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Archive for the ‘http://WOWEmployment.blogspot.com’ Category

>No Bank Investment, No Jobs–But Some Employers Have Answers

> October 21, 2008 — 10:00 a.m. EDT

Owners Say Franchisers Pass on More Costs

Some franchisees say they are being forced to pay for a variety of expenses for the first time — making difficult economic times tougher.

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Rocket Man Ran a Proper Business

Software entrepreneur Jim Benson built a rocket company to colonize asteroids. Instead, he wound up piloting SpaceDev, a successful, if earthbound, venture.

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Entrepreneurs Feel Squeeze as Venture Capital Gets Scarce

Venture capitalists are reining in spending amid the financial downturn, a shift that has implications for entrepreneurial activity.

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Looking for Cost Cuts in New Places

Small companies often have to get creative to find waste where little exists. Here’s a look at four companies that did so without sacrificing necessities.

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No Simple Answers for Small Business

Small-business owners want to know which presidential candidate would give them the best deal on taxes. It’s a simple question with no simple answers.

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Financial Advice for Joe the Plumber

Joe Wurzelbacher doesn’t need a new president – he needs a new accountant. The tax code contains incredible deals for small business owners and independent contractors.

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States Set New Data Privacy Laws

Nevada is the first of several states adopting new laws that will force businesses to revamp the way they protect customer data.

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Firms Struggle With Commodities Costs

Some small companies have yet to feel the salve of the drops in commodities prices and are continuing with efforts to mitigate the damage.

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A Perfect Match?

Learn how building the right work environment can help companies attract — and keep — Generation Y workers.

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Naming Rights

Relief may be on the way for small businesses stuck with bad Web addresses. Next year, the organization that oversees the Internet will start selling rights to an unlimited number of new top-level domains.

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Tracking Consumers Across All Media

A small media research company is measuring the success of ad campaigns across multiple forms of media — using a consumer’s cellphone.

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Chain Reaction

Many immigrants look to establish themselves by running their own business. But starting — and successfully running — a small business is hard enough without the language and cultural barriers. So, many turn to a franchise concept.

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Small Talk

Kelly Spors answers questions about getting copyrights, comparing benefits and finding credit-card information.

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My Brain, Your Brawn

With competitive pressures mounting and a need for a continual pipeline of new product ideas, some of the biggest consumer companies in the world are increasingly looking outside their own corridors.

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Lending, With a Twist

As the credit crisis deepens and Wall Street roils, it’s getting tougher for small companies to land bank loans. For On Deck Capital, that situation spells opportunity.

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Help for the Holidays

Millions of people are about to descend on the Internet, and competition for their dollars will be tough this year, with money tighter amid a weak economy. You need an online-marketing plan to help you make the most of the season.

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Help Wanted — and Found

Small-business owners are increasingly finding help for their high-tech needs in online markets where free-lance tech specialists compete to provide their services.

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Companies Trim as Business Slows

Companies are looking for cuts in every budgetary nook and cranny in an economy dragged down by slowing consumption, an imploding stock market and tight credit.

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Factoring as Alternative Financing

Kelly Spors answers a reader question about factoring as a source of alternative financing.

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Banks’ Woes Spread to Their Suppliers

The banking-industry crisis is already hurting small and midsize businesses that were built to provide products and services to a booming financial sector.

>Latest Job News & Views (Comments)

>

Circuit City May Shut Stores, Cut Jobs

By ASHLEY M. HEHER

,

AP
comments: 113
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CHICAGO (Oct. 20) – Shares of beleaguered electronics retailer Circuit City Stores Inc. rose Monday after a report said the chain may close at least 20 percent of its stores to shore up its finances and avoid filing for bankruptcy protection.

Circuit City store

Paul Sakuma, AP

Circuit City’s advisers are trying to line up additional financing but so far lenders have shown little interest, according to the Wall Street Journal.

