Circuit City decides to close all its stores

Well, that's sad (I might just head on over to the nearby store to see what I can get really cheap), but what does this have to do with Communism/Socialism/Government Control vs. Capitalism/Libertarianism/Economic Freedom?

Economics?

Well, it does have to do with economics, but not with whether government control-oriented systems work better than free market ones. Perhaps I should create an Economy board, and put the govt control vs. free market one under it as a subtopic?

Thanks. I didn't know where else to put it.

This tanked economy has claimed not just Circuit City. So far, Bennigan's restaurants (the company owned ones), Linens 'N Things, and KB Toys, among others, have closed their doors for good. Chrysler and GM have received government bailouts. As have many banks. Who, instead of using it for loans as was intended, have used it either for CEO pay, buying up other banks, outings for the executives, or the banks are just sitting on the money. There is no tracking or accounting of that money; it appears that the banks were handed it with no strings attached. Unlike the car companies, who have many strings attached.
Why did Chrysler need a government bailout? The company was purchased from Daimler by Cerebrus Capital, who hasn't sunk a dime into it.

So far, Bennigan's restaurants ... have closed their doors for good

Oh NO!! What will happen to Butters?

[i]As have many banks. Who, instead of using it for loans as was intended, have used it either for CEO pay, buying up other banks, outings for the executives, or the banks are just sitting on the money. There is no tracking or accounting of that money; it appears that the banks were handed it with no strings attached. [/i]

Some even put it into offshore investments. They blackmailed the government into giving it to them because so many people are employed by them and they are so important to the economy; than they fired 50,000 people (hurting the economy more) and put the money into foreign investments where it won't help the US economy one bit but will probably make some nice interest for the CEOs in 5 or 10 years.

Someone recently said that perhaps this whole thing will produce a fundamental shift in how we have been doing things for many years in this country. As actual work being done and to be had in this country has declined more and more people have turned to paper games of moving money around from one abstract house of cards to another as a way to make money.

Markets and stocks are an important part of business and a good way to make and protect money but lately we've developed a casino mentality. People put money into a stock that's "hot" as it gets hotter more and more people buy in, driving the price up. Than when people feel the hot streak is plateauing they cash out their chips, causing the price to drop, which causes more people to "cash out" before it drops anymore, causing more people to cash out and so one.

It seems that people aren't even about the business of providing goods and services anymore. Moving your money around from one paper house of cards to another is not a service anymore when that's the only game in town. We can't get rich by washing each others socks as someone on anther BB I frequent said.

I remember years ago (during the .com, tech stock boom) seeing a "60 Minutes" interview with Warren Buffet, the most successful stockbroker/stocktrader in history and one of the richest men in the world. He took the camera crew down to a Dairy Queen, bought an ice cream cone, ate it and said something to the effect of: "I like ice cream, it tastes good, is refreshing on a hot day and I understand how an ice cream store operates." His company owns Dairy Queen and he was making a point about how they bought it because they understand how a chain of ice cream stores can make money by selling ice cream. He was contrasting it to tech stocks that most investors had no idea how they worked or if they could generate a profit with their proposed business model. His company is the highest valued stock on the New York City Stock Exchange by a huge margin because they don't just buy into these paper games that are 5 generations removed from actually providing a tangible good or service upon which the money is flowing.

ScottN: Oh NO!! What will happen to Butters?
Luigi Novi: There's always Raisins.

According to CNBC's On The Money, a lot of people are going for reverse mortgages, probably believing celebrity spokespersons James Garner and (more recently) Robert Wagner. CNBC's advice can be summed up in one word - DON'T!
Chrysler took a lot of deserved heat for taking out an on-line and print ad thanking the U.S. Government for the bailout. The ad cost $265,000, which would have kept some employees working, paying taxes and supporting their families. But then, the last thing CEO's think about is their employees.

Adam Bomb: Office Depot (they're going out of business)...
Luigi Novi: OD is going out of business too? Great. That just stinks.

Every April at Union City's two-day Multi Arts Festival, where I do a portraiture/caricature/cartooning workshop, I'll draw things for free for the grade school and high school kids who come by, and since I always give them the originals, I would run across the street after finishing them, and make photocopies at the convenience store so that I'd have a copy of them for my records. A few years ago their copier broke down, and they never fixed it. For two years in a row, I asked the kids to mail me photocopies, and they each promised to do so, and every single one never got back to me, even despite my attempts after the second year to contact them. Last April, I discovered there was an Office Depot just down the street, and I went there to make copies. Now that they're going out of business, that means it probably won't be there this coming April. Just wonderful.

I may have been a bit premature in my saying that Office Depot is going out of business. The Woodbridge, New Jersey store on Route 1 is closing; it has a "Going Out Of Business" sign posted on its window, which made me assume the whole chain was going under. According to this Wikipedia article, OD is closing some 116 stores by the end of 2009. Whether the rest survive or not, I don't know.

Whew! Thank God.

On a more ominous note: Circuit City did the same thing (closed some 100+ stores). Four months later they went Chapter 7.

CompUSA closed down a bunch of stores last year. I took advantage of the markdowns (some as much as 60% off) and bought about half of what I needed to build a new computer. I couldn't get everything I needed because it was about a week from closing and lots of stuff had been completely picked clean. About 6 months later I decided to finish building the computer and when I was trying to find some more stuff someone suggested "try CompUSA" turns out like 4 months after closing their doors they reopened in the same location.

Wall Street hot-shots handed out $18 billion in bonuses to themselves in 2008, despite the tanking economy (which they helped bring about) and their receipt of government bailouts (which paid for the bonuses). President Obama called that "shameful". More here.
I'm glad the President took a stand against the Wall Street guys; he's said more in 10 days than that corporate whore who was his predecessor did in eight years. But, I doubt it will make any sort of difference. Also, aren't bonuses meant for good performance, not bad? Than again, all CEO's care about are themselves.

That's what has been killing me about those bonuses. I work in the restaurant/bar industry for a large chain. My general manager makes a base salary and than also gets a bonus based on the profit that his particular store takes in that month. If the store doesn't make a profit that month (for whatever reason) he still gets his base salary but doesn't get any bonus. Why should that be any different from the CEO of a large corporation. They make a nice base salary and if the company is turning a profit they should get a nice bonus, but if the company is loosing money than they should get their base salary only.

I'm glad that our current president actually has said something about this. I don't know if he will be able to do anything about it, but it's nice to at least get the discussion going. I'm sure that he will be called a Marxist/socialist by the Wall Street Journal for even suggesting it though. Of course this is the same paper that euphemistically calls CEOs "job creators." Right before the election they printed a story about how "job creators" (which they defined as CEOs) preferred McCain to Obama by a wide margin, now we know why. BTW I think that if you lay off 50,000 people and than give yourself a $15 million bonus you should be called a robber baron, not a job creator.

