Savers Beware! Confessions from the Leading Edge of the Crisis
by Ben Traynor, BullionVault
Wednesday 20 March 2013
Long, long ago, in a booming bank far from Cyprus…
“WE’RE TOP of the Best Buy table again,” my manager said, “so we’re expecting A LOT of business.”
And so it proved. The bank I worked for at time saw millions pour through the door in deposits.
Our latest fixed-rate bond had just launched (we put out a [...]
If the economy is improving, then why are many of the largest retail chains in America closing hundreds of stores? When I was growing up, Sears, J.C. Penney, Best Buy and RadioShack were all considered to be unstoppable retail powerhouses. But now it is being projected that all of them will close hundreds of stores before the end of 2013. Even Wal-Mart is running into problems. A recent internal Wal-Mart memo [...]
Why are all these stores closing nation wide, if the stock market is up and things are peachy?
The stock market was up, and things were peachy and every one was loving higher taxes, obamacare, a collapsing dollar, and millions leaving the work force?
By: Douglas A. McIntyre, Samuel Weigley, Alexander E.M. Hess and Michael B. Sauter | 24/7 Wall St – Fri, Feb 1, 2013 12:50 PM EST
> Forecast store [...]
Future Shop and Best buy closed several stores across Canada yesterday, and Sears announced 700 Lay offs Canada wide.
Yep this economy is shit.
I think it’s going to get worse.
BURNABY, B.C. — Best Buy Canada has closed eight Future Shop and seven Best Buy big box stores across the country.
Some 900 employees will be laid off because of the closures, representing less than five per cent of Best Buy Canada’s workforce, [...]
He took the job to become a tech support guru, but what he got in return were nothing but headaches.
A jaded former Best Buy employee crafted a 1,100-word blog post shortly after quitting – and dishing the dirt on the electronics giant.
In a piece posted to the Tape Noise Diary blog on Sunday, user JayCruz writes that he had high hopes after scoring a job with the Geek Squad in 2009 after [...]
From Index Universe:
Gold ETFs may appear to be same, until you consider expense ratios and vaulting.
With four different ETFs offering physical storage of gold, investors may feel like they are at Best Buy trying to find the best plasma TV.
Fortunately, there are some key differences between the funds that will make the decision easy, as long as you care about these distinctions.
But if all you care about is investing in [...]
An analysis by Breitbart News has found that the number of individuals on food stamps now exceeds the combined populations of 24 states and the District of Columbia.
In November, the U.S. Department of Agriculture reported that a record 47,102,780individuals receive food stamps.
According to US. Census Bureau data, that figure exceeds the combined populations of: Alaska, Arkansas, Connecticut, Delaware, District of Columbia, Hawaii, Idaho, Iowa, Kansas, Maine, Mississippi, Montana, Nebraska, Nevada, New Hampshire, New [...]
Nov 23, 2012
In Greece, with the economy collapsing, the people attempt to push through barricades where their political leaders are meeting:
In the US, with the economy collapsing, the people attempt to push through barricades at Victoria’s Secret to buy panties:
In Spain, with the economy collapsing, the people take to the streets in desperation, where clashes with police break out over austerity cuts:
In the US, with the economy collapsing, the [...]
A Black Friday shopper was robbed at gunpoint early this morning as she prepared to depart a South Carolina shopping mall parking lot in search of bargains at a Best Buy store
Shelly Ludlum-Cheers, 45, told Myrtle Beach cops she was sitting in her car in the Men’s Wearhouse lot “waiting to go into Best Buy” when she was confronted at 1 AM by the gunman, who ordered her back inside the [...]
Heckler Ridicules Black Friday Shoppers
A heckler openly mocked shoppers at an Oceanside, California Best Buy as they waited for Black Friday deals. The man can be heard shouting ‘you zombies are the reason Thanksgiving and the holidays are being destroyed’ and other anti-Black Friday comments as shoppers filed in the store.
