Tag Archives: wall street

Business/Economics, U.S.

What Economic Recovery? Sears Holdings down again! Main Streamers try to make it sound good. Beatings shall continue until moral improves!

28 February 2013/17 Raby’ ath-Thani 1434/10 Esfand 1391

The main stream media is trying to make Sears Holdings’ 2012 earnings sound good, by saying that it wasn’t as bad as expected.  It is still bad!

Sears claimed their comparable store sales were up in its 4th Quarter 2012, by a measly 0.8%.  However, sales for the whole year were down by 1.4%.

Kmart reported a drop in holiday sales, down 3.7%, which is also the same amount of declination for the whole year.

There was some good news, Sears Holdings claims internet sales were up 17% for the year (much better than the loss reported by J.C. Penney).

Company officials said overall they suffered a “Net loss from continuing operations attributable to Holdings’ shareholders of $489 million and $930 million…”

That’s a smaller loss than in fiscal year 2012, but it’s still big.  And here’s a reality check; the losses would have been bigger if not for the sale of Sears Canada stock (“We distributed nearly half of our ownership in Sears Canada in 2012”), and the drastic cut backs on buying inventory (“Domestic inventory declining $895 million from the prior year.”).

As far as continued closings of Sears and Kmart stores are concerned, here’s a old slogan that unAmerican Corporate America should officially use: The beatings will continue until moral improves.

What economic recovery?

Business/Economics, Idaho, U.S.

What Economic Recovery? List of U.S. job losses & store closings for 02 February 2013: Potato factory employees surprised at their layoffs, which were actually announced at the end of 2011! More potato factories to be closed! Stock market laysoff its own reporters!

Arts cable channel, Ovation, began laying off employees in California. So far 25 people have lost their jobs, but company officials say this is the beginning of layoffs that will affect other employees in Illinois and New York.  Time Warner dropped Ovation from its  cable lineup at the end of 2012.

Another California based company, Wet Seal, a junior sized women’s clothing company, eliminated 35 positions.  Most of those are at their Foothills Ranch HQ, including the position of chief operating officer (COO). Sales are down, and last year the fired their CEO!

No more scrapbooking in California? Our Paper Place closed down their Newark location. As of 30 January all fixtures were on sale.

In Oakland, California, the Children’s Hospital & Research Center closed its Cytogenetics Laboratory.  They say the amount of work the lab did dropped by 69% in the past two years!

The Dow Jones’ MarketWatch media division laid off at least nine people.  It sounds like they are trying to replace older reporters with younger reporters willing to work for less pay.

In southern Idaho, J.R. Simplot shut down its Heyburn potato processing factory. 56 employees affected. The company spent big bucks building a new more efficient potato factory in Caldwell.  What’s interesting is that the Heyburn employees say the news was a surprise to them, however I’ve been reading about the planned move since November 2011!!!  According to Capital Press, the November 2011 announcement said the new Caldwell factory would be so efficient that J.R. Simplot would shut down three older factories in Idaho (including Heyburn), resulting in 800 Idahoans losing their jobs!  (in fact I warned about it in a 10 November 2011 posting)

Former location of J.R. Simplot Corporate HQ, Chubbuck, Idaho. They moved it to Boise more than ten years ago. The Chubbuck HQ was torn down and this strip mall built. At least two of the stores listed on the sign are now out of business, as well as others that are not on the sign.

Ex J.R. Simplot Chubbuck HQ awnings adding character to the otherwise drab Pocatello City Hall. Pocatello is the home of the Simplot Games, an international high school track & field event sponsored by J.R. Simplot. (we need jobs, not high school sports)

Two Renton Western Wear stores in Tacoma, and Renton, Washington closed down after 62 years of operations. Returns will be accepted until 15 March. The store’s website gave no reason for the shut down.

The Chocolate Peacock shut down in Omaha, Nebraska.  No it’s not a chocolate store, it was a women’s clothing store (like there aren’t enough of them anyway).  The owner said she had to choose between her ‘brick & mortar’ store or internet sales.

In Michigan, the city of Detroit abandoning 50 recreational areas! City officials said they don’t have enough money to maintain city parks.  38 other parks will have maintenance services cut in half.