The U.S. Gross Domestic Product (GDP) dropped by 3.8% in the fourth quarter of last year. Yet, it's (not) comforting to know that the oil men of ExxonMobil are basking in the largest annual corporate profit in history - over $45 billion. More here. Wonder how much in bonuses they gave to themselves.

Well, $4.50 per gallon gas does help the (corporate) bottom line.

The USPS is talking about cutting back 1 day of delivery. It will be either Tuesdays or Saturdays.

Then they wonder why people switch to e-mail and to paying bills on-line

Here's an article from cnn.com explaning how the economy got into the shape it is now.

One of the things it says in the CNN.com article is that deregulation was one of the factors. Deregulation started in the 1980's (yes, during the Reagan era, folks.) Don't forget, most tax deductions (such as sales tax) were eliminated in the Reagan era. Yet many people absolutely worship Reagan. Explain to me why.
Macy's is laying off 7,000 employees, including a lot of their executive staff, and consolidating its operations, due to a very poor holiday season.

California, in addition to sending out IOU's instead of tax refunds, is furloughing state employees every other Friday, effectively cutting their pay by 10%.
Fortunoff stores will file for Chapter 11 bankruptcy, as a prelude to dissolution. Fortunoff is one of the anchor stores in the Woodbridge (New Jersey) Center Mall, one of my favorite malls. When I lived in Edison, hardly a week went by when I didn't go to Woodbridge for one reason or another. I only made one major purchase at Fortunoff - a Kitchen Aid mixer for my then wife. (She used it - among other things - to make mashed potatoes that would knock your socks off, so it was well worth the $200 price.) Still though, I'd hate to see the chain close and put all those people out of work. Plus, I doubt that the mall could get another big chain store in there during this poor economy, so the store would probably stay empty for a long time.

Time's list of the 25 to blame for the current state of the economy: http://www.time.com/time/specials/packages/article/0,28804,1877351_1877350,00.html

Jackasses like the Daily News Bill Hammond are content to blame public employees and their unions for the state we're in now, conveniently forgetting to blame any one listed in the "Time" article. If you want to read his (biased) propaganda column, you can go here. (In my mind, a lot of this mess can be traced back to Reaganomomics. The mention of that would anger Hammond no end.)

I don't see him "blaming" them for anything. He's criticizing them for, in his view, not being willing to make the sacrifices that they themselves are mentioning, accusing them of favoring raising taxes to protect their jobs and benefits, and claiming that they floated through the recession via the protective bubble of civil service rules. Whether these accusations are true or not, I don't know, but nowhere in the column does he claim that the unions caused the current crisis.

Hammond's a Johnny One-Note, always writing about the same stuff (critical of public employees and their unions.) Nowhere have I seen him criticize the fat bonuses given to the greedy Wall Streeters that got us into this mess in the first place. They've gotten millions in bonuses and golden parachutes, a good chunk of it courtesy of the Bush bailout. Is that his definition of "shared sacrifice"?

That has nothing to do with my point, which is that nowhere in his column did he blame public employees and their unions for the current crisis.

I see your point. But, as I'm one of the public employees that's one of (not just his, but other writers as well) favorite targets, I see it differently than you do. I realize that Hammond doesn't specifically blame us for the fiscal crisis in the linked article. But, it's the cumulative effect of his railing against our salaries, pensions and benefits, while giving a pass to the greedy hacks who got us into this mess, that gets me really p.o.'ed. In years past, we've given up a lot (like years of no raises at all, and three weeks of lagged pay) in times of crisis that were not as bad as things are now. However, if we did give up the 3% raise, I'd survive. The unions talk tough now, but (IMHO) they'll probably cut some kind of last-minute deal by which we'll wind up eating the raise. Also, the esteemed Governor is nickel-and-diming us to death by taking away the little morale boosters we've had in the past (like the gifts given for an employee's 25th, 30th and 35th anniversaries - yes, I got the shaft on that one.) At the same time, he's doing his part for the budget by giving his staff up to 50% raises, buying a $40,000 rug for the Governor's mansion and jetting to the Middle East. That's Gov. Paterson's idea of shared sacrifice. Then again, the mantra of a politician is "Do as I say, not as I do." It's enough to make me want to retire.

You work in NYC now, Adam? (Or have you always, even when you were living in NJ?)

I've always worked in NYC, even while living in NJ. First at the World Trade Center (1978-85), then in what I call the "Gertz Dump" in Jamaica, Queens. Since 2000, I've been back working in downtown Manhattan. (S. Epatha Merkerson of Law & Order filmed a commercial for Uniball pens at the corner of Wall and William Streets; I work two blocks north, on Maiden Lane.) I left New Jersey after my divorce, and moved back to Staten Island, as I have family there. Plus, due to the expenses I was saddled with as a consequence of my divorce, I could no longer afford New Jersey Transit's rail fare of $230 monthly into Manhattan (it's now $246)
Paterson can't take away our raises and lag us another week's pay on his own without collective bargaining, although he (arrogantly) seems to think he can. If he did that would subject him to a lawsuit, which would cost the state more than if the raises were granted.
One thing that Paterson has not offered that the last Governor did was a retirement incentive, to get people off the payroll. Basically, an extra month of credit would be added to your service time for every year of service. (If you have 30 years of service, you'd be credited with an extra 2.5 years, and you'd retire with a 32.5 year pension.) Your line would not be filled, however, and would be eliminated. At least four people from our office would retire by March 31 if one was offered.
On the news, I just heard of an idea that someone put up to get rid of a house they can't sell. Namely, they'd auction the house off for $50 a shot. That gimmick sounded awfully familiar. In fact, it was used in the movie The Spitfire Grill, where the owner of the titular grill, that was for sale for a long time, ran an essay contest. At $100 a pop, you'd write an essay saying why you'd want to own the grill. The winner, of course, got the restaurant.

I say the economy started to go downhill after the WTC attacks

Another sign of the times. The two Virgin Megastores in New York City will close, as will the rest of them. I'm assuming that's because sales of CD's have dropped drastically. More here.
CD prices have gone down lately, as least for the stuff I buy. I recently bought Springsteen's new CD Working on a Dream for $7.99, and U2's just released No Line On the Horizon for an unbelievable $6.99, at J&R. The prices go up after the first week of release, so I get it as soon as the CD comes out.

I say the economy started to go downhill after the WTC attacks

I somewhat agree. In my opinion, it was already going downhill by then. I think what really started the economic downturn was the dot com bust and the overall bottoming out of the IT industry.
To be honest, I don't think we ever really recovered from that.

