Word: firmness
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AlixPartners, a turnaround firm, said at the beginning of the year that 10% to 26% of retailers were in financial distress and were in danger of filing for Chapter 11. It is worth considering how the researchers came up with that number, given that there are tens of thousands of retailers and hundreds of thousands of stores in America. Why wasn't the number 9% or 27%? The answer is that the forecast is virtually useless, something like counting the number of poisonous snakes in an Indiana Jones movie...
...would be the only enclosed mall to debut this year, according to the ICSC. Xanadu is the lone ranger, running straight into every possible horrible economic headwind. "It's the poster child for bad timing," says Howard Davidowitz, chairman of Davidowitz & Associates, a national retail-investment-banking and consulting firm...
...Chicago Sun-Times is the smaller of two newspapers in the city. Its parent company, Sun-Times Media Group, trades for 3 cents per share. Davidson Kempner, a large shareholder in the firm, has dumped the CEO and most of the board. The paper has no chance of competing with the Chicago Tribune...
...been corporate meals, dealing a big blow to high-end restaurants that host such events and traditionally see many customers dining on expense accounts. The downturn has prompted fewer companies to pick up the check for recruiting events and celebrations. And instead of entertaining clients with dinner, some firms are opting for a lighter-on-the-expense-account lunch. “We see a little more business at lunch,” said Executive Chef Peter W. Davis of Henrietta’s Table. “[We’re seeing] more entertaining business at lunch and companies...
...Sgarbi's undoing was Germany's wealthiest woman, industrialist and philanthropist Susanne Klatten. Having already received $8.84 million from Klatten, who owns 12.5% of German carmaker BMW and a majority of chemical firm Altana, and is a married mother of three, Sgarbi tried to blackmail her with a secretly filmed video showing the couple in bed. But instead of sending him the negotiated $17.7 million (down from the $366 million police say he asked for), Klatten sent the police. (See pictures...