http://www.walletpop.com/specials/retail-stores-closing-doors?icid=main
Very Intersting..
See how many you know!
Happy 4th of July 2010 !!
Sunday, March 29, 2009
Filene's Basement could be at bankruptcy risk
Thanks Nick for the article!
http://www.suntimes.com/business/1494978,w-filene-basement-bankruptcy-032509.article
http://www.suntimes.com/business/1494978,w-filene-basement-bankruptcy-032509.article
March 25, 2009
Women's Wear Daily trade magazine is reporting Wednesday that Filene's Basement Inc. could be at risk for an involuntary bankruptcy because it appears that the discount retailer is allegedly not paying its vendors.
The magazine reports that an ad hoc creditors committee could force Filene’s into an involuntary bankruptcy.
A spokeswoman for Filene’s is quoted by Women's Wear Daily as saying the retailer “is continuing to aggressively pursue strategic alternatives for the benefit of the company and our valuable vendor partners. We have told our vendors this and we have told them that we will communicate with them as soon as we have developments to report.”
Filene’s Basement is owned by Retail Ventures Inc., the holding company that operates Filene’s and discount footwear retailer DSW Inc.
The Women's Wear Daily report said neither DSW nor RVI would be part of a bankruptcy. RVI guarantees certain obligations under a loan agreement between Filene's and its bankers, according to the Women's Wear Daily report.
Stimulus Act Benefits for the Unemployed
http://career-advice.monster.com/salary-benefits/Benefits-Information/Stimulus-Unemployed-Benefits/article.aspx
Stimulus Act Benefits for the Unemployed
A number of provisions to help the unemployed are included in the American Recovery and Reinvestment Act (ARRA), and here’s a list of some of the major benefits. Offerings vary greatly by state, so check with your local unemployment office to find out what exactly is available to you.
Increased Unemployment Benefits
The ARRA funds a new temporary Federal Additional Compensation program that suggests states up the unemployment benefit $25 per week for the period beginning February 22, 2009. States also may extend the number of weeks benefits are available from 13 to 20.
“Today, the average length of unemployment is 22 weeks,” says Brad Lazarus, principal at financial planning company Omega Advisors LLC in Chicago. “This extension adds up to thousands of dollars for out-of-work Americans who otherwise would receive nothing after the 13-week mark.”
COBRA Changes
There are two significant changes to COBRA health benefits in the economic stimulus package. One is a new COBRA subsidy, available to individuals who were covered under their prior employer’s health insurance plan and were involuntarily terminated from employment on or after September 1, 2008.
“Eligible individuals will now only be required to pay 35 percent of the COBRA premium under their prior employer’s health plan instead of the full amount,” says Timothy Tracy, Jr., vice president of Gerard B. Tracy Associates, an employee benefits consultancy in Westport, Connecticut. “This subsidy will terminate once the individual becomes eligible under another group health plan or at the end of the nine-month subsidy period.”
Another change allows qualified beneficiaries to elect coverage under a second special election period (the first being when they separated from their jobs), which skirts HIPAA's pre-existing condition exclusion rules for gaps in coverage lasting more than 63 days.
“This is good news for people with a chronic medical condition who may have had to let their COBRA lapse, or couldn't elect at all due to cost,” says Kelly Mason, a consultant with Workable Solutions, an Orlando, Florida-based COBRA administrator. “Ordinarily, these people could potentially find that their new health plan won't cover their existing health problems until a period of time matching the length of their gap in coverage has passed.”
Assistance for Older Workers
Older workers may benefit from an additional $120 million earmarked for the Senior Community Service Employment Program. The program helps unemployed, low-income workers aged 55-plus get training. This is primarily through paid community service assignments for jobs in their communities, according to Cynthia Metzler, president/CEO of Experience Works, an Arlington, Virginia-based organization that provides job training to older workers in 30 states and Puerto Rico.
“As of February 2009, 1.7 million workers age 55 or older were unemployed and looking for work,” Metzler says. “This figure doesn’t include older workers who have become discouraged and dropped out of the labor market. The additional funding will create more training opportunities for these workers, which will help them qualify for some of the 3.5 million jobs expected to be saved or created over the next two years as a result of ARRA.”
Part-Time Work
Nationally, 8.6 million workers reported working less than full-time for economic reasons, according to the Bureau of Labor Statistics. Yet prior to the ARRA’s passage, unemployed workers in 28 states who were looking for part-time work were not eligible for unemployment benefits.