Read more: http://www.1045wfla.com/cc-common/mainheadlines3.html?feed=425022&article=10591588#ixzz2D5rFrSf0
Wednesday, November 21, 2012
They don’t call it Black Friday Madness for nothing. Once again, as in years past, America will go wild and demonstrate the worst of humanity; including fights, near riots, knocking down children, and full-on degeneracy – all in search of America’s Holy Grail: a good deal.
And it has arrived earlier than ever before, which ironically has led to protests within corporate monolith Wal-Mart. Wal-Mart spokesperson, [...]
“EL CAJON, Calif. – The shoppers lined up at an El Cajon Best Buy more than a week early in anticipation for the stores’ Black Friday sale have been asked to leave the property.”
WEST LOS ANGELES (CBSLA.com) — Retailers are concerned that bargain-hunting shoppers may be growing increasingly aggressive when it comes to the start of the Christmas shopping season.
KNX 1070?s John Brooks reports local stores are boosting security ahead of what could be a rowdy – and record-setting – Black Friday.
Analysts are predicting a 3.1 percent jump in sales from over a year ago when stores open the day after – or even as early [...]
September 7th, 2012
As consumer retail giants like Best Buy, which saw a 90% decline in net income in the second quarter of 2012, struggle for survival amid the worst economic crisis to hit the globe since the Great Depression of the 1930?s, there’s one industry that’s not only maintained its growth, but is showing record profits month after month.
This is no doubt a terrifying trend for those who’d prefer [...]
NEW YORK – Best Buy Co. is reporting a 90 percent drop in net income during the second quarter, dragged down by restructuring charges and weak sales. The company also withdrew its earnings guidance for the year.
The poor report was announced a day after Best Buy name Hubert Joly, former CEO of the Carlson travel company as its new CEO and president. The chain is also waging a public fight [...]
I’m guessing they accidently went with the default “ship to billing address” option. The kicker is they actually called me (pretending to be a Best Buy employee), said they had shipped a package in error and I should leave it outside for UPS to pickup. Luckily, I noticed the charge on my credit card and was able to return the iPad for a full refund. I gave the phone number [...]
A compensation consultant to Best Buy Co. (BBY)’s board quit after the electronics chain awarded more than 100 managers retention bonuses without tying them to performance, said three people with knowledge of the matter.
Don Delves, who worked with Best Buy’s compensation committee for seven years as an independent consultant, was opposed to the payments, said the people, who asked not to be identified because the situation is private. Delves, president of [...]
Neal Augenstein, wtop.com
WASHINGTON – A female Best Buy customer says an employee who promised to transfer her contacts and photos to a newly purchased iPhone burned a CD of her racy photos and invited her to his home to retrieve them.
Sophia Ellison says she hired a Geek Squad employee at the Fair Oaks Best Buy, in Fairfax, Va., to transfer her photos, phone numbers and email addresses when she replaced [...]
July 11 , 2012
Callaway Golf – 12% of Workforce
The Indianapolis Symphony Orchestra – 6
Cadence Bank in Starkville Miss. – 17
The nonprofit Southeastern Michigan Health Association – 102
Update: Capital Health – 175 at Hopewell and Trenton Hospitals NJ
Bank of America Corp BofA – Reports of Layoffs in Commercial Banking Unit
July 10 , 2012
J.C. Penney Co – 350 More at its Plano HQ
Lockheed Martin Corp in Salina – 166
EMI Music Publishing – [...]
Best Buy is laying off around 650 members of its Geek Squad, reports KARE 11.
The Geek Squad positions that work on appliances and televisions in customers’ homes are the ones being eliminated. Best Buy assures that it’s not totally cutting home service, but simply restructuring.
The workers’ last day will be August 1st if they can’t find a new spot in the company. That means that the workers will be headed to customers’ homes while they [...]
A former Marine who served in Beirut in 1982-1983 and Iraq in 2003 looks into the camera anddeclares, “On behalf of myself and my family, we will no longer conduct business at Best Buy.” He cuts his card in half. The Marine joined over 8,000 others who have signed a petition to boycott Best Buy over the company’s financial support for the Minnesota branch of Council on American-Islamic Relations (CAIR), a group tied to [...]
