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Keyword: bhoeconomy

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  • 24 Reasons Why Millennials Are Screaming Mad About Our Unfair Economy

    11/17/2014 11:28:21 AM PST · by SeekAndFind · 96 replies
    TEC ^ | 11/15/2014 | Michael Snyder
    Do you want to know why Millennials seem so angry? We promised them that if they worked hard, stayed out of trouble and got good grades that they would be able to achieve the "American Dream". We told them not to worry about accumulating very high levels of student loan debt because there would be good jobs waiting for them at the end of the rainbow once they graduated. Well, it turns out that we lied to them. Nearly half of all Millennials are spending at least half of their paychecks to pay off debt, more than 30 percent of...
  • Dow now down 434...? Thanks Obama!

    10/15/2014 10:21:18 AM PDT · by AngelesCrestHighway · 82 replies
    10/15/14
    HMMMMMM HMMMMMM HMMMMMM
  • Clinton: "Nobody Believes" Economy Is Coming Back "Because you Don't Feel It"

    10/07/2014 5:45:06 AM PDT · by Haiku Guy · 43 replies
    Real Clear Politics Video ^ | 10/6/14 | Ian Schwartz
    Former President Bill Clinton was in his home state of Arkansas today to campaign for Sen. Mark Pryor. At a rally in Conway, Clinton said, "the economy is coming back but nobody believes it yet because you don't feel it." Clinton also touted his record as president. "I don't expect anybody to vote on it or be happy because middle class incomes haven't risen, the average family is making less adjusted for inflation than they were the day I left office," he said. (ship) --- VIDEO AT LINK ---
  • Billionaires are hoarding piles of cash

    09/22/2014 4:15:05 PM PDT · by SkyPilot · 87 replies
    CNBC ^ | 22 Sep 14 | Robert Frank
    Billionaires are holding mountains of cash, offering the latest sign that the ultra-wealthy are nervous about putting more money into today's markets. According to the new Billionaire Census from Wealth-X and UBS, the world's billionaires are holding an average of $600 million in cash each—greater than the gross domestic product of Dominica. That marks a jump of $60 million from a year ago and translates into billionaires' holding an average of 19 percent of their net worth in cash. "This increased liquidity signals that many billionaires are keeping their money on the sidelines and waiting for the optimal moment to...
  • Media Desperately Spinning Bad Jobs Report

    09/06/2014 10:52:10 AM PDT · by SeekAndFind · 16 replies
    Frontpage Mag ^ | 09/06/2014 | Daniel Greenfield
    Shockingly enough the numbers are bad and performing below the usual optimistic expectations. Just like every other time.I’ll just give you the headlines for a taste of how frantically the media is spinning the bad news. A Disappointing Jobs Report May Mask Economy’s Strength – NPRJobs Report: Not Good, but Not Terrible Either – New York TimesDon’t freak out about bad jobs report – Washington PostWhy weak August jobs report probably a fluke – MarketWatchThe Awful New Jobs Report Has One Silver Lining – New Republic It’s a fluke! There’s a silver lining! The bad news is really good news!...
  • Fed says Americans are hoarding cash

    09/04/2014 12:10:11 AM PDT · by Citizen Zed · 49 replies
    msn money ^ | 9-3-2014
    One of the great mysteries of the post-financial crisis world is why the U.S. has lacked inflation despite all the money being pumped into the economy. The St. Louis Federal Reserve thinks it has the answer: A paper the central bank branch published this week blames the low level of money movement in large part on consumers and their "willingness to hoard money."  The paper also cites the Fed's own policies as a reason for consumers' unwillingness to spend. Though American consumers might dispute the notion that inflation has been low, the indicators the Fed follows show it to be running well...
  • zuckerman: obama ‘has lost the confidence of the business community’

    08/30/2014 5:45:29 PM PDT · by Hojczyk · 34 replies
    Breitbart TV ^ | August 30,2014
    US News and World Report Chairman and Editor-in-Chief and publisher of The New York Daily News, Mort Zuckerman argued that President Obama “has lost the confidence of the business community” on Friday’s broadcast of “The McLaughlin Group.” “[The economy] has...grown by about 2%, 2.1%, for the last five years, which is the lowest rate of growth coming out of a recession we have had ever, since the Great Depression. And what’s more, that only took place, not because of the fact that the economic environment was that good, it's because we have a hugely stimulating monetary policy and fiscal policy....
  • Almost Half of America on Welfare