Both of 'em, huh, Adam? Wow. Can't say I'm surprised, given both the economy and the digital music revolution, but those stores are such staples of those neighborhoods. I wonder what will replace them?

I wonder what will replace them?
The Times Square location for the Virgin Megastore will be filled by a "Forever 21" women's clothing store not long after the Virgin store's closing. No word on who will move into the Union Square location; I assume it will remain dark for the foreseeable future.
In the meantime, Kohl's must be doing well. As I write this, they're in the middle of a grand opening sale event; they've just opened eight new stores. That's either a good move, or a very bad one. Then again, K-Mart was in trouble in 1996 (long before its merger with Sears) but that didn't stop K-Mart from opening a new store in Linden, New Jersey (which I think is now closed.)

They used to say something like "As GM goes, so goes the U.S." Well GM is in deep you-know-what, and may have to file for bankruptcy, even though they got oodles of taxpayers' money in a bailout. More here.

"As GM goes, so goes the U.S."

The actual quote is from Charles Wilson, Ike's SecDef:

---

quote:

I thought what was good for the country was good for General Motors and vice versa

---

New Jersey's Gov, Jon Corzine, is proposing cuts to that's state workforce that Gov. Paterson hasn't. Namely, 12 unpaid days off. At least with the lag, you'd get what's owed you when you leave or retire.
Circuit City is now gone; the stores closed last Sunday. The company may try to maintain an on-line presence, but that may be wishful thinking.
I don't know if this is a sign of the times, but Watchmen took in $55.2 million its opening weekend. That's less than I expected, as the film was enormously hyped. It may be due to the film's long running time (about 2:45) which limits the number of daily runs. Still though, I expected about $80 million. Also, I think the movie was released at the wrong time (they should have held it until the summer) but what do I know.
And, I sent in my tax returns earlier than usual. For no other reason than I want my refund. Now!

If by "sign of the times", you're referring to the economy, I don't know if that has anything to do with it, as the entertainment industry tends to do well during economic downturns.

Y'know, I wish I'd seen this.

Benn, you don't get Comedy Central?

I get Comedy Central. I just rarely watch it. Much less John Stewart's The Daily Show.

I missed it too but if it was the Thursday night one comedy central will rerun that episode 3 times on Monday. Plus within the week they will have it up at the show's website.

Well, if you miss something, you can catch it for free on Hulu.com. The Cramer episode is right here.

But then my brain will rot and aliens will eat it!!!

Just watched it through a link on IMDb. Man, Cramer really did rollover for that interview with Jon Stewart, didn't he?

Great interview. I like when Stewart talks about financial stuff because he's more of a regular guy and he's good at putting it in terms that I can better understand. I also liked his point about two markets and those side derivative markets. On one hand we do tell people that the market is the best thing for them to put their money in because it's a long term stable investment. Than on the flip side you have those people playing games with our retirement money day trading like it's a freaking casino. I'm a card player myself and when I hear about how those guys pump up the value of their holdings (by hook or by crook) and than cash out right before it starts free falling it reminds me of the kinds of stuff that I see around a poker table.

The current poll on CNN's homepage asks, "Do you agree with President Obama that the AIG bonuses are an 'outrage'?" 7% of those polled, say "No". "No"?!? Who are these pinheads? And why don't they think the bonuses are outrageous? Are they the CEOs who got the bonuses?

Are they the CEOs who got the bonuses?
Probably. Bonuses for employees, who ran that company into the ground and then needed three Federal bailouts, is beyond heinous.

My Prudential stock is in the toilet. I'm a policyholder, and I got some stock when the insurance carrier converted from a mutual to a stock company. The IPO was about $50. Last I checked (a few minutes before I wrote this post), the price was just under $20.

GM's new CEO says that bankruptcy is "more probable" as their fortunes fall, and President Obama puts more strings on any future aid. More here.
I find it very hypocritical that the administration put lots of restrictions on the aid it gives to the carmakers such as GM and Chrysler. But, Wall Street firms, the banks and AIG got billions of dollars with zero strings attached. In fact, the aid received allowed for those bonuses to be doled out.
The car companies should shoulder the blame here too. They built profitable but gas-guzzling SUV's for years, and all but blew off development of new cars. Then, when gas prices spiked up and SUV sales tanked, they cry "Help me please" to the government.
Did the car companies' CEO's get fat bonuses, even as their finances went into the toilet?

Ford is refusing any bailout. There's a video here with more details.

Adam, Michael Moore made those points back when this auto industry thing started, I think it was on Larry King. He said that the bank/insurance bailout was the epitome of the "old boys club" and the only thing missing was a cigar bar in the back on the congressional chamber. When to auto manufacturers came asking for help he characterized it as Congress basically saying "manufacturing? You guys make things? We're not sure about that, we like people who make money off of their money."

He also pointed out that if these people couldn't figure out why they were loosing so much market share to imports all they needed to do was get a Honda civic, drive it around for a while and ask "what do people like about this car that they aren't getting from ours."

Benn, I read in the LA Times that Ford's market share is up because of that, partly because there's no mixed marketing message.

GM: "Come buy our cars! We're good! Oh wait, if we don't get any fed money, we're toast! But buy our cars!"

Ford: "Buy our cars!"

Linky for story mentioned in previous comment.

Ford is also saying that they've been in the midst of restructuring for something like three years. That kinda puts them ahead of the curve. And the competition.

I'm glad Obama booted out the GM CEO.

It's about time these CEOs show some accountability for their businesses

Another article about what went wrong with the economy. This one is from Rolling Stone magazine's Michael Taibbi. Please be aware that there is foul language in the article.

Re: General Motors & "Bailouts"
The German Government reputedly has a contingency plan, to buy out General Motors European subsiduries (Opel & possibly Vauxhall), in order to protect automotive worker jobs, in Germany, if the "worst case" scenario happens, & General Motors U.S goes into either Chapter 11 or 7 bankruptcy status...
Reportedly, the German Chancellor, Angela Merkel, approached the British Prime Minister, Gordon Brown, at the recent G20 summit, held in London to discuss a joint "plan of action" over this issue...
Was this ever reported in U.S News media, though...?

General Growth, the U.S.'s second largest mall operator, and the owner of my constant shopping destinations the Staten Island and Woodbridge Malls, filed for bankruptcy protection today. More here.

It seems that Chrysler has gone bust, as it has now filed for Chapter 11 protection...
So what will happen to General Motors...?

Chapter 11 doesn't mean the company goes away. It means that it's protected while it tries to reorganize.

Chapter 7, on the other hand....

