Word: bankrupts
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...create another hurdle for distressed retailers. Under the new rules, a retailer now has only 210 days after filing for Chapter 11 to accept or reject its existing lease agreements (pre-2005, the companies could liberally extend a 60-day time limitation). Clearance sales typically give the bankrupt company a cash infusion to help pay off the DIP loans. But if a company can't reorganize in 210 days, and is forced to cancel its leases, it won't have a place to sell its goods. No sale means no cash, and the banks will be stuck with toxic debt...
...Taco Bell and Pizza Hut, and Burger King have also seen sales growth, though at smaller levels than McDonald's.) Casual-dining joints are reeling: P.F. Chang's and the Cheesecake Factory, for example, saw their third-quarter 2008 profits fall 43% and 36%, respectively. Bennigan's went bankrupt, Ruby Tuesday will shutter 40 locations by the end of February, and more than a dozen regional chains have filed for bankruptcy. "Any time people can trade down, they're doing that," says Britt Beemer, chairman of America's Research Group, which studies consumer behavior. "If you can't afford...
...president in 1891, combined prudence with great ambition. City Bank cruised through the Panic of 1893, thanks in part to the huge stash of gold that Stillman had acquired--gold being the backing for credit then--because he sensed trouble. City joined J.P. Morgan in bailing out the nearly bankrupt Federal Government in 1895 and soon grew to be the country's biggest bank. Its growth went international in 1914, after City lobbied Congress to tweak the Federal Reserve Act and allow branches abroad. (See the best business deals...
...first question for Kenzer's dead friends was about the recession. While many economists are predicting recovery at the end of 2010, the dead people were pointing her toward a far more realistic 2012. Kenzer sees a lot of companies going bankrupt this year. "I get a purple color and the letter a," she said. I figured that was Yahoo!, but she said no. "They're doing all kinds of things behind closed doors to not die." Some of those things, I predict, are opening lots and lots of credit-card accounts. When I asked if TIME magazine would have...
...Iowa, we remain far from the global recession's hot spots (knock on wood): Wall Street and Detroit, AIG and WaMu, Chrysler and Bernie Madoff. But the state has its problems, from layoffs by major employers to falling grain prices, bankrupt ethanol plants and state budget woes. And some of those recent scary national headlines - "U.S. Loses 533,000 Jobs in Biggest Drop Since 1974," "Recession Propels Skid in Housing Sales, Prices," "Retail Sales Are Weakest in 35 Years," "In Need of Cash, More Companies Cut 401(k) Match" - are translating into tangible, tell-tale signs on the street where...