Word: dippings
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...brutal time in retail - sales dropped 2.7% in December, the sixth straight month of declines, and 0.1% for 2008, the first annual dip on government records dating back to 1992. It was the worst holiday shopping season in 40 years. Name outlets like Circuit City and Linens 'n Things have gone bankrupt. Who's next? Predicting which companies will go under is a notoriously tricky business, and we won't try that. But here are five struggling retailers whose futures are definitely cloudy, with a look at how they hope to survive. (See the top 10 financial collapses...
...lethal combination of mismanagement, overexpansion and economic gloom is driving the boom in retail liquidations. During better days, a company could file for Chapter 11 bankruptcy, and the banks would finance its operations until the shops could restructure. These so-called debtor-in-possession, or DIP, loans kept the company operating. In the early 1990s, for example, Macy's spent nearly two years in Chapter 11. Today, banks aren't keen to lend to anyone, least of all a retailer in miserable shape. (See the worst business deals...
...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. Faced with this tight time frame, the banks might...
...letter that Apple's iconic executive, Steve Jobs, released Monday to quell concerns about his ailing health and increasingly frail frame - which recently caused a dip in Apple stock - had reporters across the country scrambling for answers. What condition could cause the "hormone imbalance that has been robbing [him] of the proteins [his] body needs to be healthy" and result in such dramatic weight loss? And in what scenario would that condition entail a "nutritional problem" whose cure is "relatively simple and straightforward...
Since 1903, the Coney Island Polar Bear Club has staged a New Year's Day plunge into the icy waters of the Atlantic Ocean. This year, nearly 700 men, women and children are expected to enjoy a chilly dip with as many as 3,000 less courageous souls watching from the shore. (The club's more dedicated members meet each Sunday during the winter to enjoy a cold swim.) TIME spoke with the club's president, Dennis Thomas, about how the group got its start, the psychology behind cold-water swimming and why 65° weather in January sucks...