Fiat, which will be in partnership with Chrysler (assuming that Chrysler will be able to emerge from Chapter 11) may also buy Saab from GM. More here. I don't know what will happen to Saturn and Hummer, other brands that GM wants to unload.
I also read the Citibank, which received some $45 billion in government bailout money, asked for permission to pay millions in bonuses. I don't know if the government gave it.

Re: last post
They've also been linked to a possible Opel acquisition, from G.M, possibly with help from the German government...
In this case, could the Fiat Group acquire all G.M's European divisions, or would the Volkswagen/Audi group try to stop this...?
One other possibility in the case of Opel, is that Volkswagen/Audi might try to counter bid for Opel, though I suspect both bids might invoke European anti-monopoly legislation...
As for Saturn & Hummer, I suspect that both will go to the wall...

As expected, GM filed for bankruptcy this morning; the largest industrial bankruptcy filing in U.S. history. It could emerge from Chapter 11 within 60-90 days. Minus Pontiac, Saturn and Hummer, AFAIK. More here.

Re: Adam's post
I did read said article, & found no mention of the Canadian parts company Magna, taking over G.M's European subsiduries such as Opel, Saab & Vauxhall anywhere...
G.M could regret dumping the Saturn brand, however, as reportedly, they were just about to launch a range of vehicles, based on G.M Europe/Opel designs, such as the Astra compact , Zafira minivan, etc on the U.S Market, that could have sold well under the Saturn name...

Gov. Paterson, who didn't get his way with the unions forgoing their 3% raise, may get his way with forming a new pension tier for new employees, with substantially reduced benefits. More here.
The Penske Group is rumored to be interested in buying GM's Saturn division. And, there may be a Chinese buyer for Hummer.

There may be "less fun" at Six Flags amusement parks, as that company has declared bankruptcy. Their aim is to shed a huge debt, to the tune of $1.8 billion. (I wonder how much they owe the builders of that "Bizarro" roller coaster that's constantly advertised here.) More here.

Re: G.M & Chapter 11 bankrupcy
At least you know what is happening with G.M in the U.S...
For us in Europe, it's more complex, as at present we do not know, who will eventually own it's European operations.
Reportedly the German government, is trying to block Magna's attempt to take over G.M's European divisions, ostensibly due to concerns over job losses inside Opel...

I've decided to update the General Motors situation with regards to their European subsiduries...
Saab has been sold to the Norwegian supercar maker Koniegsegg, but as for the rest of G.M' European divisions, G.M may not sell Opel/Vauxhall after all...

The deal with Koniegsegg over Saab has apparently "fallen through" according to recent news reports, & Saab's future is now in doubt...
Coupled with G.M 's decision not to sell it's Opel/Vauxhall divisions to Magna, & the problems generated with the German Government & the European Union as a result, nobody in Europe knows what is going on with regards to G.M's European divisions...

GM will shut down Saab, after talks with another buyer (Spyker Cars) failed. More here.

I don't know how most retailers are doing, but Kohl's is apparently doing well enough to open three new stores. Including one in Lancaster, Pa, on Route 30, right between two major outlet centers (Tanger and Rockvale.) Another one has opened on Sunrise Highway in Valley Stream, Long Island. Very close to Green Acres, a major Long Island mall. Maybe one weekend in four or five months has gone by without my receiving some sort of discount offer from Kohl's; either 15, 20 or 30%. A nice way to get one to spend.

Dollar General seems to be doing quite well, lately. In the past 2 years, they heve built 3 stores in my area (Owensboro, Hawesville, and Cloverport). Except the Hawesville store (which hasn't opened) they seem to be doing quite a bit of business.

A&P Supermarkets filed for bankruptcy protection yesterday. The stores, which include Waldbaum's, Food Emporium and Path-Mark, will stay open during the reorganization. More, including postings of the bankruptcy filing, here.
I thought A&P got in over their heads when they bought the Path-Mark chain a couple of years ago, as A&P has been in and out of financial trouble for years. Most notably after their "Price and Pride" ad campaign of the mid-70's tanked badly.

Well at least it's Chapter 11 and not Chapter 7. Hopefully this won't affect the A&P Basics I shop at, which is a short walk from my house.

No surprise. A&P left Northern Illinois years ago.

Borders Books may file for bankruptcy protection next week, and will likely close 150 stores, according to Bloomberg.

1010 WINS reported today that Borders has indeed filed for Chapter 11 bankruptcy.

Chapter 11 is bad, but not fatal. Chapter 11 is for relief while the company reorganizes and provides a plan to pay off debt.

Chapter 7 is, "It's over, turn out the lights". Liquidation.

Pardon me. "restructures" not "reorganizes".

Though I'm not sure there's much of a difference.

Scroll up to my December 13 post, Scott. ;-)

Borders Books is OUTTA THERE!

And leaving about 11,000 people without jobs. The demise of Borders is partly blamed on the rising sales of e-readers. But, Dick's Sporting Goods is opening a new store on Staten Island. Maybe sporting goods is a recession-proof business. I wouldn't know, as the only time I go to a sporting goods store is Christmas.

Yeah, I read somewhere recently that Amazon is now selling more e-books than paper books.

Part of it is their own fault. B&N is surviving as a brick&mortar, as well as a formidable online presence.

Borders' initial online presence was a partnership with Amazon, of all people. They didn't have their own online site for years, and by then, they were pretty much doomed.

Friendly's, the restaurant chain and ice cream manufacturer, may file for bankruptcy imminently. More here.
And, layoffs are almost certain to commence in New York state government, as my union, PEF of NYS, rejected a contract offer this week, 54-46%. (I voted "yes.") Bully-boy governor Andrew Cuomo said that if the contract was rejected, layoffs would commence ASAP. Even though I have over 33 years with my employer, I'm not immune to layoffs, partly due to the fact that the Albany people seem to exempt themselves, while throwing everyone else under the bus. If I'm laid off, I'll just retire, as I have the age and the years in. Maybe I should buy that series set of Law & Order to watch in retirement.

Which union are you in, Adam?

