As pretty much every retailer imaginable aside from Walmart loses money — one chain is not only doing fine, it’s actually growing — GameStop. It seems that when the going gets tough — people just want to play video games.
recession watch
Starbucks Lays Off 870 Assistant Store Managers
By 2.11.09
Starbucks announced today that they will be laying off 870 assistant store managers and not filling 530 vacant positions. In addition, 500 non-store positions will also be eliminated. Read the memo inside.
Just How Bad Is This Recession? Look At The Scary, Scary Graph
By 2.9.09
Nancy Pelosi wants to scare the crap out of you, so her office has released the above scary graph, which we bring to you by way of Time’s Swampland blog.
Is Bank of America About To Become THE Bank of America?
By 2.5.09
Bank of America‘s stock slid to a 20 year low today as investors became increasingly convinced that the bank would be nationalized. Share tumbled 18% early today, before climbing back up in the afternoon, says CNNMoney.
By 2.3.09
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The January 30th episode of This American Life features some interesting thoughts on John Maynard Keynes and the inevitability of putting his controversial theories to the test, whether we want to or not. [This American Life]
The Mess DHL Left Behind When It Pulled Out Of The US
By 2.3.09
When DHL ended domestic shipping and laid off 9,500 people back in November, 60 Minutes says it was losing $6 million a day. Now the people of Wilmington, Ohio are cleaning up the mess that DHL left and are wondering what’s next.
As The Recession Deepens, The Mall Of America Says It's Doing Fine
By 2.3.09
The New York Times says there are about 1,500 malls in the US and many of them are in trouble. They’re being converted to office buildings or closing their doors for good. And yet, Minnesota’s Mall of America is allegedly doing fine.
Damn, Not Even Rental Car Companies Are Buying Cars
By 2.2.09
Here’s some depressing news — not even rental car companies — the largest purchasers of automobiles, are buying cars this year, says CNNMoney.
Housing Statistics Are Being Buoyed By So-Called "Vultures"
By 1.27.09
Sales of existing homes are up, which sounds like good news — except that if you really look at what is going on — it’s really sort of bleak. About half of all home sales in December were foreclosures, says Marketplace, where the house is sold for less than what is owed on the mortgage.
Bid Adieu To Home Depot's Expo Stores
By 1.26.09
Home Depot will close 34 “Expo Design Center” stores as the demand for massively overpriced toilets and light fixtures appears to be waning. Actually, never mind… Home Depot says that Expo was always a failure. “Even during the recent housing boom, it was not a strong business,” they said.
By 1.26.09
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Sprint will cut a total of 8,000 jobs by March 31st, says CEO Dan Hesse, who enjoys being filmed in black and white as he takes long walks toward cameras. Sprint is also suspending its 401(k) match program, tuition reimbursement program, and is freezing salaries. [CNNMoney]
Hotels Eliminating Hand Lotion, Coffee, Providing Fewer Towels
By 1.22.09
If you’re a frequent business traveler your life is probably getting less and less plush as the economic disaster continues. Hotels say that they are cutting small amenities such as hand lotion, coffee, extra towels and buffet breakfasts in order to save money.
By 1.22.09
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Builders started building the fewest number of new houses since they started keeping records, says Bloomberg.
Whoops: Ford Might Need A Bailout After All
By 1.12.09
Ford has been busy marketing itself as America’s Healthiest Automaker — but Bloomberg says that the company may need a bailout after all.
Walmart CEO Thinks Consumers Have Finally Learned That Debt Is Bad
By 1.12.09
Retailers are hoping that the credit crunch ends and consumers will start spending like crazy again — but Walmart’s CEO Lee Scott doesn’t think that’s going to happen.
How Many Jobs Did We Lose In 2008? As Many As If We'd Fired The Entire State of Wisconsin
By 1.9.09
The numbers are in and we lost 2.6 million jobs in 2008, making it the worst year since 1945. How do you picture 2.6 million jobs? Well, by looking at Wisconsin. Or Missouri. Or Maryland.
Circuit City Close To Being Sold… Or Liquidated
By 1.9.09
Circuit City announced today that it is close to finalizing a deal to sell all or part of its operation to one of two undisclosed potential buyers— but if the deal falls through— the store could be liquidated.