    08/24/2014 7:03:44 AM PDT · by Kaslin · 34 replies
    Townhall.com ^ | August 24, 2014 | Mike Shedlock
    Breakdown by Category 82,679,000 Medicaid51,471,000 Food Stamps22,526,000 Women, Infants and Children Program20,355,000 Supplemental Security Income13,267,000 Public Housing or Housing Subsidies 5,442,000 Temporary Assistance to Needy Families 4,517,000 Other Forms of Federal Cash Assistance Population Estimates (2013 estimates) California 38,332,521Texas 26,448,193New York 19,651,127Florida 19,552,860 Those four states have a population of 103,984,701. Those on welfare nearly totals that amount. Full Time Employment BLS figures show 115.735 million "usually" working full time at the end of 2012. There are currently 118.489 million "usually" working full time. Obamacare Welfare Expansion Inquiring minds may be asking "How did Obamacare effect welfare numbers?" Let's take...
  • Office Depot to close 165 stores this year; settles lawsuit for $80 million

    08/24/2014 3:45:11 AM PDT · by 2ndDivisionVet · 18 replies
    The Fort Lauderdale Sun-Sentinel ^ | August 5, 2014 | Marcia Heroux Pounds
    Boca Raton-based Office Depot said Tuesday it would close 165 stores during 2014 — up from the 150 estimated earlier this year — but stuck with a total count of 400 store closures through 2016, the company said. The office-supply retailer, which merged with OfficeMax last year in a $1.2 billion transaction, said it has completed its analysis of which stores will be closed across the U.S. and Canada. Locally, the retailer has closed two OfficeMax stores, in Coral Springs and Deerfield Beach. The company also announced on a conference call following its second-quarter earnings announcement that it has settled...
  • More Than A Thousand Stood Under Heat & Sun For Free Food In Miami

    08/22/2014 12:54:49 PM PDT · by SoFloFreeper · 71 replies
    CBS Miami ^ | 8/22/14
    More than a thousand locals lined up Friday morning for several hours under the scorching sun and heat in Miami for a box full of food. The event located at the Central Shopping Plaza at 3825 NW 7th Street started at 9:00 a.m.
  • 30 Facts That Prove The American Middle-Class Is Being Destroyed

    08/21/2014 8:10:45 PM PDT · by Nachum · 25 replies
    zero hedge ^ | 8/21/14 | tyler durden
    Submitted by Michael Snyder of The Economic Collapse blog, The 30 statistics that you are about to read prove beyond a shadow of a doubt that the middle class in America is being systematically destroyed. Once upon a time, the United States had the largest and most prosperous middle class in the history of the world, but now that is changing at a staggering pace. Yes, the stock market has soared to unprecedented heights this year and there are a few isolated areas of the country that are doing rather well for the moment. But overall, the long-term trends that...
  • Welcome to Juristic Park

    08/18/2014 4:07:24 AM PDT · by Kaslin · 2 replies
    Townhall.com ^ | August 18, 2014 | Katie Kieffer
    Steven Speilberg directed Jurassic Park 21 years ago. Barack Obama is now directing Juristic Park. Hold onto your popcorn. T. Rex is back. The Tyrannosaurus Rex is one of the most dangerous land carnivores in world history. In the 1993 movie Jurassic Park, a genetically engineered T. Rex viciously attacks the park’s tourists after a duplicitous park employee deactivates the park’s electric fences. Fast forward to 2014. A clone of T. Rex is prowling America for red meat. This time, “T. Rex” particularly craves the blood of Americans who are entrepreneurs. Juristic Park is a great metaphor for the state...
  • Five years after recession, most households still not better off

    08/07/2014 6:38:47 PM PDT · by Citizen Zed · 14 replies
    Fortune ^ | 8-7-2014 | Tom Huddleston, Jr.
    More than a third of all respondents said they were worse off financially than five years ago. Another third said that they were doing about the same. Only 10% of respondents felt they were doing much better than they had been in 2008, highlighting the dual nature of the recovery. Twenty percent more said they were somewhat better off. Most households surveyed didn’t complain much about their finances. Sixty percent said they were either “doing okay” or “living comfortably” when asked how they were managing financially. Meanwhile, many respondents said credit was hard to come by. Nearly one-third of those...
  • Luck and a Little Mystery: The Economy Grows Faster Under Democratic Presidents