In Geneva, Illinois, the Erday’s men’s clothing store out-o-business, after almost 88 years of operations.  The store specialized in ‘dress’ clothes for men, and blames part of their demise on the advent of casual dress days for work.  They also blamed competition from national chain stores.

In Watchung, New Jersey, Valley Furniture (aka Pratt Furniture) announced they will end operations once all their inventory is sold.  The store first started in 1946.  At one time the store stocked only U.S. made furniture, until the U.S. companies that made them went out-o-business.  Then the bad economy hit in 2008 and sales crashed, despite everything the family owners did. About 20 employees affected.

After nearly 67 years of business, Hodges Jewel Box in South Boston, Virginia, shut down.  The lifetime owner blamed declining sales on the bad economy.

 

 

Business/Economics, U.S.

What Economic Recovery? J.C. Penney going down the drain! More proof holiday sales sucked, and there is no recovery!

27 February 2013/16 Raby’ ath-Thani 1434/09 Esfand 1391

Company officials reported 4th Quarter 2012 results for J.C. Penney, and it’s really bad!  It’s so bad one retail analysts, Brian Sozzi, asked “Where is the rest of J.C. Penney’s quarter?”

Not only were holiday sales down in the dumps, but so were sales for the whole year.

J.C. Penney’s 4th Q 2012 ended on 07 February 2013.  For the quarter with what was expected to be big sales because of the holidays, the retailer ended up with a net loss of $552 million USD!

For the whole year: “…jcpenney reported a net loss of $985 million or $4.49 per share.”-J.C. Penney Fiscal Results statement

The losses are blamed mainly on a simply reality; sales are crashing!  In store sales down 24.8% from 2011.  Don’t blame the internet, J.C. Penney’s internet sales dropped even more, by 33%!  Not even the company’s efforts to cut expenses (by $603 million) stopped the hemorrhaging.

Business/Economics, U.S.

Closed Kmart injures two people in Wisconsin!

On 24 February 2013/14 Raby’ ath-Thani 1434/07 Esfand 1391

Two men were injured when the Beloit Kmart they were chopping up, let them down hard.

The two men were cutting up a second story concrete floor when it collapsed.   They fell 12 feet (3.6 meters). One has leg injuries the other has back injuries.

The new owner of the building is having major remodeling work done for a new Piggly Wiggly grocery store.

The following day another construction worker was killed in Utah working on a closed Kmart there.  Is there now a curse?

International, U.S.

World War 3: U.S. occupation of Afghanistan; 17 – 19 February 2013. Mujahideen getting better at hitting government forces! Even more tax money pledged to Afghanistan! New Zealand gets out in 2013! Tough anti-gun laws in Canada fail to stop Afghan from being assassinated!

19 February 2013/08 Raby’ ath-Thani 1434/01 Esfand 1391

A United Nations report suggests the Mujahideen are getting more accurate in their attacks.  The Protection of Civilians in Armed Conflict report shows a decrease in civilian casualties, by 12% from 2011 to 2012.  The UN blames most of the civilian deaths on Mujahideen, but while civilian deaths are declining, attacks against Afghan government personnel are skyrocketing.  The UN says for last year Mujahideen attacks against government employees ramped up by 700%!!!

USMC General John Allen will retire and refuses NATO command job in Europe.  Rumors say his decision is the result of investigations into his associations with women other than his wife.  He says it’s because of family health issues.

The Australian Defence Minister, Stephen Smith, pledged $100 million AUD (Aussie Dollar) more in grants to Afghanistan!  This is on top of a previous pledge of $300 million!

18 February 2013/07 Raby’ ath-Thani 1434/30 Bahman 1391

In Daikundi Province, local government officials say there was heavy fighting between Afghan government forces and Mujahideen, in the Kajran district.  The fighting was spill over from neighboring Helmand Province, where Mujahideen attacked several check points.  There are reports of deaths and woundings on both sides.

New Zealand officials announced that most Kiwis will be pulled out of Afghanistan by April 2013.  About 23 Kiwis will stay behind for “peacekeeping” duties.

Norway announced it will give more of its taxpayers’ money to Afghanistan.  The Norwegian government is going to give the Central Asian country another $131 million USD, on top of previous pledges!

