This announcement represents a "double hit" to the economy and to tax revenues. First, the economy takes a hit because the employees are laid off and their tax bill will drop. Second, by negotiating reduced rents for the stores (or closing them) the income and the revenues for the malls will take a hit and so will their tax obligation.
...'way to go 0bama!!!
1 posted on
02/05/2009 3:06:51 PM PST by
NRG1973
To: NRG1973
Has anyone examined the other side? Is anyone hiring or starting businesses?
Is the bad news as real as the media makes it out to be or once the Porkulus is passed (hoping it never passes) will the bad news quiet down?
Perception is reality, right?
2 posted on
02/05/2009 3:09:40 PM PST by
1010RD
(First Do No Harm)
To: NRG1973
They were predicted to be one of the Top Ten businesses that were going to go under this year.
Three years ago I was in the running to manage one of their local stores. I am so GLAD I dodged that bullet!
The next part of the economy that’s going to take a big hit is the loss of revenue and tax dollars for cities from all the strip malls that will be standing empty within 12 months or so.
I swear, every time 0bama opens his mouth, sphincters tighten in the Free Market and consumers grip their cash even more tightly!
3 posted on
02/05/2009 3:10:57 PM PST by
Diana in Wisconsin
(Save The Earth. It's The Only Planet With Chocolate.)
To: NRG1973
Nice Record Obama.
640, 000 Jobs Lost
0 Jobs Gained
8 posted on
02/05/2009 3:20:31 PM PST by
NavyCanDo
(You think you have enough guns, until the Zombies come.)
To: NRG1973
I geuss in a way we’re finding out how much of our economy is based on credit. People buying stuff they don’t have the money for. And often its stuff they don’t even need. In the long run maybe this will help americans to live within their means and not needlessly spend their way into constant debt.
9 posted on
02/05/2009 3:21:13 PM PST by
fkabuckeyesrule
(Is it baseball season yet?)
To: PAR35; TigerLikesRooster; AndyJackson; Thane_Banquo; nicksaunt; MadLibDisease; happygrl; ...
*Ping!*
14 posted on
02/05/2009 3:35:03 PM PST by
rabscuttle385
("If this be treason, then make the most of it!" —Patrick Henry)
To: NRG1973
In Carson Cith, NV we have had two chain restaurants close: Sizzler closed its Carson City location last Saturday and our Chilis is closing this coming Monday.
It is so sad...
17 posted on
02/05/2009 4:52:05 PM PST by
ninergold3
("Has it ever occurred to you that nothing occurs to God?" -Mark Lowry)
To: NRG1973
Restructuring leases is an important step in turning around the company and the timing is good since if Pier 1 closes stores, landlords will have a hard time finding new tenants. Rents going down - prices follow, then more rents, and more prices...
21 posted on
02/05/2009 5:45:18 PM PST by
GOPJ
(What's caused 19 deaths, makes travel difficult, and won't melt til April? Global Warming.FR:Dentist)
To: NRG1973
Dang! I've loved Pier One since the day the chain opened. Contemporary styles of everything and good quality goods.
I've got one north of me and one south of me.....and I'm hoping both are not gone with the wind some one of these days.
Leni
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