    08/06/2014 12:33:05 PM PDT · by SeekAndFind · 42 replies
    New York Times ^ | 08/06/2014 | Jared Bernstein
    Though I typically resist, my wife often tries to get me to put down the laptop and enjoy the Zen of gardening with her. So you can imagine her surprise when she returned from a trip to find a beautiful clump of nonwild flowers planted in her garden. She loved the welcome-home gift and was ready to bestow upon me many valuable (and increasingly elusive) good-husband points. The thing is, I have no idea how those flowers got there. And like George Washington, I could not tell a lie. But had I in fact been an actual president, I probably...
  • MSNBC: “Total disconnect” between Obama’s rhetoric on economy and reality for voters

    08/06/2014 12:23:58 PM PDT · by SeekAndFind · 19 replies
    Hotair ^ | 08/06/2014 | Ed Morrissey
    Worth a watch, especially on this particular network even though Morning Joe offers much more reality than most of the rest of MSNBC’s schedule. Today’s reminder of reality comes from Wall Street Journal’s White House correspondent Carol Lee, who points out that the sunny rhetoric from Barack Obama and his administration has a “total disconnect” to the reality for most Americans, as seen in the latest NBC/WSJ poll. Time for another pivot? CLICK ABOVE LINK FOR THE VIDEO “The President was campaigning, raising money in California a few weeks ago,” Lee notes, “and he was saying, ‘People feel better than...
  • US is Bankrupt: $89.5 Tril. in US Liabilities vs. $82 Tril. in Household Net Worth & Gap is Growing.

    08/04/2014 7:19:38 PM PDT · by SeekAndFind · 29 replies
    Biderman's Money Blog ^ | 08/04/2014 | Chris Hamilton
    There are many ways to look at the United States government debt, obligations, and assets. Liabilities include Treasury debt held by the public or more broadly total Treasury debt outstanding. ThereÂ’s unfunded liabilities like Medicare and Social Security. And then the assets of all the real estate, all the equities, all the bonds, all the depositsÂ…all at todayÂ’s valuations. But letÂ’s cut straight to the bottom line and add it all upÂ…$89.5 trillion in liabilities and $82 trillion in assets. There. ItÂ’s not a secret anymoreÂ…and although these are all government numbers, for some strange reason the government never adds...
  • Study: More than 35 percent of Americans are facing debt collectors

    07/29/2014 9:25:40 AM PDT · by SeekAndFind · 24 replies
    The Week ^ | 07/29/2014 | Meghan DeMaria
    A study released by the Urban Institute on Tuesday found that more than 35 percent of Americans have unpaid bills and debt that has been reported to collection agencies.The debts surveyed include everything from gym memberships to auto loans. The study, which looked at records from September 2013, found that 35.1 percent of people with credit records had been reported to collection agencies. The average debt was $5,178.The Associated Press notes that while America has decreased its credit card debt, the percentage of Americans in collections has remained roughly the same. In 2004, a Federal Reserve study found that 36.5...
  • Merck Announces Another Round Of Layoffs [Another 600 positions in Montgomery County, PA]

    07/29/2014 10:25:00 AM PDT · by SeekAndFind · 15 replies
    CBS Local ^ | 07/29/2014 | Brad Segall
    NORRISTOWN, Pa. (CBS) — A major pharmaceutical company is planning another round of layoffs that again will hit Montgomery County hard. On the heels of more than 650 job cuts at its West Point manufacturing and research plant in late 2013 and earlier this year, Merck plans to let go another 600 employees by the end of August. The company has already filed notices with the Pennsylvania Department of Labor which says the jobs are being cut in North Wales and Lansdale. County Commissioner Josh Shapiro is disappointed with the news, but says they’re working to help those affected.
  • US new-home sales plummet in June

    07/24/2014 8:09:04 AM PDT · by wbill · 29 replies
    Yahoo Finanace ^ | 7/24/2014 | AP
    WASHINGTON (AP) — Sales of new U.S. homes plunged in June, a sign that real estate continues to be a weak spot in the economy. New home sales fell 8.1 percent last month to a seasonally adjusted annual rate of 406,000, the Commerce Department said Thursday. The report also revised down the May sales rate to 442,000 from 504,000. (snip)
  • More Than 1,400 Workers In Pike County, Ohio, To Receive Possible Layoff Notices (Fluor B&W)