17 February 2013/06 Raby’ ath-Thani 1434/29 Bahman 1391

In Kandahar Province, Mujahideen ambushed government de-mining operations.  One vehicle was set on fire, while another was captured.  The vehicles are designed to remove landmines, but could also be use to plant them.  Also, Mujahideen claim they planted landmines in expectation of a U.S. led NATO convoy in the Kala Shamir region. They say at least three armored vehicles hit the landmines and two or three medivac copters were called in.

In Helmand Province, Mujahideen say they repelled another NATO/ISAF/ANA heliborne operation in Kajaki district’s Mazar Karez area. They say the battle lasted three to four hours. Also, in the Nari Manda area of Nad Ali district, three ANA troops were killed, two wounded, when their dismount patrol crossed over a landmine.

In Herat Province, reports of fighting between Mujahideen and fighters near the border with Turkmenistan. At least three people killed.

The new U.S. governor of Afghanistan, USMC General Joseph Dunford, said he has ordered NATO to obey President Hamid Karzai’s orders, that is no U.S./NATO airstrikes shall be called in by Afghan government personnel.

After damning reports by the United Nations, and then confirmation by an Afghan government investigation, President Karzai has ordered that all prisoner interrogations be recorded.  Investigations revealed at least 14 types of torture being used in prisons and jails.

Despite Canada’s tough gun laws (tougher than the United States) a 19 years old Afghan-Canadian boxer was shot dead at a Toronto nightclub.  He was the second shooting victim in Toronto that week.  Suspects have been arrested, and they are both of East Asian descent.

Business/Economics, Technology, U.S.

What Economic Recovery? List of U.S. job losses & store closings for 01 February 2013: More proof there ain’t no economic recovery! No more Viking stoves? Obama/Romney Care causing even more layoffs!

Telecommunications company, Tellabs, will have to layoff at least 300 employees in 2013!  That’s because of $172 millin USD in losses for 2012. The Illinois based company already laid off 730 people in 2012!

Also in Illinois, two video rental stores shut down.  The owner of Video Villager said she got a sign: “Business has been very, very poor. This week, we didn’t get our new movies we were supposed to. We took that as a sign maybe it was time to close the doors.”-Sherry Reitzel

Stefanini, a Michigan based information technology company, lost their contract with Ford and is forced to layoff 107 employees! Ford outsourced their new IT staff.

In Connecticut, Harman International Industries said that sales for 2012 were so bad they have to layoff 500 employees! This is on top of the planned layoff of 500 people in their European operations!

In Mississippi, high end stove maker Viking Range to layoff 140 people!  They blame crashing sales.  But wait there’s more: Viking’s founder, Fred Carl Jr, is retiring after earlier saying he would stay on for several more years.  That’s because Viking is being taken over by a company called Middleby.  On top of that, Viking is closing two cooking schools, one in Mississippi, and the other in Tennessee.

Smith & Nephew Orthopedics laying off 100 people in Tennessee and Massachusetts.  They laid off 80 employees back in 2011, but this time they’re blaming the current round of layoffs on the new Obama/Romney Care excise tax on orthopedic device companies.

In Massachusetts, the D. Garbarino Company tobacco shop closed down. The family run business was 135 years old!

Pennsylvania based AmerisourceBergen closing down its New Jersey pharmaceutical distribution warehouse.  At least 72 people out-o-work.  Company officials refused to give a reason why.  The company did recently renew a contract with nursing home pharmacy PharMerica.  However, AmerisourceBergen is being investigated for possible kickbacks in several states, and facing a class action lawsuit by stockholders.

Advertising agency, Robinson Radio, now bankrupt.  The Virginia based company blamed it on “…overly aggressive investments in personnel and additional operating expenses just before the 2008 economic crash and the continuing challenges of the advertising marketplace in the four years since the start of the recession.”

Also in Virginia, AZZ Galvanizing in Benwood closed down without notice. 20 people out-o-work. Corporate owners gave no reason, and a now former office manager is pissed: “We showed up to work as though it were any other workday and they were waiting there to take our jobs and leave us with nothing but a final paycheck. No severance package, no nothing!”-Tiffany Beckett  (at least they got final paychecks, I didn’t even get that when my last employer, Metro Couriers, shut down)

Then there’s Impressions Plus Printing and Copying in Winchester, Virginia. They’ve shut down, 11 people laid off.  Owners of the 27 years old business blame declining sales on the internet.

