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...most estimates, the No.2 U.S. car corporation is burning through more than $1 billion a month. As total American vehicle sales drop as low as ten million this year, Ford's financial situation will get worse, even if it gets concessions from the UAW and suppliers...
...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...
...they've got lots of debt on their balance sheet," says Betty Chen, a retail analyst at Wedbush Morgan Securities. Talbots has shuttered its men's, kids and U.K. businesses, and is shopping for a buyer for J. Jill. Good luck finding one in today's market. Earlier this month, investors received some encouragement when the company secured a $150 million credit line from three Japanese banks. In 2008 Talbots also secured a $50 million credit facility from Aeon (U.S.A.) Inc., a wholly owned subsidiary of Japan's Aeon Co. Ltd. and the majority shareholder of Talbots...
...company switched CEOs this month, hiring Ron Marshall, a turnaround specialist and former Barnes & Noble executive. "Borders remains one of the nation's strongest brands with millions of loyal customers who love our stores," says company spokeswoman Anne Roman. "Our new leadership recognizes our challenges, admits that we have made mistakes, and is focused on getting our financial house in order as an immediate priority." Borders stock has flirted with a New York Stock Exchange delisting; it closed at 52 cents per share on Jan. 27, a 95% drop over last year. "They're in survival mode," says Davidowitz...
...local UAW's January meeting was filled with Caterpillar workers asking the assembled panel of experts for tips on how to retrain themselves for new jobs. At next month's meeting, Doty says, "we'll probably have those people back to address those same questions." Few here have clear plans on how to recover. Folks who years ago dropped out of college to take jobs at Caterpillar - jobs they assumed would take them into retirement - are strongly considering returning to get their degrees. Doty offers this advice to union members who have been ordered to take one- or two-week...