    07/18/2014 7:25:16 PM PDT · by 2ndDivisionVet · 4 replies
    WCHS-TV ^ | July 18, 2014 | Sean Delancey and Jeff Morris
    Piketon , Ohio - Roughly 1400 people woke up to bad news Thursday morning. It's called a warn notice, and it means their livelihood is on the line. "These are the higher paying jobs in the area," Herman Potter said. But those jobs are now in jeopardy. Herman Potter is president of the Steel Workers Union in Piketon, Ohio. His employer, Fluor B&W issued a warn notice, stating layoffs are possible. Fluor B&W was hired by the Department of Energy to clean the former Portsmouth gaseous diffusion plant and re-industrialize the property three years ago. The way things stand now,...
  • We’re in the third biggest stock bubble in U.S. history

    07/17/2014 8:19:18 PM PDT · by RC one · 21 replies
    Market Watch ^ | July 17, 2014, 7:27 a.m. | Brett Arends's ROI
    1853, 1906, 1929, 1969, 1999 Pass the question around your office. Call your money manager and ask him or her, too. Post it on your office notice board. Give up? Those were the peaks of the five massive, generational stock-market bubbles in U.S. history. Investors who bought into stocks around those peaks ended up earning terrible returns over the subsequent 30 years. Forget “stocks for the long run.” They ended up with “stocks for a long face.” The bigger the bubble, the worse returns. And, according to a new research report, we are back there again. U.S. stocks are now...
  • Will Obama finally get some credit for the improving economy?

    07/03/2014 1:44:38 PM PDT · by Oldeconomybuyer · 36 replies
    Washington Post ^ | July 3, 2014 | BY PAUL WALDMAN
    Today’s jobs report was a very good one: 288,000 new jobs were created in June, and the unemployment rate fell to 6.1 percent. So will Barack Obama get the credit? Probably not. First of all, we shouldn’t get too excited; there are still a lot of people looking for work, there are a lot who have gotten discouraged and dropped out of the labor force, and there are a lot working part time when they’d rather have full-time jobs.
  • Gas Prices Extend Painful Record: July 4 Marks 1,290 Days above $3-a-Gallon

    07/02/2014 11:04:20 AM PDT · by Cheerio · 17 replies
    CNSNews ^ | July 2, 2014 | Julia Seymour
    This Independence Day weekend, drivers won't see any relief from high gas prices. Although prices retreated by a fraction of a cent at the beginning of the week, AAA predicts holiday travelers will pay the most at the pump since 2008. In its monthly gas price report released June 30, AAA said, "With Independence Day only a few days away, today's national average price of gas is $3.68 per gallon. This average is considerably more expensive than recent years for the holiday. The national average on July 4 in previous years was: $3.48 (2013); $3.34 (2012); $3.57 (2011); $2.74 (2010);...
  • Billionaire Tells Americans to Prepare For 'Financial Ruin' (Trump)

    07/01/2014 7:05:33 PM PDT · by driftdiver · 97 replies
    Moneynews ^ | June 30, 2014 | Newsmax Wires
    The United States could soon become a large-scale Spain or Greece, teetering on the edge of financial ruin. That’s according to Donald Trump, who painted a very ugly picture of where this country is headed. Trump made the comments during a recent appearance on Fox News’ “On the Record with Greta Van Susteren.” According to Trump, the United States is no longer a rich country. “When you’re not rich, you have to go out and borrow money. We’re borrowing from the Chinese and others. We’re up to $16 trillion in debt.” He goes on to point out that the downgrade...
  • Guess Who Is Propping Up The US Housing Market

    06/23/2014 8:14:51 AM PDT · by PoloSec · 13 replies
    Zero Hedge ^ | June 23 2014 | Tyler Durden
    A month ago we showed a chart that, in our humble opinion, summarized all that is wrong with the US housing market. The chart in question showed the April breakdown of existing home sales on a Y/Y basis by pricing bucket.   Needless to say, what the chart showed was the symptomatic, and schizophrenic, breakdown of US housing into two camps: the housing market for the 1%, those costing $750K and above, where the bulk of transactions are mostly between non-first time buyers, and typically take place as all cash transactions, and the market for "everyone else" which continues to...
  • Joe Biden: U.S. needs ‘constant, unrelenting stream’ of immigrants (Happy Bastille Day!)

