It just keeps snowballing!
Joes (formerly GI Joes) sporting goods~
Seattle Times reports:
Initially, Joe's filed for bankruptcy as a means for reorganization, not long after, this news...
Joe's fate was sealed Thursday at a federal bankruptcy-court hearing in Delaware, where Boston liquidator Gordon Brothers Group offered to buy $128.5 million worth of merchandise for $61 million. It was the highest of three offers liquidators made in the five weeks since Joe's filed for Chapter 11 bankruptcy protection.
No offers were made to keep any stores open.
Going-out-of-business sales begin today and continue until the merchandise is gone.
Joe's said it had suffered, like other retailers, from "very weak sales" in the recession. It was also hurt by poor holiday sales caused by "unseasonably dry weather throughout the Pacific Northwest."
In turn, Joe's pumped up promotional spending to try to boost sales, and its profit margins shrank, according to its bankruptcy filing.
Joe's has 15 locations in Washington state, a dozen of them in the Puget Sound region, as well as 14 in Oregon and two in Idaho. It is based in Wilsonville, Ore., and has about 1,600 employees.
*OFF THE PILLOW*
An upscale cruise line gave employees notice the company is cutting back on several guest perks, one of which is the *chocolate mint on the pillow*. The end of an era???
Also there will be no raises this year. Granted a .23 cent raise for the entire year is not keeping pace with the cost of living. It is an "employers market", and they can get away with this kind of thing, and everyone knows, you are lucky to just have a job.
Ironically they DO have money to purchase TWO brand new ships at $1.4 BILLION each.
You might say the employees are Royally screwed.
I saw a concert advertised in the newspaper
Tickets $38, $30 & $22 bucks.... those prices were crossed out & is now advertised as:
Ticket Pricing: Pay-What-You-Will; At the Box Office
Wow! I have NEVER seen a formal concert advertised as such.
Mickey Mouse Economy?
Disney has eliminated 1,900 U.S.-based positions since mid-February. Some 900 salaried employees working at Disney's theme parks in Florida were laid off, and 700 open positions were eliminated, said communications Vice President Mike Griffin. In California, 200 workers were laid off and 100 open positions were cut.
So kids--- do you still think we are in a recession?