I'm in PEF, an acronym for "Public Employees Federation." That's a union for the white collar "Professional, Scientific and Technical" employees. The other union, CSEA (short for "Civil Service Employees Association.") That's for the blue collar employees, like typists, secretaries, janitors and the like. In August 2011, CSEA accepted pretty much the same contract that PEF just rejected.
My job was actually good for a long time. We traveled to other parts of the state to do projects, and would stay there for several days. (Sometimes, up to two weeks, as I did in Elmira in March 2004.) The work wasn't hard, the change of scenery was great, we met different people, and the travel was kind of fun. I can name the exact date the job stopped being good - March 17, 2008. That's the day Eliot Spitzer resigned as governor, and David Paterson took over. Spitzer tried to make up to us what was lost in the Mario Cuomo and George Pataki administrations. Paterson (a two-faced a-hole of the first degree) tried to take it away. I never thought about retirement until Paterson came in, and took away the longevity gifts we'd get after a certain amount of service. That's exactly what "Uncle Dave" did; he took away the watch employees would receive for 30 years of service. Something I had been looking forward to for a long time. That was done under the guise of "budget problems." The travel we used to do dried up completely. Paterson then turned around and bought a $30,000 rug for the Governor's mansion, and took a trip to Israel. Both of those were on the dime of the New York State taxpayer. Paterson is two-faced because he called the New York workforce "the best in the country," then tried to take away what we got in the Spitzer contract. Like forcing illegal furloughs (struck down by the courts) and trying to take away a 4% raise signed off by Spitzer. "Prince Andrew" Cuomo has shown he's just like his old man - a man who has had everything handed to him, and who looks down in contempt on anyone he deems beneath him. Which in his world is just about everyone on the planet.
I sometimes ask myself why I'm still there, and the only answer I can come up with is due to the financial obligations from my divorce. Which are substantial. We've had so many layoffs and retirements in the past year, my unit is down to a skeleton crew. Some of them, I'm sure, are targeted for layoffs in the current cycle. While the Albany people, I'm sure, insulate themselves again. Even if I'm not one of those targeted, I've pretty much set my exit date. As of now, I'll stay until January 2013 (my 35th anniversary) and retire. That will add another year of service, and boost my pension up a bit. After all, why stay longer when the powers-that-be want to do everything in their power to make you miserable?
Aren't you glad you asked, Luigi?

Hey, in for a penny, in for a pound, Adam.

Some of them, I'm sure, are targeted for layoffs in the current cycle.

Two of the people in my unit, both with over 30 years in, got layoff notices. One fellow planned to retire regardless, so to him it's no big deal. But, the other guy came in with me. He's filed an age discrimination complaint with the EEOC, saying that the targeted titles, all of which are very old, are in effect age discrimination. And, people in other units (with our job title) are being laid off, some with as many, or more years of service as I have.
The rejected contract was tweaked a bit, and submitted for a re-vote. That's due by November 4. If it's again rejected, the layoffs will take effect as scheduled.
The K-Mart on Richmond Avenue in Staten Island is scheduled to close soon. Early reports had a Target coming in. That K-Mart has been around since at least the early 1970's. I remember being interviewed by the store manager for a department manager's job back in 1976. And, I was offered one - in Bricktown, New Jersey. I turned it down, for multiple reasons. I understand working in retail management can be brutal, with constant moves to different store locations. I wonder how things would have turned out if I had taken the job...

Bank of America has dropped plans to tack on a $5 monthly fee if you use your debit card. More here.
That's really over the top - tacking on a (stiff) fee so you can have access to your own money. I hope that customers deserted BOA in droves over the proposal. And, if they're smart, they won't come back.

Since Herman Cain opened his mouth and said it, it seems to popular mantra among conservatives regarding the Occupy Wall Street movement is "Get a Job". Hm. According to the Bureau of Labor Statistics, particularly chart 8, there are only 3.4 million job openings while the unemployment level is at 14 million. So how are roughly 11 million unemployed Americans supposed to "get a job"?

Pin my tail and call me a dknoey, that really helped.

Kodak filed for Chapter 11 bankruptcy protection this morning. According to news reports, it has been extended a line of credit by Citibank to help it reorganize. More here.

And, Sears Holdings is closing up to 120 Sears and K-Mart stores, due to poor performance in the 2011 holiday season. More on that here. Florida will be the hardest hit, with 11 stores closing. (I wonder if the "Sears Town" store in Fort Lauderdale is one of them.) The Staten Island K-Mart I wrote about before closed its doors right after New Year's Day 2012, but I don't think that store was on the list.

Hostess Brands, which is in bankruptcy, headed to court today, in an effort to tear up its union contracts. The Teamsters union has vowed to strike if the court sides with management. If the union does strike, it's feared the company may bite the dust. More here.

I remember how after the economic meltdown of 2008, one of the aftereffects was stores reducing their hours of operation. This evening, I noticed that the Dollar General store nearby (which, IIRC was opened after the meltdown), which has had a closing time of 9pm since it opened, now has a big banner sign announcing that it's now 10pm. Aside from the added convenience of it being open an extra hour, is this is a sign that the economy is starting to get a bit better?

I hope so. The King Kullen supermarket, which was about a five minute drive from me (and which was open 24/7) closed a few months back. A Stop-and-Shop moved right in, but that store is only open 6 a.m. to midnight. The Pathmark and Shop-Rite stores not too far away are still open 24/7. The abandoned K-Mart I wrote about above is still empty; Target has yet to move in. If they were even supposed to.
Walgreens' pharmacies are sprouting up all over the place near me; there are four or five within a ten minute drive, and a new one is under construction.

I think the economy has started to get better for a couple of years now. The problem is it seems to be stuck in a perpetual state of "starting" i.e. growth is slow and keeps showing signs of staying slow or even getting slower.

Local auto parts chain Strauss Auto has filed for Chapter 11 bankruptcy for the third time in six years. From what I gather from this article, the stores are now closed. The website seems to be shut down as well.
Back in the 1980's, Strauss was the go-to store for my auto parts needs. Then, Pep Boys, Auto Zone, Jiffy Lube and the like moved in, and I guess the die was cast. The last time I went into Strauss, to buy an air filter, the one I needed wasn't in stock. A harbinger of things to come.

Daffy's, a New York clothing store chain, has closed all of its 19 stores as of mid-July. This puts 1,300 people out of work.
And Richard Schulze, the co-founder of Best Buy, has offered to take the electronics chain private, in an attempt to stave off bankruptcy. More here.

Hostess Brands, the makers of Twinkies and Wonder Bread, is closing up shop. That is the result of a crippling bakers' strike, which brought the bankrupt company down, and puts over 18,000 people out of work. More here.

Struggling retailer JC Penney, still trying to undo the damage done to it by former CEO Ron Johnson, will close 33 stores this year; this will result in the loss of some 2000 jobs. The two stores convenient to me, the Staten Island Mall and Woodbridge Mall stores will stay open. More here.

Moviefone is shutting down its phone service to concentrate on its app. According to a report I saw on WLNY-TV, it blames owner AOL for mismanaging the service. More on that here.