    06/11/2014 5:50:44 PM PDT · by equalator · 36 replies
    Washington Times ^ | 6-11-2014 | Cheryl K. Chumley
    Vice President Joseph R. Biden told a National Association of Manufacturers’ crowd this week that what the United States needed was more, not fewer, immigrants. Specifically, he called for a “constant, unrelenting stream” of new immigrants — “not dribbling [but] significant flows,” to bolster the national economy, The Hill reported.
  • U.S. Gasoline Consumption Plummets By Nearly 75%

    05/31/2014 11:02:00 AM PDT · by blam · 55 replies
    Zero hedge - BullionBullsCanada ^ | 5-31-2014 | Jeff Nielsen
    Tyler Durden 05/30/2014Submitted by Jeff Nielsen via BullionBullsCanada blog, Regular readers are familiar with my narratives on the U.S. Greater Depression, and (in particular) some of the government’s own charts which depict this economic meltdown most vividly. The collapse in the “civilian participation rate” (the number of people working in the economy) and the “velocity of money” (the heartbeat of the economy) indicate an economy which is not merely in decline, but rather is being sucked downward in a terminal (and accelerating) death-spiral. However, even that previously published data, and the grim analyses which accompanied it could not prepare me...
  • U.S. Retail Economic Death Rattle Grows Louder

    05/26/2014 10:54:28 AM PDT · by blam · 42 replies
    The Market Oracle ^ | 5-26-2014 | James Quinn
    May 26, 2014 - 06:47 AMBy: James Quinn The definition of death rattle is a sound often produced by someone who is near death when fluids such as saliva and bronchial secretions accumulate in the throat and upper chest. The person can’t swallow and emits a deepening wheezing sound as they gasp for breath. This can go on for two or three days before death relieves them of their misery. The American retail industry is emitting an unmistakable wheezing sound as a long slow painful death approaches. Death rattle It was exactly four months ago when I wrote THE RETAIL...
  • Struggling malls suffer when Sears, Penney leave

    05/13/2014 3:28:27 AM PDT · by John W · 127 replies
    Wall Street Journal via Yahoo News ^ | May 12, 2014 | Suzanne Kapner and Robbie Whelan
    NORFOLK, Va.—With J.C. Penney Co. and Sears Holdings Corp. racing to close stores, America's weakest malls are being pushed to the brink. Nearly half of the 1,050 indoor and open air malls in the U.S. have both of those struggling chains as anchor tenants, according to real-estate research firm Green Street Advisors. Of those malls, nearly a quarter are struggling with sales below $300 per square foot and vacancy rates above 20%, meaning they will have a hard time finding new tenants if old ones leave. For an already-weakened mall industry, the negative turn for two once-reliable anchors is promising...
  • Rising U.S. economy could help Democrats stave off election loss

    05/12/2014 3:31:38 AM PDT · by Oldeconomybuyer · 105 replies
    Reuters ^ | May 12, 2014 | BY RICHARD COWAN
    Here's a riddle: Many Republicans deny it's happening. Some Democrats don't want to talk about it. What is it? The answer is the growing U.S. economy, on pace to expand as much as 3.5 percent this year, about the best performance in the industrialized world. Unemployment has fallen from 10 percent to about 6.3 percent and consumer confidence is at a six-year high. Better economic data could help persuade voters in November to look past President Barack Obama's weak approval ratings and his unpopular healthcare law and give Democrats enough lift to hold onto the Senate and limit their losses...
  • Fewer college grads will have jobs lined up this year: Still a bleak job market

    05/12/2014 6:32:20 AM PDT · by SeekAndFind · 74 replies
    New York Post ^ | 05/12/2014 | By Jonathon Trugman
    It’s “Pomp and Circumstance” time for 1.6 million US college graduates. While members of the class of 2014 have some cause to celebrate, they also know they are a few short months away from starting to pay down their share of the $1 trillion-plus student-loan debt. The most shocking number of all is that only 17 percent of these soon-to-be grads have a job lined up, according to AfterCollege Inc., which crunches these numbers and also tries to help match employers with recent graduates. Despite our being a year further along on the road to economic recovery, this year’s 17...
  • Desperate for work, college grads become nannies

    05/04/2014 4:16:13 AM PDT · by george76 · 32 replies
    The Philadelphia Inquirer ^ | May 3, 2014 | Samantha Melamed
    Parents have more options as overeducated young people turn to baby-sitting. Ashley Newhall of Philadelphia has a law degree and a master's in agricultural law, and she passed the bar in Pennsylvania and New Jersey. These days, she's working with some extremely demanding and exacting clients. Most of them are less than 3 years old. Newhall's primary income source for the past few years has been baby-sitting. Parents, said Newhall, are "blown away. They're like, 'Oh my gosh! You're the most overeducated nanny I've ever had.' " But jobs are scarce, and all that education came with six-figure debt for...
  • Gas Prices Hit 13-Month Highs, Prompt Macro Concerns

