Word: stores
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Dates: during 2000-2009
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...record labels screwed themselves: "After almost eight years of stonewalling MP3s and Napster, major label employees gradually accepted the fact that freely selling digital music was the blueprint for survival. EMI's decision to sell MP3s was a step in this direction - as would be Amazon's MP3 store, MySpace Music, and the Radiohead model of giving away music online. But labels were still a long way from overcoming their outdated ideas. They clung stubbornly to long held beliefs that selling millions of pieces of plastic would return them to massive profits...
...said that the success of the iPhone and its Applications Store, whose 15,000 applets have been downloaded a half billion times, is causing competitors to try to follow Apple's lead. Cook then offered a veiled warning apparently directed at Palm, which is set to launch an iPhone competitor, the Pre, with its own touch screen-based interface. "We think competition is good. It makes us all better. And we are ready to suit up and go against anyone," he said. "However, we will not stand for having our IP [intellectual property] ripped off, and we will...
...economy has spiraled down over the last few months, firms have executed a laundry list of liquidations. The Mervyn's department store chain, Levitz furniture outlet, Steve & Barry's apparel stores, Whitehall Jewelers and Linens n' Things have all shut down. KB Toys, the second largest toy retailer behind Toys R' Us, and Boot Town, a Western clothes outfitter, are running liquidations now, along with Circuit City. Look for more to come. Schaye says Hudson Capital's revenues increased tenfold in 2008. According to Erickson, the Great American Group saw a 300% revenue jump in 2008. He predicts similar growth...
...City. The four liquidation companies, the Great American Group, SB Capital Group, Tiger Capital Group and Hudson Capital Partners, together paid some $800 million for Circuit City's merchandise, which is worth around $1.7 billion at retail. The firms must also pay the company's expenses - payroll, rent and store operating costs - for the duration of the liquidation, which will likely take eight weeks. Here, Circuit City shifts the risk to the liquidators. Sure, the company is offering the liquidators $1.7 billion worth of electronics at a very deep discount. But Circuit City now has $800 million to give...
...force that's about to lose their jobs. That's no easy task. "It's a depressed atmosphere," says Fried, a freelance liquidator hired by the Great American Group. He's running sales at two Circuit City locations in New York City. "When a sign goes up that the store is closing, it's an emotional day. When the sign goes up that there's only 10 days left, it's an emotional day. I need to let them vent, if necessary. I realize that I'm often the face they're putting on this situation." (See pictures...