One of the retail stores I've frequented since 1978, J&R, closed its doors abruptly last week. The area is to be redeveloped, and J&R noted on their website that they hope to return in 2015, once the redevelopment is complete. I'm not holding my breath waiting for that to happen. If I want to buy CDs or DVDs, now it's either Best Buy or Amazon. (Betcha Best Buy won't have that "Essential Alan Parsons Project" CD I have my eyes on, but they will have plenty of Justin Bieber CD's. Yecch).

Geez, Adam why would you want to listen to Dr. Evil drone on about his laser weapon?

By young whippersnapper Luigi Novi

In another sign of the times, the 2014 Hess Holiday Truck will be the last sold at Hess gas stations. Hess is getting out of the retail business, and selling its stations to Marathon. The trucks will continue to be sold on line from 2015 on. (Or so they say; that could be famous last words). More here.
I got Hess trucks for my son, starting when he was two, and every year since. Until a few years ago, when he lost interest. I bought a few recent trucks myself - until they got too expensive; the 2013 truck was about $28. I do have all the Hess mini trucks, though. That started in May of 1998, and this year's was just released. I don't know if the mini trucks will continue.

Sears Holdings, owner of Sears and K-Mart stores, will close about 100 stores and lay off almost 5,500 employees. Some stores will close before this Christmas. This is in addition to some stores that were closed in the first half of this year. More here.
Shop-Rite supermarkets will eliminate the credit customers get for either re-using plastic bags, or bringing a re-usable grocery bag, this Saturday, 10/25. Stop and Shop stores stopped giving the credit a while back.

Not that this story has anything to do with the economy. Or, maybe it does, since it involves two now merged companies. Fiat Chrysler Automobiles has completed their merger, and the first thing they'll do is chuck Chrysler's iconic Pentastar logo in favor of their new "FCA" logo. As the former owner of a Dodge, with the Pentastar displayed on the ignition key and hood ornament, this is corporate stupidity of the first degree. FCA chairman Sergio Marchionne must be a major a-hole to even accept this. There are are buyers loyal to the Chrysler brand out there, and history counts for a lot with them. That includes the iconic Pentastar. More on that here.

I don't know if the (Hess) mini trucks will continue.

The Hess mini-trucks are history; 2014's was the last. I have them all; none have ever been out of its package.
The conversion of Hess stations to Marathon's Speedway brand is well under way; all the Hess stations in the Edison/Woodbridge areas of New Jersey, and Staten Island, seem to have converted. Here's a time-lapse film showing the conversion.

A&P Stores filed for bankruptcy again; the second time in less than five years. Some stores will close right away; others will be sold. More here.

Some (A&P) stores will close right away; others will be sold.
The venues closing include the Edison, New Jersey A&P and Path-Mark stores I used to frequent. (I still shop at the Edison A&P when I visit there; they have the best fruit and meat.) The A&P will probably be closed by November; the Path-Mark is in the process of closing now.

The Edison, N.J. A&P will close on November 20. The store closing is in process now, with a sign signifying that placed on the store's façade. And, discounts on the store's merchandise. Although the staples (bread, milk, meat) are still available. The employees I've spoken with are, of course, miserable. It's too bad that A&P's tanking is taking two other supermarket chains (Pathmark and Waldbaum's) with it. Of course, the executives provided for themselves; chairman Greg Mays took a reported $4.6 million in the year before the bankruptcy filing. While throwing his employees to the wolves.

Haggen's, a Washington based supermarket chain is closing all of its stores in California.

When Safeway bought Albertson's in late 2014, they had to spin off some of the stores, and Haggen's bought quite a few.

Haggen's filed Chapter 11 in September 2015, and is closing all of its California stores.

---

quote:

The car companies should shoulder the blame here too. They built profitable but gas-guzzling SUV's for years, and all but blew off development of new cars. Then, when gas prices spiked up and SUV sales tanked, they cry "Help me please" to the government.

---

Clothing retailer Aeropostale will close 113 U.S. and all 41 of its Canadian stores as part of its recent bankruptcy filing. More here. Me, I've never set foot in an Aeropostale store; I'm too old for that stuff.

New York City is one step away from putting a five cent surcharge on plastic grocery bags. California, which I recently returned from, has a ten cent per bag surcharge. Glad I bring my own reusables to the store. More here.

Please note, Adam, that the 10 cent charge is for *PAPER* bags. Plastic grocery bags are technically illegal in CA.

Scott - My son and I went to the 2016 TCM Classic Film Festival this past weekend. In between movies, he bought a can of Garnier Fructis hair stuff (don't ask me what; I don't have a clue) at a CVS store on Hollywood Boulevard. IIRC, the cashier put it in a plastic bag, and charged him the extra dime. Maybe since his stuff was bought in a drug and not a grocery store, that law didn't apply. I didn't do a lot of sightseeing, but come to think of it, I didn't see a lot of, if any, plastic bags lying on the ground (or flying around in the wind) in L.A. like I do here in NYC. He left the Garnier can behind anyway, as it would have been confiscated at the airport. Like the one he tried to bring on the plane to L.A. was.

I think that's the difference, Adam. CA has some weird laws and restrictions.

Sports Authority, at one time the largest sporting goods retailer in the U.S., (it's since been overtaken by Dick's) filed for bankruptcy last March. It will close all of its remaining stores. More here.

Sports Chalet also went Chapter 7.

Sears Holdings, in dire need of cash after a lackluster holiday season, is selling its Craftsman Tool line to Black and Decker for $900 million. They're also exploring selling their Die Hard Battery and Kenmore Appliance lines. More here.

This item has both economic and political considerations - "The Greatest Show On Earth" is shutting down. The Ringling Brothers and Barnum and Bailey Circus will close down this May after 146 years. That is due to declining attendance, particularly after pressure from animal rights groups forced the removal of elephants from the show. More here.
One of my biggest thrills when I was about six or seven years old is when our dad took me and my kid sister to the circus at the old Madison Square Garden. IIRC, we even went backstage. The smell of the animals stayed in my nose for ages afterward.

A sign of the times - a parking space in hoity-toity Park Slope, Brooklyn is going for $300,000. That doesn't include monthly maintenance of some $290. That's five times more than my kid brother paid for his two bedroom house in Florida (with a car port. ) More here.

Toys R Us, the U.S.'s largest toy retailer, filed for bankruptcy recently. Just before the busy Christmas shopping season. More here.

Well, that's a bummer

And, Toys R Us announced their stores that will be closing; some 20% of its retail outlets. Here's the list.

There's more - Toys R Us will close all its stores (some 730 of them) after an awful holiday season. This will put 31,000 people out of work. More here.