“Under the Act, states qualify for federal dollars if they modernize their unemployment compensation systems, and one of the ways to qualify is to make workers looking for part-time work eligible for benefits,” explains Beth Shulman, senior analyst for the Russell Sage Foundation and author of The Betrayal of Work: How Low-Wage Jobs Fail 30 Million Americans. “Many [states] are reforming their part-time eligibility requirements.”
A Tax Break
The Act also creates a tax break for unemployed workers, exempting the first $2,400 of their 2009 unemployment benefits from taxation. Previously, the entire amount received could be taxed.
“This may not seem like a lot, but if a person is receiving unemployment benefits for a short period of time, this will result not only in a financial boost at the time he or she receives the benefits, but at tax time as well,” says Tim Davis, an attorney with The Lawrence Firm LSC in Covington, Kentucky. “Even if a person receives unemployment benefits for a long duration, this still puts more money into their pockets, because the first part of his or her benefits is tax-free.”
REMINDER - Covington Gathering!
Meeting Time for the get together is 8pm on Friday 4-03-09 !!
Note from Lisa Meinhardt Meece
"Hello Cathy!
Curtis asked me to pass some info. on to you. If you can get it into the Newsletter, great, if not, can you send it out to all the VC people in an email?
When the Covington store closed, they all vowed to get together again a year later. They are meeting Friday, April 3rd in the back room at Legends, in Latonia- down the street from the store. Everyone from VC is welcome :)
Thanks :)
April Birthday's!
Happy Birthday to our April Friends :)
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Saturday, March 28, 2009
When will Ohio residences start receiving stimulus unemployment?
http://www.wcmhblogs.com/youquestion/comments/when_will_ohio_residences_start_receiving_stimulus_unemployment/
From Channel 4 local news here in Columbus...
When will Ohio residences start receiving stimulus unemployment?
Tracey Asked:
In Obama’s stimulus package people on unemployment are supposed to get a extra 25.00 a week. When are the people in Ohio on unemployment going to start receiving it.
We Found:
The increase in unemployment benefits could kick in as soon as the first week of March, but the date that states choose to implement it are different and some may take longer than others. The extra benefit lasts until June 2010 for those already in the system as of Jan. 1, 2010.
Posted by Alison Carteron 03/06 at 02:57 PM
From Channel 4 local news here in Columbus...
When will Ohio residences start receiving stimulus unemployment?
Tracey Asked:
In Obama’s stimulus package people on unemployment are supposed to get a extra 25.00 a week. When are the people in Ohio on unemployment going to start receiving it.
We Found:
The increase in unemployment benefits could kick in as soon as the first week of March, but the date that states choose to implement it are different and some may take longer than others. The extra benefit lasts until June 2010 for those already in the system as of Jan. 1, 2010.
Posted by Alison Carteron 03/06 at 02:57 PM
DSW ends bad day by revealing new CEO Thursday, March 26, 2009 3:10 AM
DSW ends bad day by revealing new CEO
Thursday, March 26, 2009 3:10 AM
By Marla Matzer Rose
THE COLUMBUS DISPATCH
DSW disappointed with fourth-quarter earnings results that it released before the market opened yesterday, then surprised with the announcement of a new chief executive after the market closed.
After a national search, the Columbus-based shoe retailer appointed retail veteran Michael MacDonald as president and CEO. When he joins DSW in April, MacDonald will take over the CEO title from Jay Schottenstein, who will remain chairman.
Schottenstein praised MacDonald's "strong background and leadership skills" in a statement. MacDonald most recently was chairman and CEO of Shopko Stores, and previously held posts with department stores including Saks Fifth Avenue and Marshall Fields.
Before the 5 p.m. announcement, DSW shares closed down 7.5 percent, at $9.22, after the company missed earnings estimates and swung to a loss in the quarter that ended Jan. 31. Fewer shoppers and a 7.2 percent decline in same-store sales contributed to the results.
DSW said it expects another same-store sales drop in fiscal 2009, but it declined to provide full-year earnings guidance "given the uncertainty in the macroeconomic environment."
Shares of DSW parent company Retail Ventures, which also controls the Filene's Basement discount chain, also took a hit yesterday. They fell 16.7 percent to $1.90.
mrose@dispatch.com
Thursday, March 26, 2009 3:10 AM
By Marla Matzer Rose
THE COLUMBUS DISPATCH
DSW disappointed with fourth-quarter earnings results that it released before the market opened yesterday, then surprised with the announcement of a new chief executive after the market closed.
After a national search, the Columbus-based shoe retailer appointed retail veteran Michael MacDonald as president and CEO. When he joins DSW in April, MacDonald will take over the CEO title from Jay Schottenstein, who will remain chairman.