    04/20/2014 3:42:10 PM PDT · by Nachum · 73 replies
    zero hedge ^ | 4/20/14 | tyler durden
    At $3.67, US Regular gasoline prices are their highest since March 2013 having risen over 12% (40c) in the last 2 months. This must be great news, right? It must mean world demand is picking up and driving up prices of crude oil as global trade soars (amid a collapsing Baltic Dry and decelerating Chinese growth). This can't be related to "war premia" right? - as we noted here - because stocks (which always know best) have discounted all this tomfoolery. However, as the following chart shows, each time gas prices have surged up toards the Maginot Line of $3.80,...
  • Nearly Half Of Us Couldn't Live A Month On Our Savings

    04/01/2014 9:01:03 PM PDT · by blam · 46 replies
    BI ^ | 4-1-2014 | Trae Bodge
    Nearly Half Of Us Couldn't Live A Month On Our Savings Trae Bodge , RetailMeNot's The Real Deal Apr. 1, 2014, 5:56 PM April is Financial Literacy Month (and dreaded tax time), so let’s talk about your financial know-how. Are you financially prepared if you need to stop working for a few months due to a layoff or illness? Do you know how much money you have lying around? What about your kids? Are you setting them on a path to financial health? RetailMeNot recently polled more than 1,000 Americans and found that overall consumers are doing pretty well on...
  • Hundreds of Jobs Lost as Store Chain Closes Due to ObamaCare and Minimum Wage Hike

    03/30/2014 12:13:09 PM PDT · by SeekAndFind · 23 replies
    Frontpage Mag ^ | 03/30/2014 | Daniel Greenfield
    By the time ObamaCare and the minimum wage get done wiping out jobs, everyone will need that basic guaranteed income that libs love talking about. Citing Obamacare and an increase in the stateÂ’s minimum wage, the owner of Waterford-based Yankee One Dollar is closing down shop on all 23 remaining locations.Its owner Keith Flike blamed the Affordable Care Act and the increase in the stateÂ’s minimum wage for the decision to shut down. Each store has six to 10 employees, he told the Post Star. Those are just more employees who have been liberated from job lock to explore their...
  • Yankee One Dollar Closing Remaining Stores Due to Obamacare

    03/30/2014 9:16:20 AM PDT · by lowbridge · 36 replies
    http://legalinsurrection.com ^ | march 28, 2014 | rusty weiss
    Citing Obamacare and an increase in the state’s minimum wage, the owner of Waterford-based Yankee One Dollar is closing down shop on all 23 remaining locations. Via the Times Union: Waterford-based Yankee One Dollar stores will be gone within the next five months, its owner told the Post Star of Glens Falls. Keith Flike blamed the Affordable Care Act and the increase in the state’s minimum wage for the decision to shut down. Each store has six to 10 employees, he told the Post Star. Yankee One Dollar has 23 stores, down from a peak of 39. The Daily Gazette reported...
  • Harrah's Casino in Tunica closing costs 1,300 jobs (Mississippi)

    03/28/2014 5:41:22 PM PDT · by 2ndDivisionVet · 57 replies
    The Sun-Herald ^ | March 26, 2014 | Mary Perez
    Caesars Entertainment announced in a press release Wednesday that it will close Harrah's Tunica on June 2. This is one of three casinos Harrah's operates in Tunica in northern Mississippi. The 1,300 jobs that will be lost makes this one of the biggest layoffs ever in Mississippi, said Richard Bennett, chairman of the House Gaming Committee. The layoffs come at a time when Tunica County had the highest unemployment in state in February at 17.3 percent. Bennett said 75 percent of the jobs are held by Mississippi residents, with the remaining 25 percent of the employees from Tennessee and Arkansas....
  • Walgreen To Close 76 Unprofitable Stores

    03/25/2014 4:56:04 PM PDT · by John W · 40 replies
    ctnow.com ^ | March 25, 2014 | Peter Frost
    Walgreen Co. on Tuesday said it plans to shutter 76 unprofitable drugstores by August as part of a plan to save $40 million to $50 million per year beginning in fiscal 2015. The drugstore chain, the nation's largest, declined to specify the locations of the stores slated to close aside from saying they're "spread across the country." Walgreen, based in Deerfield, IL, said it will confirm the closures in the coming months after it notifies employees. Most stores that will close either have had other Walgreen locations open in the same area or have seen real estate values decline since...
  • Quiznos files for bankruptcy (tough week for fast food chains)

