|
|||||
|
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 [...] by Michael 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 [...] Future Shop and Best buy closed several stores across Canada yesterday, and Sears announced 700 Lay offs Canada wide. Yep this economy is shit.
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: 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 John Galt 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.” http://www.10news.com/news/shopper-lines-up-for-black-friday-1-week-early Mac Slavo
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 [...] 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 [...] A WSJ article posted 3/6/2012 that the following national retailers are closing stores. Abercrombie & Fitch (closing 180 stores 20% by 2015) 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 [...] |
Custom Search
    |
||||
|
Copyright © 2013 InvestmentWatch - All Rights Reserved |
|||||
Economics On The Grounds Hasn’t Changed Much Since ’08. In Some Respects, Like In Unemployment, It’s Gotten Worse. Real Unemployment Is Over 20%, A Crazy Figure. The Real Economy Is Basically In A Depression.
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
Best Buy
> Forecast store [...]