In Arizona, used car company Aufmuth now bankrupt. It’s because of massive debt.  Officials with the 38 years old company hope the bankruptcy will let them re-group and continue business.

In Butte, Montana, Richards and Rochelle Men’s Store out-o-business. The clothing store first opened for business in 1915!   The current owner says he can’t keep the store going anymore, and will now work part time as a pharmacist (he remembers when men’s pants were only $1.00).

In California, the Fremont Theater shut down after 70 years of operations.

Business/Economics, International, U.S.

What Economic Recovery? Sears Canada disapoints with lower than expected profits!

27 February 2013/16 Raby’ ath-Thani 1434/09 Esfand 1391

More proof the main streamers were lying about the “increased” holiday sales. Today, Sears CAnada reported that their 2012 4th Quarter (which ended for Sears CA on 02 February 2013) holiday profits were down 5% from 4th Q 2011 (which ended on 28 January 2012).  Notice that 4th Q 2012 had 14 weeks compared to 4th Q 2011 which had 13 weeks.  Same store sales were down 3.8%.

Despite the fact that 4th Q 2012 had one more week in it Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was $62.4 million CAD (CAnadian Dollar). Now realize that the EBITDA for the 13 week 4th Q 2011 was $101.8 million.  That a $39.4 million drop in 2012!

It turns out that Sears CA claimed profits mainly because of voluntary buyouts of “post-retirement benefits” and the sale of a joint venture, it had nothing to do with selling products on their store shelves.

For the whole year Sears CA had a 6.9% drop in revenue, most of that because of same store sales declinations. Calvin McDonald, President and Chief Executive Officer, said most of the lack of sales were in their premiere brands like Crafstman, and other hardware, electronics and even appliances. Amazingly Sears CA had increased sales in clothing!

In the United States, Sears Holdings is expected to make public their 2012 results on 28 February 2013.

 

Business/Economics, U.S.

What Economic Recovery? Michigan losing another Kmart! More signs that Sears is done!

“I see the situation just continuing to get worse. What are we doing to keep the jobs here?”-Tammy LaBouef, Gaylord resident bemoaning the continued job losses

26 February 2013/15 Raby’ ath-Thani 1434/08 Esfand 1391

Only now is the news being reported in the media, but it was revealed last week: The Kmart in Gaylord, Michigan, will be shut down by May.  48 people out-o-work.

A recent Consumers Affairs survey showed that 86% of customers are not happy with Sears’ customer service: “Right now, it’s easier to steal something from Sears than to buy something. The lack of customer service is putting Sears in big trouble.”-Grant Cardone, customer service analyst

Sears also reported a $3.1 billion USD loss for 2012!

Here’s what one investment analyst recently said about Sears Holdings: “…this is perhaps the most overbought and oversubscribed stock in the market and I see no recovery anytime soon. One of the biggest problems facing Sears in my opinion is the simple lack of need for the company to exist…..Sears is working on its sixth straight year of declining revenue. By comparison, its competitors have gained healthy ground.”-Wall Street Artist

Here’s my updated list of store closings since the end of 2011:

Arizona: Scottsdale Sears/Great Indoors, Chandler Sears/Great Indoors.

Alabama: Gadsden Kmart (50 jobs lost), Mobile Sears (at least 40 jobs lost), Auburn Kmart (at least 40 jobs lost), Anniston Kmart (no word yet on how many jobs lost).

California:   El Monte Sears (at least 40 jobs lost. Damien Arrula, El Monte’s economic development director, said the store manager had lied about what was going on: “The general manager of the store had just indicated to me that they were remodeling.”), two San Diego Sears (at least 80 jobs lost), Pleasant Hill Kmart (more than 50 jobs lost).

Colorado:  Broomfield Kmart (at least 40 jobs lost), Glenwood Springs Kmart (at least 40 jobs lost), Lone Tree Sears/Great Indoors, Longmont Sears (at least 40 jobs lost), Pueblos’ South Side Kmart (52 jobs lost),  Denver Kmart (number of jobs lost have not been made public at this time, but could be at least 40).

Georgia: Macon Sears (at least 40 jobs lost), Buford Kmart (at least 40 jobs lost), Douglasville Kmart (at least 40 jobs lost), Atlanta Kmart (at least 40 jobs lost), Columbus Kmart (at least 40 jobs lost), Jonesboro Kmart (at least 40 jobs lost), Cartersville Kmart (74 jobs lost).

