Best Buy’s same store sales were down 6.5% as their discounts failed to convince you to buy, says Bloomberg.
recession watch
Q: Why Aren't You Buying New Cars? A: There's Nothing Wrong With The Old Ones
By 1.8.09
There have been a lot of theories about why consumers abruptly stopped buying cars — and not just American cars but all kinds of cars. Fingers have been pointed at poor fuel economy, lack of available financing, and if Hyundai is to be believed — concern about losing your job. But a new survey found that the most popular reason for not buying a new car — is that there’s nothing wrong with the old one.
Bank Of England Cuts Interest Rates, Lowest Since 1694
By 1.8.09
Remember 1694? No? Well, the Bank of England has cut the benchmark interest rate “to the lowest since the central bank was founded in 1694 as policy makers tried to prevent the credit squeeze from deepening Britain’s recession,” says Bloomberg.
13 Companies That Are Hiring This Year
By 1.7.09
You know the economy is bad when 7-Eleven’s hiring plans are national news.
By 1.7.09
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Seemingly invulnerable Toyota will shut down its Japanese factories for 11 days as it too deals with the global economic slowdown. Previously, the company had been unable to keep up with demand for its fuel efficient cars. [NYT]
Now That Gas Prices Are Lower, You Have Money To Buy Stuff, Save
By 12.24.08
Even though real incomes are dropping and people are worrying about their jobs — a drop in gas prices has lead to a push in retail spending, says the New York Times.
As The Economy Sinks, Shoplifting Arrests Soar!
By 12.23.08
The New York Times says that police departments all over the country are reporting an increase in shoplifting arrests — up to 20%.
Toyota Will Lose Money For The First Time In 70 Years, Unplugs Electric Hand Dryers
By 12.23.08
Last fiscal year, Toyota made $28 billion dollars in profit. This year? Yeah. Not so much.
Are You Ready For A 4 Day Work Week?
By 12.22.08
BusinessWeek says that employers around the country are cutting back hours rather than laying people off in response to the recession. It sounds nice at first — until you realize that it sucks.
Pier 1 Is In Danger Of Being Delisted From The NYSE
By 12.18.08
We are living in difficult times for selling wicker furniture, it seems. Pier 1 lost $36.9 million in the third quarter — and is in danger of being delisted from the NYSE.
Bank of America To Lay Off Over 30,000
By 12.11.08
Bank of America has announced that it will lay off 30,000-35,000 people as a result of its merger with Merrill Lynch and the economic downturn. [MarketWatch] (Thanks, Dariush!)
Santa's Not Coming: All KB Toys Stores To Be Liquidated And Closed
By 12.11.08
KB Toys has returned to Chapter 11 bankruptcy, says the Wall Street Journal, and will be liquidated by its parent company — Prentice Capital Management.
America's 10 Fastest Dying Towns
By 12.11.08
Here’s a bleak list from Forbes — America’s 10 Fastest-Dying Towns. Many of the towns have something in common — manufacturing jobs moving overseas or to cheaper, more rural, areas.
Investors Willing To Pay The Treasury To Borrow Their Money
By 12.9.08
Here’s a sad bit of news, investors are so shaken that they’re willing to put their money into Treasury bills — even if it means losing money.
By 12.8.08
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The Tribune Company, which owns the Chicago Tribune, the LA Times, Wrigley Field and the Chicago Cubs, has filed for bankruptcy. [New York Times]
The New "McDouble" Spotted In The Wild
By 12.5.08
Reports of the new “McDouble” replacing the Double Cheeseburger on the McDonald’s “Dollar Menu” have started to roll into our inbox. The “McDouble” is a double cheeseburger with only one slice of cheese.
Blockbuster Will Offer 99 Cent DVD Rentals
By 12.5.08
Reuters says that Blockbuster will begin offering 99 cent rentals for the first time ever, according to CEO Jim Keyes. The details of which movies will be 99 cents have not been announced, but Keyes did say that the price point would include “thousands of DVDs, including many classic older movies.”
Neighborhoods Propose Printing Their Own Currency To Encourage Local Shopping
By 12.4.08
Two neighborhoods in Milwaukee are considering printing their own currency, which could be bought with U.S. dollars, but would be only accepted at local businesses, in order to encourage people to shop at home instead of Walmart.
