy on the issue is YET TO BE DETERMINED.
Yeah, and the closing of Gitmo could be disastrous.
nm
Obama had every intention of closing Gitmo
I suppose he just didn't expect soldiers to speak up and out against the government. How dare they go up against the great and almighty Obama!
Now with all their voices speaking up, he has to figure out another way to get it done!
Pay close attention folks....quit closing
Hershey closing York Peppermint Patty plant in PA
And is moving their plant to MEXICO. It's situations like this where NAFTA should be renegotiated and remove any profit incentive for companies to take away American jobs like this.
Although I really like York Peppermint Patties, I don't think I'll continue to buy this product.
Hershey closing York Peppermint Patty plant in Pa.
By Associated Press
POSTED: 03:30 p.m. EST, Feb 20, 2009
READING, Pa.: Production of York Peppermint Patties and other candy brands is coming to an end at The Hershey Co. plant in Reading.
After 23 years in Reading, the chocolate maker is closing the plant today and moving production to a new factory it has built in Monterey, Mexico. Hershey says it will mean the loss of about 260 jobs in the southeastern Pennsylvania city.
The plant also makes 5th Avenue and Zagnut candy bars and Jolly Rancher hard candies.
The nation's largest candy manufacturer announced two years ago that the plant would close as part of a wider move by Hershey to eliminate 1,500 jobs and one-third of its existing production lines, shifting more manufacturing to contractors in the United States.
Some workers will stay on for a few more weeks to close the plant.
READING, Pa.: Production of York Peppermint Patties and other candy brands is coming to an end at The Hershey Co. plant in Reading.
After 23 years in Reading, the chocolate maker is closing the plant today and moving production to a new factory it has built in Monterey, Mexico. Hershey says it will mean the loss of about 260 jobs in the southeastern Pennsylvania city.
The plant also makes 5th Avenue and Zagnut candy bars and Jolly Rancher hard candies.
The nation's largest candy manufacturer announced two years ago that the plant would close as part of a wider move by Hershey to eliminate 1,500 jobs and one-third of its existing production lines, shifting more manufacturing to contractors in the United States.
Some workers will stay on for a few more weeks to close the plant.
http://www.ohio.com/news/break_news/39968037.html
Governors closing ranks on Bush for trying to Federalize the National Guard sm
http://news.yahoo.com/s/ap/20060805/ap_on_re_us/governors_guard
Rich or poor, cheaters are cheaters. And closing
I hope he not only makes the big rich companies FINALLY pay their fair share of the taxes, I also hope they have to pay through the nose for selling out American workers.
The President's speech made my day!
Closing Gitmo is not as simple as simple
nm
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