Best Buy Co. founder Richard Schulze is working with Wall Street bankers to explore the taking the electronics retailer private, according to people familiar with Mr. Schulze’s thinking.
The company’s largest shareholder, Mr. Schulze controls slightly more than 20% of Best Buy stock. He abruptly resigned his post as chairman and director at the Richfield, Minn., company earlier this month, saying he was pondering options for his stake.
Though he was expected [...]
Electronics retailer Best Buy reported better-than-expected earnings per share this morning, even as the same-store sales declined at a steepening pace.
Click here for updates >
Comparable store sales fell 5.3 percent during the period, on top of a 3.0 percent decline a year ago.
Sales at the company improved marginally, increasing two percent to $11.61 billion. The Street had expected revenue of $11.5 billion.
Read more: http://www.businessinsider.com/best-buy-earnings-out-eps-at-072-2012-5#ixzz1vb9fNMZW
The mobile phone retailer will launch in China, with special zones in 14 stores operated by Best Buy, the American retailer.
It is also looking for partners to set up similar schemes in Latin America and Eastern Europe.
“We are exploring similar what I call ‘store within a store’ opportunities with business partners around the world,” said chief executive Roger Taylor. “I’m travelling around the world trying to explore who are the [...]
The problem is, while the market is being artificially pumped, the dollar has devalued nearly 30% in the past 4 years, meaning that everyone lost a lot of money thanks to inflation. Add to that the increase in producer costs, energy costs, food costs, and other inflationary consequences, coupled with local tax increases to make up for still falling property values even with 30 year rates at 3.8%, and you [...]
Major economic bellwether UPS reported mixed results this morning, but saw strength in online retail sales.
In fact, the company attributed much of its growth in the U.S. to a surge in online sales.
“Daily volume for deferred products jumped 9.9% and UPS Next Day Air volume climbed 5%, driven primarily by on-line retail growth,” the company said in its earnings announcement. “Increases in revenue per piece produced by higher base rates and fuel surcharges were mostly [...]
A WSJ article posted 3/6/2012 that the following national retailers are closing stores.
I Googled each brand name to see how many stores they are closing in 2012:
Abercrombie & Fitch (closing 180 stores 20% by 2015)
Gap (closing 187 stores 21%)
Sears (closing 3 Sears & 10 K-Mart)
JC Penny ( closing 19 stores out of 1100; closing 250 outlet stores)
Target on Line Shop (closing this function)
Borders (closing all)
Walden Books (closing all 844 [...]
For weeks now, I have been using phrases in these weekly articles on sentiment like “the best, most accelerated gains are behind us” and “we are closer to the end then the beginning”. When we look at the charts, the SP500 has been essentially flat for the past 8 weeks, so every now and then, I guess I can get it right. If you have been a buyer over this [...]
Best Buy on Saturday announced the locations of 50 stores that it is closing this year, including seven in California, six in Illinois and six in the company’s home state of Minnesota.
The struggling electronics chain said last month that it would close some of its so-called big box stores, cut 400 corporate jobs and trim $800 million in costs.
Best Buy plans to open 100 smaller, more profitable Best Buy Mobile [...]
Best Buy CEO Brian Dunn abruptly quit his job after the board of directors allegedly began investigating him for having an inappropriate relationship with a female employee.
The Minneapolis Star-Tribune, citing unnamed sources, reported that Best Buy was examining whether Dunn used company resources to help carry out that relationship.
The nation’s largest electronics retailer wouldn’t confirm the report, but would not deny it, either. The newspaper could not reach Dunn, 50, [...]
The following are 19 signs of very serious economic trouble on the horizon….
#1 According to one new survey, approximately one-third of all Americans are not paying their bills on time at this point.
#2 The U.S. housing industry is bracing for another huge wave of foreclosures in 2012. The following is from a recent Reuters article….
“We are right back where we were two years ago. I would put money on 2012 being a bigger year for [...]