Schottenstein praised MacDonald's "strong background and leadership skills" in a statement. MacDonald most recently was chairman and CEO of Shopko Stores, and previously held posts with department stores including Saks Fifth Avenue and Marshall Fields.
Before the 5 p.m. announcement, DSW shares closed down 7.5 percent, at $9.22, after the company missed earnings estimates and swung to a loss in the quarter that ended Jan. 31. Fewer shoppers and a 7.2 percent decline in same-store sales contributed to the results.
DSW said it expects another same-store sales drop in fiscal 2009, but it declined to provide full-year earnings guidance "given the uncertainty in the macroeconomic environment."
Shares of DSW parent company Retail Ventures, which also controls the Filene's Basement discount chain, also took a hit yesterday. They fell 16.7 percent to $1.90.
mrose@dispatch.com
Eddie Bauer flirting with bankruptcy as it seeks new debt deal
http://www.dailyfinance.com/2009/03/19/eddie-bauer-flirts-with-bankruptcy-without-new-debt-deal/
Pummeled by falling sales and shrinking profit margins, outdoorsy retailer Eddie Bauer (EBHI) said in a regulatory filing that it could receive a vote of no confidence from its auditors unless it can rework the terms of a $225 million loan.
Like many retail chains, Eddie Bauer has had to slash prices to entice skittish shoppers who'd rather pay down debt or add to their savings than buy another pair of khakis. That has taken a big bite out of its bottom line. It has also bruised its balance sheet, inflating the company's ratio of debt to equity. Its creditors are worried and its accountants are waving red flags.
If it can't get the loan modified, Eddie Bauer may have to include a statement in its annual report from its auditors saying they're worried the company might not be able to continue as a going concern. In other words, bankruptcy could be right over the horizon.
Said Eddie Bauer CEO Neil Fiske in the filing: "We expect 2009 to be a very challenging, difficult year. While the amendment we are seeking is expensive, it will give us a new level of covenants with considerably more room on the downside through the first quarter of 2010."
In other words, this is probably going to hurt. But it won't hurt as much as following the likes of Circuit City, Sharper Image and Linens 'n' Things in filing for bankruptcy protection.
Investors are fleeing Eddie Bauer's stock, sending it down 44 percent to 44 cents in mid-day trading. For the three months ended Jan. 3, Eddie Bauer lost $127.5 million, or $4.13 per share, compared with a loss of $18.2 million, or 59 cents per share, a year earlier. The fourth quarter was also stung by $144.6 million in impairment charges.
Pummeled by falling sales and shrinking profit margins, outdoorsy retailer Eddie Bauer (EBHI) said in a regulatory filing that it could receive a vote of no confidence from its auditors unless it can rework the terms of a $225 million loan.
Like many retail chains, Eddie Bauer has had to slash prices to entice skittish shoppers who'd rather pay down debt or add to their savings than buy another pair of khakis. That has taken a big bite out of its bottom line. It has also bruised its balance sheet, inflating the company's ratio of debt to equity. Its creditors are worried and its accountants are waving red flags.
If it can't get the loan modified, Eddie Bauer may have to include a statement in its annual report from its auditors saying they're worried the company might not be able to continue as a going concern. In other words, bankruptcy could be right over the horizon.
Said Eddie Bauer CEO Neil Fiske in the filing: "We expect 2009 to be a very challenging, difficult year. While the amendment we are seeking is expensive, it will give us a new level of covenants with considerably more room on the downside through the first quarter of 2010."
In other words, this is probably going to hurt. But it won't hurt as much as following the likes of Circuit City, Sharper Image and Linens 'n' Things in filing for bankruptcy protection.
Investors are fleeing Eddie Bauer's stock, sending it down 44 percent to 44 cents in mid-day trading. For the three months ended Jan. 3, Eddie Bauer lost $127.5 million, or $4.13 per share, compared with a loss of $18.2 million, or 59 cents per share, a year earlier. The fourth quarter was also stung by $144.6 million in impairment charges.
Friday, March 27, 2009
DSW names new CEO
http://columbusdispatch.com/live/content/business/stories/2009/03/25/new_dsw_ceo.html?sid=101
DSW names new CEO
Shoe chain's new leader has long history in retailing
Wednesday, March 25, 2009 5:09 PM
THE COLUMBUS DISPATCH
Shoe retailer DSW Inc. today announced the appointment of Michael MacDonald as president and CEO.
He will join the company next month, replacing Jay Schottenstein, who will retain his title as chairman, the company said in a news release.
