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...before it's forced to move the discount down to 20%. The customer also has to make some bets. For example, Erickson, the Great American CFO, worked on the liquidation for the Montgomery Ward department stores a few years back. He gave himself a 30% off threshold for a backyard shed. Once the sale dropped that far, he would jump. But all sheds were gone from the store at 20%. "I got screwed on our own sale," he says. (See the top 10 gadgets...

Author: /time Magazine | Title: How Liquidators Profit from Circuit City's Loss | 1/22/2009 | See Source »

...Charles Marsala, mayor of Atherton, California, the wealthiest zip code in America: "We moved our conversation into the main house, and as we talked Marsala walked me down a hall of famous photographs, many of them of his apparently legendary backyard parties, often showing guests as giant chess pieces. One shindig had a Venetian theme, complete with a gondola, which, in one photo, was being navigated in the pool by the largest shareholder of General Electric. 'He collects army tanks,' Marsala said, shaking his head and chuckling, as if the man collected scrimshaw or hermit crabs. 'He has about...

Author: /time Magazine | Title: The Secrets of American Wealth | 1/4/2009 | See Source »

There are lots of contenders for the worst part of the Detroit Lions' miserable 2008 NFL season, starting with the jokes. How do you keep a Detroit Lion out of your backyard? Put up goalposts. There are the utter on-field embarrassments: a 47-10 nationally televised loss to the Tennessee Titans on Thanksgiving, and last week's 42-7 home defeat at the hands of New Orleans, in which on one play, Saints receiver Devery Henderson caught a pass with no Lions defender in sight, then scampered across the field for another 23 yards while cowardly Lions tried like...

Author: /time Magazine | Title: How Can Detroit Go Winless in Today's NFL? | 12/28/2008 | See Source »

According to local jokes, you can tell a North Dakotan if he thinks that summer means three months of poor sledding and has a ballistic missile silo in his backyard. Unfortunately, those jokes left out North Dakotans intense passion for hockey.Goal-greedy North Dakota (6-8-1, 4-5-1 WCHA) devastated the Harvard men’s hockey team (4-5-2, 4-3-1 ECAC) Friday night in a 10-1 blowout, breaking the Crimson’s undefeated record at home.“I think that they beat us soundly in every aspect of the game...

Author: By Alexandra E. Zimbler, CONTRIBUTING WRITER | Title: Fighting Sioux Crush Crimson | 12/7/2008 | See Source »

...weeks later, standing beside the baby's concrete gravestone in his dusty backyard, the officer says he can't discuss the matter, or be named, because he is under investigation. But the incident is symptomatic of the troubles plaguing the Policia Nacional de Timor-Leste. Responsibility for the nation's internal security will soon be transferred to the PNTL from United Nations police and an international peacekeeping force. But concerns about weapons training, discipline and loyalty have some observers wondering if the PNTL is ready to make that transition...

Author: /time Magazine | Title: Missing the Beat | 11/27/2008 | See Source »

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