In a totally asinine move, Ford is phasing out its cars (except for the Mustang) to concentrate on trucks, SUVs and crossovers in the U.S. market. So, say "So Long" to the Taurus and Fusion. Wait until gas prices climb again. Then Ford will be in deep you know what. For someone like me, who hates to drive SUVs, that will still leave Honda, Toyota, Nissan, Mazda, Subaru, VW and GM when it comes time for a new car. (Did I forget anyone? ) Who, AFAIK, will still build sedans. More here.

Did I forget anyone?

Hyundai.

Thanks. I also forgot Kia, BMW and Mercedes Benz. I can't afford the last two anyway. So, when it comes time to replace my 2000 Civic, I'll still have plenty of choices.

A federal judge cleared the way for the pending AT&T-Time Warner merger. With no conditions. This will probably set the stage for more corporate mergers and acquisitions. More here.
A fellow named Bob, who I knew in college (way back in the '70s), loved the movie Rollerball (the 1975 original) and felt the world was headed that way, with mega corporations controlling everything. I wish I could get in touch with him now, to tell him he was right.

President Know Nothing recently stated that drug prices will be coming down. Well, Pfizer, this country's largest pharmaceutical manufacturer, will raise prices on 100 drugs. More here. (Thankfully, not the medication I take. Which is expensive enough; I'm glad I have good insurance. Which leaves me with a measly $5 co-pay for it. I wonder if that prostate drug that President Jackass takes for hair loss will get more expensive. )

And, more idiocy from 1600 Pennsylvania Avenue. President Hair Helmet's dumbass trade policies and threatened tariffs could add another $5,000 to the price of a new car. (I'm old enough to remember when a new car cost less than $5,000.) More here.

Tech chain Brookstone has filed for Chapter 11 bankruptcy, and plans to close 101 of its stores. Which is apparently what's left of the chain. More here.

I wrote, a while back:

---

quote:

If I want to buy CDs or DVDs, now it's either Best Buy or Amazon.

---

Barnes and Noble still has a CD and DVD section.

Ford has announced some 24,000 layoffs. This is a result of President Sh*t-For-Brains metal tariffs. Which Ford says has cost it a billion dollars in profit. More here.

Sears has filed for bankruptcy, and will close almost 200 stores (over and above the stores already closed) by the end of 2018. The company has $1 billion in assets, and $10 billion in debt. More here.

The end of an era.

Yet, Sears is prepared to dole out millions in bonuses to executives, while it closes stores by the boatload, and lays off thousands of rank and file employees. More here.

Payless Shoe Stores has filed for bankruptcy, and will close it's 2,100 stores between this March and May.

CBS This Morning reported that Procter and Gamble has taken an $8 billion write down on its Gillette personal care division. That was the result of men shaving less. (Including myself; since retiring, I shave a lot less. No beard for me, though; I still get acne. Even at the ripe age of 65.)
Maybe one reason men shave less is that the blades are so bloody expensive. I stocked up (on Gillette blades) recently, thanks to two e-coupons from CVS. So I'm set for a long time.

Borden Dairies has filed for bankrputcy. One reason being that people are drinking less milk. More here.
When I was a kid, I couldn't drink enough milk. Maybe that's the reason I still have all my own teeth, even at the ripe old age of 65.

The Woodbridge Mall in New Jersey recently lost one anchor tenant when Lord & Taylor closed this past December 24. It will lose another this April, when Sears will close for good. No idea if other stores will move in, to take up the slack. The Staten Island Sears, which moved to the Staten Island Mall in 1973, closed recently, after shrinking to about 1/4 of its original size.

If you "Gotta Go To Mo's", you better do it quickly. Modell's Sporting Goods filed for bankruptcy this week, and will close all stores. More here.

Hoity Toity retailer Needless Markup...er... Neiman Marcus, filed for bankruptcy today, due to excessive debt. JC Penney was expected to file last week; that may yet happen. Both store chains are taking things hard during this pandemic, with closed stores and laid off employees.
Three million more jobless claims were filed last week, bringing the number of unemployed up to 33 million. Yet, my guess is that a good chunk of them, if they are still out of work come November 3, will not take their heads out of their asses, and will still vote for Donald J. Trump.

JC Penney was expected to file (for bankruptcy) last week; that may yet happen.

That still may happen; CNN Money reports the company missed two recent debt payments. In the meantime, CEO Jill Soltau took home a $4.5 million bonus, and three other execs took home a cool million each. Even during hard times, with their company hemorrhaging money, all executives think of are themselves. Of course, they have a great role model at 1600 Pennsylvania Avenue.

And, Penney's filed for Chapter 11 bankruptcy on May 15, 2020. There are plans in place to close some unspecified stores.
Hertz Rental Car Company filed for bankruptcy yesterday, saddled with $19 billion in debt, and 700,000 cars sitting idle, due to travel drying up as a result of the Corona virus pandemic. (If Hertz does liquidate, can you imagine 700,000 rental cars hitting the used car market at once?)
Forbes reported that Hertz laid off some 12,000 employees in March. Yet, CEO Kathryn Marinello took home some $9.1 million in compensation in fiscal year 2019. Even as the company was losing money for four consecutive years.

CNN Business reported that AMC theaters, the nation's largest theater chain, has substantial doubt it can remain in business, after the Covid-19 pandemic made the company close all their theaters. More here.

Marathon's Speedway, which purchased all Hess gas stations a few years ago, has sold the Speedway stations to the owner of 7-Eleven. More here.

More job losses: The airline industry cut 40,000 jobs today. And, The Walt Disney Company laid off 28,000 employees. All as a result of the Covid-19 pandemic, and the resulting downturn in travel.

Regal Cinemas will close all their U.S. theaters. This is in response to yet another postponement in the release of the Bond movie No Time to Die; this time to April 2021. Dates for re-opening are up in the air. More on that here.

Coca-Cola is discontinuing Tab, its first diet soda, after almost sixty years. More on that from CNN here. Personally, I thought it was long gone; it's been years since I've seen a can of the stuff.

About 100 Applebee's and IHOP restaurants will close permanently; my guess, a consequence of the coronavirus pandemic. More here.

From CNN: Here's a list of companies that have filed for bankruptcy in 2020. Some of which were previously noted. It's been an extremely tough year, due to the ongoing pandemic, and the accompanying economic downturn.

The last K-Mart in Michigan is due to close. This is notable, as Michigan was where the company was formed. The headquarters of the K-Mart (formerly S.S. Kresge) Corporation stayed in Michigan until the merger with Sears and the move to Illinois. More on that here.

And, K-Mart, which once had almost 2,400 locations, is down to its last four stores. How much longer they will stay open is anyone's guess. More here.

And then there were three: One of the four remaining K-Marts, the store in Avenel, New Jersey, is expected to close in mid-April, 2022. More on that here.