"Mike is a results-driven leader with a substantial breadth of experience in the retail industry," Schottenstein said in a statement. "His strong background and leadership skills will serve us well in our continued growth of the DSW brand."
MacDonald most recently was chairman and CEO of Shopko Stores. He has also worked for Saks Inc., Carson Pirie Scott, Marshall Fields and Dayton Hudson Department Stores.
10TV To Honor Heather Pick At Race For The Cure
http://10tv.com/live/content/station/stories/2009/03/10/story_komen_heather.html
10TV To Honor Heather Pick At Race For The Cure
Tuesday, March 10, 2009 3:03 PM
COLUMBUS, Ohio — WBNS-10TV announced Tuesday that it is teaming up with Wolfe Associates, Susan G. Komen for the Cure and Charles Penzone, Inc. to help carry on the legacy of Heather Pick, the 10TV morning and midday anchor who lost her public battle with breast cancer in November.
The collaboration will involve the creation of "Heather's Team" for Komen Columbus Race for the Cure, to be held May 16. Those who register to be part of "Heather's Team" will pay $45 and receive a T-shirt with Pick pictured on the front, a pink wig like the one she sported in her final public appearance shortly before her death. Proceeds from the sale of the shirts and wigs will go to Komen Columbus in her honor.
"Heather was a beloved icon and her passion and spirit will always live on in the hearts of all of us at 10TV and the central Ohio community," said 10TV President and General Manager Tom Griesdorn. "She worked tirelessly to make a difference in the fight against breast cancer and to communicate her message to viewers. As Central Ohio's News Leader, this is something she would have wanted and expected us to do. It's a way for us to help continue her fight."
"We are excited to partner with 10TV to help honor Heather's memory at this year's Komen Columbus Race for the Cure," said Katie Carter, executive director of the Columbus Affiliate of the Susan G. Komen for the Cure. "Heather was an incredible advocate for breast cancer and we're proud to have worked with her on our mission of saving lives and ending breast cancer forever."
WEB EXTRA: Hear Andrea Cambern's Interview with Andy Clark on 93.3 FM
"We are truly grateful to have the opportunity to honor and celebrate Heather Pick," said Debra Penzone, president of Charles Penzone, Inc. "She inspired us all to live each moment with love and laughter. "On behalf of our entire Charles Penzone Team and Earth Angels the Debra Penzone Foundation, we hope to empower hundreds of women to come together and help give this amazing tribute in Heather's memory."
April 09 Newsletter is in the works!
Still looking for any additional April Birthday's that I have not yet received!
Also need an April pet story.....
Feel free to send any info to Milda or Cathy
Also need an April pet story.....
Feel free to send any info to Milda or Cathy
Blog & Flyer I created for my Cousin
I have been pretty busy working on the blog / website for my cousin's friends and family this week and was not able to post many updates to our site.
Below is the link to the Blog I created for my Cousin from Blogger.net
http://joshuadavidpollock.blogspot.com/
Below is the link to the Flyer I created for my Cousin from Box.net
http://www.box.net/shared/9gl5pyiazd
Feel free to check them out :)
Below is the link to the Blog I created for my Cousin from Blogger.net
http://joshuadavidpollock.
Below is the link to the Flyer I created for my Cousin from Box.net
http://www.box.net/shared/
Feel free to check them out :)
Sorry for such a delay in updating the Blog
Please say a prayer for my cousin's family..
http://profile.myspace.com/index.cfm?fuseaction=user.viewProfile&friendID=22125578
(Joshua's myspace page...)
Please say a prayer for my cousin's family..
My cousin Joshua David Pollock, 21 was killed early this past Saturday morning in Austin, Texas in a car accident. Joshua was in the military, served in Iraq and was back in the states for more training.
He accomplished so much in his life... I am so proud of him and all he has done.
To My Cousin's family...
Ruby, Brian, Joshua L., Jacob... God will be by your side and help you thru this very difficult time.
You now have a very, very special angel looking after all of you!
(Joshua's myspace page...)
Please say a prayer for my cousin's family..
My cousin Joshua David Pollock, 21 was killed early this past Saturday morning in Austin, Texas in a car accident. Joshua was in the military, served in Iraq and was back in the states for more training.
He accomplished so much in his life... I am so proud of him and all he has done.
To My Cousin's family...
Ruby, Brian, Joshua L., Jacob... God will be by your side and help you thru this very difficult time.
You now have a very, very special angel looking after all of you!
Joshua David, His mom Ruby and younger brother Jacob
Joshua David, His step dad Brian, younger brother Jacob
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