    03/15/2014 12:02:39 PM PDT · by SeekAndFind · 33 replies
    CNN Money ^ | 03/15/2014 | By Katie Lobosco
    Quiznos has filed for bankruptcy protection, five days after the Sbarro pizza chain did the same. Executives at the restaurant chain, known for its toasted sandwiches, agreed to a restructuring plan that will reduce its debt by more than $400 million, the company said in a statement Friday. All but seven of Quizno's 2,100 restaurants in the United States and 30 other countries are independently owned franchises, and will remain open and operating as usual. Quiznos once had more than 5,000 stores and could have threatened rival Subway's hold on the sub market. But now, Subway has nearly 20 times...
  • Toasty Or Toasted? Quiznos Follows Sbarro Into Bankruptcy [Obamanomics Fail]

    03/15/2014 3:53:14 AM PDT · by SoFloFreeper · 71 replies
    Forbes ^ | 3/16/14 | Brian Solomon
    Restaurant chains are dropping like flies this week. On Monday pizza franchise Sbarro dipped into Chapter 11 bankruptcy. Following in its footsteps on Friday, sub shop Quiznos announced that it too would sink into bankruptcy as part of a “pre-packaged” deal to cut its debt by more than $400 million, or two-thirds.
  • Illinois layoffs: Employers warn of 1,000 layoffs in coming weeks

    03/09/2014 12:38:55 PM PDT · by FreeAtlanta · 26 replies
    CHICAGOTRIBUNE.COM ^ | 7:52 a.m. CST, March 7, 2014 | Alejandra Cancino
    <p>Illinois employers warned they would lay off more than 1,000 workers in the coming months, according to notices filed with Illinois regulators in February.</p> <p>Accretive Health warned it would lay off 148 workers. The company said in January the layoffs are part of a broader restructuring in which positions will be moved from Chicago to other cities to be closer to clients. Accretive said then the layoffs could affect as many as 170 workers. The company employs about 600 people in the region.</p>
  • Staples to shut 225 stores in North America as sales fall

    03/06/2014 4:24:24 AM PST · by Red in Blue PA · 119 replies
    (Reuters) - Staples Inc (SPLS), the largest U.S. office supplies retailer, forecast a fall in current-quarter sales as it loses customers to mass market chains and e-retailers, and the company said it would close up to 225 stores in North America by 2015. Staples' shares fell 9 percent before the bell, after the company also posted lower-than-expected fourth-quarter results and forecast current-quarter profit below analysts' estimates. The company operates 1,515 stores in the United States and 331 stores in Canada.
  • RadioShack Closing 1,100 Stores as Troubles Grow

    03/04/2014 5:08:26 PM PST · by kingattax · 73 replies
    ABC News/AP ^ | March 4, 2014 | CANDICE CHOI and MICHELLE CHAPMAN
    There will soon be about 1,100 fewer places to buy batteries. RadioShack said Tuesday that it plans to close up to 1,100 stores, or about a fifth of its U.S. locations. The news came as the retailer reported a wider quarterly loss after a disappointing holiday season. Its stock tumbled 16 percent in afternoon trading. CEO Joseph Magnacca said the closings would leave the company with more than 4,000 U.S. stores. That's still far more than Best Buy, which has roughly 1,400 U.S. locations, and makes RadioShack stores nearly as common as Wal-Mart. RadioShack didn't immediately identify which stores will...
  • Chevrolet Sells 1,210 Volts In February, Off 26% From 2013

    03/04/2014 12:31:32 PM PST · by lacrew · 17 replies
    InsideEVs ^ | 3-3-14 | Jay Cole
    After posting a fairly disappointing 918 Volt sales in January – the first time sales were under 4 digits in 2 years (603 - Jan 2012), the extended range Chevy bounced back a little in February notching 1,210 deliveries. Year-over-year, this February’s result was up against some fairly stiff competition as 1,626 were sold this month a year ago, meaning sales were off 25.6%. For the year to date, 2,128 Volts have been sold as compared to 2,766 – off 23.1% There just isn’t enough casr to even get the Volt a fighting chance as the General opted to produce...
  • Automakers slide on ice in February

    03/04/2014 10:39:59 AM PST · by John W · 37 replies
    AP via Fort Wayne Journal Gazette ^ | March 4, 2014 | TOM KRISHER and DEE-ANN DURBIN
    DETROIT – March will be one of the most crucial months for the U.S. auto industry in years. Sales were slower than expected in January and February, and the number of unsold cars on dealer lots grew. Some automakers had to resort to juicy discounts to lure reluctant buyers. Most industry executives, dealers and analysts blame the historic cold temperatures and snowfall, and expect warmer weather to restore consumers’ enthusiasm for car buying. Most still expect annual sales to exceed 16.1 million, which would be the highest level since 2006. But a continuation of the trends could signal more fundamental...
  • RadioShack To Close Up To 1,100 Stores; Same-Sales Drop 19 Pct