Since K-Mart bought Sears, I'll follow up on Adam. There is still a Sears in Pasadena, CA. Don't know where the others are.

K-Mart completely destroyed Sears.

Didn't even know K-Mart still existed.

Here in Toronto, Walmart completely destroyed K-Mart and then Target (and The Bargain Shop, and Bi-Way, and...).
We've been without a K-Mart for so long that I just assumed the store just didn't want to come back, thanks to low sales or the laughable Canadian dollar (thanks Justine T.! ). Now I find out they're down to just THREE stores?!
I miss it, just because it was an alternative to Walmart.

Can't forget about the 350 Zeller's stores we used to have in Canada. It's as long gone as a Commodore 64.

To be fair, Steve, the $CDN has been a running joke for decades.

Target didn't last long in this country.

I haven't heard of an American retreat from Canada so fast, since we chased them out during the War Of 1812.

Scott, I did a bit of research and found out that the last time the Canadian dollar was worth more than the U.S. for any length of time was waaay back in 2007/2008 when it spiked to about $1.10 U.S., and again around 2012 and was $1.05. Otherwise it's been lower for so long that it's just accepted-- can't compare a juggernaut economy to ours.
It's just that I've noticed that since we got stuck with that camera-hungry, selfie-addict of a prime minister, the Canadian dollar hasn't been able to break the 80 cent mark, and that's pathetic. Not as bad as went it sunk to an all-time low of 61.79 cents in 2002, but having a Liberal prime minister in power is deadly to our dollar. Like him or hate him, it was during Conservative Stephen Harper's run that the dollar made those two big spikes above one USD.

Heck, we could have done worse for leader. We could have elected a corrupt business man.

We could have always had someone worse, but we've got this assclown at the moment and I won't be happy until he's gonegonegoneGONE!

Sadly, people seem to keep voting Liberal in federal elections. Often it seems like a small part of the country (size wise) keeps putting them back into office because of how the system works.

Even in those areas with a lot of seats and influence, it still sometimes feels like everyone says that they're not voting for them and don't get why everyone else does.

Worse, we don't have limits on how long a specific PM can serve.

we don't have limits on how long a specific PM can serve.

Nor are we likely to in the near future.

In order for that to happen, the Constitution would have to be amended. And in order for that to happen, all ten provinces and three territories would have to agree on it. You're more likely to see the Loch Ness Monster before that happens.

After the Meech Lake and Charlottetown debacles, our leaders have wisely left the •••• thing alone. And thank the dead gods of Krypton for that.

We could all use a laugh these days, even with the lousy economy, so here it is.
A youtuber called Solid jj has created all kinds of funny animated videos using old '60's and '70's images of DC and Marvel superheroes, tongue-in-cheek stuff, and this one is called 'Superman Vs The Economy'.
Others include 'The Justice Leagues Remembers Hawkman Exists', ''Doctor Doom's Intervention', and 'The Avengers Interview Hulk'.

https://youtu.be/fLtSShSH7UM

Good video.

Bed, Bath and Beyond (a store chain I call "Bed, Bath and Boredom" ) is closing 56 stores. Including the local Staten Island location. I used to get those discount coupons the chain sent out quite often. I haven't received one in a while, and frankly, I didn't miss them. More on the closings here.

Probably online shopping that did it.

Online shopping is killing lots of brick and mortar retailers, my friend. Two malls in Westchester have closed. One has been demolished; the second one, the Galleria, is due to be knocked down soon. Sears and K-Mart have pretty much ceased to exist; they all but gave up years ago. (Glad I didn't take that K-Mart job offered to me in 1976. I'd probably have no job, pension or health benefits now, and may have been one step from vagrancy if I had.) Go on YouTube and check out the videos of abandoned stores and malls. You can't help but think about all the people thrown out of work. It's almost tragic.

Yeah, it sure is.

Things going online have their downside. This is one of them.

Sears, which I thought was gone, is closing the rest of its 115 stores. Liquidation sales are ongoing. More here. (I hope my 20 year old Kenmore microwave holds up. Some of the best $50 I have ever spent.)

I thought it was gone as well.

Speaking as a fellow Camadian, I can tell our American cousins that we had many of the Big Names up here, too, but they faded away for various reasons;
Sears
Target
K-Mart
Kresge
Woolworth
Ponderosa
Payless
A & P grocery stores
Blockbuster
HMV
Virgin record store

Somehow, Toys R Us has remained, and Krispy Kreme failed and returned to Toronto, and seems successful

Is it a sign that I'm old if I remember A & P and Ponderosa?

I remember them as well.

"Is it a sign that I'm old if I remember A & P and Ponderosa?"

Only if you say, "And I had to walk 47 miles to the A & P grocery store both ways uphill in my sneakers, because I couldn't afford 50 cents for the bus!"

I remember when bus fare was 10 cents. Canadian.

Heh, no I didn't have to walk *that* far. Although, it's fun to see a 47 again. Though, if they sold leloa root, it would have been worth it ;).

There was a Ponderosa in the mall near my apartment.

Said Ponderosa is long gone now, of course.

Bed, Bath and Beyond filed for Chapter 11 bankruptcy today. According to this article, the chain plans to continue. However, according to CBS News, liquidation is on the horizon. (From what I've read, the latter is more realistic. The stores have suffered; many of them have closed already. Of course, lots of jobs will be lost. While, no doubt, the executives will give themselves golden parachutes.)

I think the demise of steakhouses like Ponderosa, as well as Sizzler and Rustler, has as much to do with the economy as it has to do with people being more health conscious, and turning away from red meat. Which, of course, the steakhouses specialized in.

While, no doubt, the executives will give themselves golden parachutes.

I'm always amused by that term, "golden parachute", because when you think about it, a parachute made of gold would be a terrible way to break one's fall.

Give me some nice red meat any day.

But, don't wind up like my dad. Namely, two leg bypasses and a cardiac bypass by his 66th birthday. A lot of the blame for that can be laid on the piece of red meat he had at practically every meal (except at certain holidays or when it was religiously looked down upon ([meatless Fridays come to mind]). Of course, a great deal of the blame can be laid on his affinity for Chesterfield non-filtered cigarettes. Still, and I've said all this about my dad here before, take it easy on the red meat.

Never touched a cigarette.

Yellow, a major trucking company, has closed up, throwing some 30,000 people out of work. More on that here.

Attention K-Mart Shoppers: The last K-Mart in New Jersey (Westwood, specifically) and one of the last three stores left, will close this fall. That will leave just two stores; one in Miami, and one in Long Island. More on that from NBC New York here.

Unless you count the ones outside the US.

Another one bites the dust...