Guam:  Sears Hometown Store.

Florida: Fernandina Beach Kmart (at least 40 jobs lost), Callaway Kmart (at least 40 jobs lost), Orange City Kmart (at least 40 jobs lost),  Deland Sears (at least 40 jobs lost), Stuart Sears (at least 40 jobs lost), West Palm Beach Sears (at least 40 jobs lost), Port St. Lucie Sears (at least 40 jobs lost), Crystal River Sears (at least 40 jobs lost), New Smyrna Beach Kmart (at least 40 jobs lost), Saint Augustine Kmart (at least 40 jobs lost), Pompano Beach Kmart (at least 40 jobs lost),  Jacksonville Kmart on 5751 Beach Boulevard (71 jobs lost), second Kmart in Jacksonville on 4645 Blanding Boulevard (83 jobs lost), Ocoee Sears (102 jobs lost), Pensacola Kmart on Airport Boulevard closed in 2011, Pensacola Kmart on Mobile Highway closed in February 2013 (69 jobs lost),  Pensacola Kmart on East 9 Mile Road will close in May (73 jobs lost), Hialeah Kmart (67 jobs lost).

Hawaii: Honolulu Sears (owned by GGP, 372 jobs lost!!!).

Idaho: Lewiston Sears (at least 60 jobs lost).

Indiana:  Anderson Sears (at least 40 jobs lost), Saint John Kmart (at least 40 jobs lost), Indianapolis Kmart (at least 40 jobs lost).

Illinois:  Alton Sears (at least 40 jobs lost), Melrose Park Sears parts and repair center (50 jobs lost), Zion Kmart (at least 40 jobs lost), Oak Lawn Kmart (at least 40 jobs lost), McHenry Kmart (at least 40 jobs lost), Peru Kmart (at least 40 jobs lost), Lombard Sears/Great Indoors (at least 40 jobs lost), Fairview Heights Kmart (81 jobs lost), Freeport Kmart (45 jobs lost), Pontiac Kmart (more than 47 jobs lost), Homer Glen Kmart (82 jobs lost), Streator Kmart (45 jobs lost), Lombard Kmart (70 jobs lost).  Naperville Kmart (98 jobs lost). By the way, Illinois elected officials gave Sears Holdings/Hoffman Estates a $150 million USD tax break to keep their headquarters in the state.  The tax break was not tied to any promise not to close stores.

Iowa:  Cedar Rapids Kmart (at least 40 jobs lost), Davenport Kmart (at least 40 jobs lost), Burlington Kmart (50 jobs lost), Coralville Sears (94 jobs lost, this is a store sold to GGP earlier in the year).

Kansas: Lawrence Sears (at least 40 jobs lost).

Kentucky: Middlesboro Sears (in September 2012 the Sears store re-opened under independent ownership, official grand re-opening scheduled for November), Winchester Kmart (back in May, Rankin Paynter bought out what was left of the inventory and gave it to charity), Hazard Kmart (at least 40 jobs lost).

Maine: Lewiston Sears (60 to 70 jobs lost).

Maryland: Ellicott Sears (at least 40 jobs lost), Gaithersburg Sears/Great Indoors.

Michigan: Novi Sears/Great Indoors, Brighton Sears Grand/Essentials,  Harper Woods Sears Full line, Monroe Sears Full line, Adrian Sears Full line, Washington Township Kmart, Chesterfield Kmart, Woodhaven Kmart, Flint Kmart (46 jobs lost), recently revealed Gaylord Kmart (48 jobs lost).

Minnesota: Willmar Kmart, Duluth Kmart, New Hope Kmart, White Bear Lake Kmart.

Mississippi: Jackson Sears Full line, McComb Sears Full line, Columbus Sears Full line.

Missouri: Lee’s Summit Sears Grand/Essentials, Saint Louis Sears Full line.

Montana: Missoula Kmart (50 jobs lost).

New Hampshire: Nashau Sears Grand/Essentials, Keene Sears Grand/Essentials.

North Carolina: High Point Sears, Moorehead Sears, Rocky Mount Sears, Statesville Sears, Durham Kmart (79 jobs lost), Asheville Kmart (53 jobs lost),  West Smithfield Kmart (59 jobs lost), Winston-Salem Kmart (69 jobs lost), Hendersonville Kmart (58 jobs lost).