    03/04/2014 6:06:03 AM PST · by mykroar · 32 replies
    FoxBusiness.com ^ | 3/4/2014 | Reuters
    Struggling retailer RadioShack Corp reported a wider quarterly loss on Tuesday and said it will close up to 1,100 U.S. stores after a huge drop in sales over the holidays, sending the stock down more than 15 percent. Sales at the Fort Worth, Texas-based chain have been in free fall amid executive departures, tough competition and an image problem. Despite its ubiquitous presence in the United States, analysts say it has not done enough to transform itself into a destination for mobile phone shoppers or become hip enough to woo younger shoppers. Its net loss widened to $191.4 million, or...
  • Radio Shack sales tumble 20 pct; to close up to 1,100 stores

    03/04/2014 6:37:03 AM PST · by John W · 57 replies
    Reuters ^ | March 4, 2014 | Dhanya Skariachan
    (Reuters) - Retailer RadioShack Corp reported a wider quarterly loss on Tuesday and said it will close up to 1,100 U.S. stores after a huge drop in sales over the holidays, sending its stock down nearly 24 percent. The planned closures would leave the Fort Worth, Texas-based chain with over 4,000 stores, including over 900 dealer franchise locations, its chief executive officer said. Sales totaled $935.4 million in the quarter covering the all-important holiday season, down 20.1 percent from $1.17 billion in the year-ago period. Analysts, on average, looked for sales of $1.12 billion, according to Thomson Reuters I/B/E/S. Sales...
  • Quiznos Preparing to File for Bankruptcy Protection

    02/27/2014 3:08:54 PM PST · by Perdogg · 67 replies
    Sandwich chain Quiznos is preparing to file for bankruptcy protection within weeks as it contends with declining sales and a lofty debt load, people familiar with the matter said. The company, which has about $570 million in debt, has been negotiating with creditors for weeks on a restructuring plan that would streamline its trip through bankruptcy court, these people said. A final deal on a so-called prepackaged restructuring plan hasn't yet been reached, they said.
  • NY Times: The Stimulus worked! (Almost verbatim White House talking points)

    02/23/2014 11:37:10 AM PST · by SeekAndFind · 35 replies
    American Thinker ^ | 02/22/2014 | Rick Moran
    Here's an editorial in the New York Times about the beneficial effects of the $832 billion stimulus bill passed in 2009 that could have been written in the White House: Of all the myths and falsehoods that Republicans have spread about President Obama, the most pernicious and long-lasting is that the $832 billion stimulus package did not work. Since 2009, Republican lawmakers have inextricably linked the words "failed" and "stimulus," and last week, five years after passage of the Recovery Act, they dusted off their old playbook again."The 'stimulus' has turned out to be a classic case of big promises...
  • Sbarro says it will close 155 locations

    02/20/2014 9:16:19 AM PST · by Phillyred · 59 replies
    PHILLY.COM ^ | Wednesday, February 19, 2014, 6:22 | The Associated Press
    <p>Sbarro Inc. says it's closing 155 of its U.S. locations, mostly in mall food courts where traffic has declined. The Melville, N.Y.-based pizza chain said Wednesday the closures affect 1,400 workers. The move comes as the company is trying to improve its financial performance and update its image under yet another CEO who took over just last year. Jonathan Dedmon, a representative for Sbarro, says the targeted locations will close Thursday. "The last day of business is today," he wrote in an email. Sbarro filed for bankruptcy protection in April 2012 when it was no longer able to contend with declining sales and rising costs. It emerged from Chapter 11 protection in November 2012, saying that it had significantly cut its debt and received a new $35 million capital infusion. Shortly after, it named James Greco, a former head of bagel chain Bruegger's Enterprises, as its CEO. Greco led a push to revitalize the chain's image by touting new recipes and ovens. But the efforts apparently didn't take hold; Sbarro named David Karam its CEO last year. Dedmon did not respond when asked why Greco was replaced. Sbarro owns 400 locations in North America. The closures do not affect the additional 175 Sbarro locations in the region that are owned by franchisees. After the closures, Sbarro said it will operate 800 stores worldwide, including 81 that were opened last year.</p>