New Jersey:  Lawnside Kmart (about 80 jobs lost).

New Mexico: Las Cruces Kmart (58 jobs lost).

New York: Depew Kmart (68 jobs lost).

Ohio: Chagrin Falls Kmart, Springfield Kmart, two Toledo Kmarts, Medina Kmart, Columbus Kmart, Columbus Sears/Great Indoors, Zanesville Sears (67 jobs lost), Trotwood Kmart (71 jobs lost).   Also, Van Wert Sears franchise bought out by Kirk Berryman, owner of Computer & Networking Technologies (CNT), who plans on moving the store to a new location.

Oklahoma: Oklahoma City Sears (98 jobs lost, GGP owned, GGP wants a $2 million sales tax rebate, claiming it’s needed to offset capital investments needed to bring the space up to the standards for potential new tenants).

Oregon: Roseburg Sears (at least 40 jobs lost), Tualatin Kmart Center (new property owner from California is tearing everything down for new shopping center, so far no indication the Kmart will be part of the new shopping center), Milwaukie Kmart (61 jobs lost).

Pennsylvania: Upper Darby Sears Full line, Pottstown Sears Full line, Pittsburgh Kmart, Wilkins Sears, Warminster Kmart (85 jobs lost).

South Carolina: Sumter Sears (at least 40 jobs lost), Orangeburg Sears (57 jobs lost), Columbia Kmart on Fort Jackson Boulevard in 2012, Columbia Kmart on Bush River Road in 2009, Columbia Kmart on St Andrews Road (66 jobs lost), Irmo Kmart (no info on how many jobs lost),  one of two Greenville Kmarts (74 jobs lost).

Tennessee: Antioch Sears (at least 40 jobs lost), Cleveland Sears (at least 40 jobs lost), Oak Ridge Sears (at least 40 jobs lost), Hendersonville Kmart (at least 40 jobs lost), Morristown Sears (about 70 jobs lost).

Texas: Two Sears parts and repair centers closing in The Woodlands (117 jobs lost), rebuild center in Garland (58 jobs lost), Farmers Branch Sears/Great Indoors, Houston Sears Great/Indoors.

Virginia: Norfolk Sears (at least 40 jobs lost),  Midlothian Kmart (at least 40 jobs lost), Richmond Kmart (at least 40 jobs lost), Lynchburg Sears (84 jobs lost).

Washington: Walla Walla Sears Full line (in August 2012, it was reported that an independent owner of Sears Hometown stores will open a store in Walla Walla), Lacey Kmart (at least 40 jobs lost), Kelso Sears (47 jobs lost), Lakewood Kmart (59 jobs lost), Bellingham Sears (92 jobs lost),  Seattle Kmart (85 jobs lost).

West Virginia: Oak Hill Kmart (59 jobs lost).

Wisconsin: West Baraboo Sears (at least 40 jobs lost, local village officials say the store generated 3% of local tax collections), Rice Lake Kmart (about 71 jobs lost).

On top of that, Sears Holdings sold stores to General Growth Properties (GGP), of which it has been reported that most of those stores will be closed.

Here’s the list of 11 Sears stores now owned by GGP:

Iowa: Coral Ridge Mall (it’s official the Sears is closing, see above), and Mall of the Bluffs

Texas: The Woodlands Mall (this does not involve the two repair centers being closed by Sears)

Florida: West Oaks Mall

Utah: Fashion Place, and Provo Towne Centre (note the evil British empire way of spelling town & center. Due to a favorable lease agreement the GGP owned Provo Sears will continue to stay open under Sears Holdings management)

Oklahoma: Quail Springs Mall (it’s official, the Sears will be closed, see above)

Hawaii: Ala Moana Center (will be closed, see above)

Washington: Bellis Fair Mall (Bellingham store, see above)

Minnesota: Apache Mall

Illinois: Market Place Shopping Center

Business/Economics, U.S.

What Economic Recovery? List of U.S. job losses & store closings for 31 January 2013. No more Beer? Executive kills self because of bad economy! No more persrciption drugs? No more Coke? More reasons to “Cill My Landlord”!

In Wisconsin, Bentley World Packaging lost a major contract to operate a warehouse.  97 people out-o-work by the end of March.  Also, Coca-Cola announced its closing down its Sheboygan factory. 40 people out-o-work by the end of March.  The soda-pop maker did not give a reason why!

In Michigan, the Ferndale Schools Board of Education agreed to lay off two teachers, reduce one to part time, and use up the district’s rainy day fund.  They blame declining student enrollment.

Children’s clothing store, Little Colony Kids, out-o-business in Homewood, Illinois. The store had been in operation for 57 years, the owners blamed the closing on the bad economy.

Bridgeway Center, in Florida,  ending all inpatient services by the end of March!  The health care provider blames ridiculously low state reimbursements. Company officials say it costs them $516.58 per bed to operate the facility, but the state pays only $293.24 per bed.  The result is that their Crisis Stabilization Unit is shorted $3573.44 every day!    The problem is that state legislators have not adjusted their payments since 1993!  Bridgeway Center says Florida ranks 49th for the number of low income people without insurance, and 49th for state funding of mental health care.

Ohio based supplier of drugs and medical supplies, Cardinal Health, to layoff  180 people by June!  Company officials say they are trying to anticipate future supply demands and price expectations of customers (meaning they think both will come down).

In California, biopharmaceutical company Amgen to layoff 157 employees by April!  Last year the drugs company laid off 400 people! Company officials basically gave the same reason for the layoffs as Cardinal Health.

In Missouri, an iconic quilt shop for 34 years, now closed.  The owner of Patches said she needed “…to move on.”

In Virginia, after less than a year the Southern Estates Books and Antiques in Riverwalk Landing shut down. The Economic Development Authority had combined three stores into one, thinking it would be more successful, but instead they essentially destroyed three businesses.

In Las Vegas, Nevada, tech startup ecomom laid off almost all its employees. Four excecs are staying on at greatly reduced pay. It has something to do with the suicide of one of the co-founders, which is probably related to the bad economy. One of the remaining execs hinted to employees how bad the economy really is:  “There are financial stressors on the business that we are confronting and along with the board of directors, the executive team is moving forward with plans to restructure the business so that it may continue to be a place parents can rely on.”-Marcus Nucci, president

Utah based Associated Food Stores will close down two warehouses in Montana, by April. 106 people out-o-work!  Company officials say they are consolidating their warehouse system, which they hope will help them keep prices down for their grocery store customers.

In Tacoma, Washington, after nearly 60 years in business Meier’s House of Clocks is no more.  The owner said they have been struggling for years since the electronics revolution, but since 2005 business for them crashed.

In Alaska, the Black Market tobacco store closed down.  The owner retired after 40 years in business.

Another investment company going down: Wall Street Journal reported that LPL Financial has failed to meet expectations and that will result in some of their 2,900 employees losing their jobs in the next six months.

The Michigan Brewing Company now bankrupt. What was a homebrew success story (even supplying the brew for Kid Rock’s own brand American Bad Ass Beer) ended in tragic financial failure.  The family running the company admitted they screwed up, they’ve lost all the company’s money as well as their own. The question is, where did all the money go? Company records show that the brewer had record sales year after year! Also, the company constantly failed to pay debts and taxes! So where’s all the money? If you read the reports it turns out that this is a clear example of debt financing out-o-control.  The family has been financing the operations with loans from day one.  Then they started missing payments, resulting in legal actions, and assets being seized.  Still, they were able to get more loans, as their sales were always up.  The problem is that all their profits were going to try an catch up their debts, finally the creditors said no more, and called in their chips (known as deleveraging).

Remember Eddie Murphy’s Cill My Landlord bit on Saturday Night Live? If not watch the Pros & Cons skit here.  And for reasons to Cill My Landlord, read on…

In Anderson, California, the owner of Top`ings Yogurt has decided not to renew her $2000 USD per month lease.  The owner blamed the landlord: “I wasn’t happy with the lease agreement.”-Lindsey Kossol

In Florida, a birthday party center shut down.  The owners of Bounce U blamed their rent:  “Often I am told that this business must be a gold mine, and that we always seem so busy. Truthfully renting a facility of this size and maintaining the day to day expenses is much higher than many realize.”-The Armstrong Family

The Rain or Shine gardening store will close in March. The Portland, Oregon, store had been in business for 23 years.  The owner blamed the landlord’s high rent!