Citing “several people familiar with the matter,” The Wall Street Journal said the nation’s second-largest consumer electronics chain was considering closing at least 150 locations and slashing thousands of jobs to avert a Chapter 11 filing.
Closing dozens of stores would allow the retailer to liquidate $350 million in inventory that could be used to pay real-estate costs, including leases on abandoned sites.
Circuit City spokesman Jim Babb said the chain wouldn’t comment on the details of the report or “rumors” as it continues “a comprehensive review of all aspects of our business” in order to accelerate its turnaround plan and boost its financial and operating performance.
“As previously announced, this includes assessing the productivity of our asset base and making decisions that are in the best long-term interest of Circuit City and our stakeholders,” he said in a statement Monday.
Investors appeared pleased at the report, sending the company’s shares up more than 20 percent in morning trading and providing a small gain for the stock that’s lost more than 90 percent of its value this year. But by early afternoon, the shares had fallen back and were flat at 39 cents.

Douglas C. Pizac, AP

35 photos

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Store: Mervyns

Why? The ailing department store chain on Friday said it would move forward with plans to liquidate its remaining stores.

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Standard & Poor’s analyst Michael Souers said he was maintaining his “Hold” rating on the retailer, but slashed his price target in half to $1.
“While we would applaud (Circuit City) for its attempt to stay solvent, we remain highly pessimistic on holiday sales, and on consumer spending in 2009,” he wrote in a research note to investors, adding that he was maintaining his projections that the company would lose $2.65 per share in 2009 and $2.48 per share in 2010.
The Richmond, Va.-based company, which is in the midst of a comprehensive review as it works to operate as a standalone business while exploring strategic alternatives, has had only one profitable quarter in the past year. It posted a wider second-quarter loss last month with a 13.3 percent decline in same-store sales.
The results came after Circuit City replaced its chief executive and withdrew its outlook for the full year because of traffic declines, stronger competition and a weak brand.
In May, Goldman Sachs & Co. was hired to help the retailer explore strategic options amid a now-withdrawn $1 billion takeover bid from Blockbuster Inc.
The Journal reported that Circuit City hired Skadden, Arps, Slate, Meagher & Flom LLP as its bankruptcy counsel earlier this month, citing unidentified people familiar with the matter. The newspaper also said the company hired FTI Consulting Inc. to develop a turnaround plan and has retained investment bank Rothschild Inc. to lead discussions with banks and acquire emergency financing.

Copyright 2008 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.
2008-10-20 06:43:27

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Recent Comments

1 – 10 of 113
113 comments

Weindeldesigns 04:38:10 AM Oct 21 2008

I see so many people bitch about customer service at places like these. Fast food joints too. Yet I don’t see any of the bitchers taking these underpaying jobs to deal with customer who want every thing for free but expect the best product and service that money can buy. We will be our own down fall and the funny thing about it is: WE WILL BITCH ABOUT IT!!!

They’re on Cityskoop.com every week with sales so it seems like they’re really trying to move merchandise. then again so is Best Buy. what a crazy time with Linens N Things also going under.

Keep their job one more day??????? If they had any sense at all, they would be working somewhere else.



Wow, sorry but politics aren’t applicable here, unless you’re talking about George Bush’s adminstration allowing businesses to run amok and then execs bail out with a lot of money leaving despair and destruction in their wake without an ounce of conscience.

CherokeeA1 11:03:18 PM Oct 20 2008

I will tell you why Circuit City is going under. I went in there last year with my daughter to buy an IPod. No one asked me if I needed help. There were six salespersons standing around talking to each other. I went across the street to Sears and was waited on immediately. I have not been back to Circuit City.

Shadowsmgc 10:37:21 PM Oct 20 2008

SJILL0101 08:03:51 PM Oct 20 2008 Report This! You choose to forget the war in Iraq has plunged this country into this recession. Before Bush, we had a surplus, we now are so deeply in debt as a country, we will never see the end of it.Outsourced jobs by rich Republican CEOs.No one buys American anything anymore, not that there’s a whole lot of American goods to buy…No jobs, less you brave guys want to join the Army. My son went to Iraq twice for over 2 yrs. What does he say we accomplish? Nothing! NADA.But you go watch McC commercials and choose how you vote.There will be no stores left soon, each one we lose means no competition. Higher prices.————————————————————————————-Barrack will make us all even. He will implement his Socialistic plans. He’ll take from Joe The Plumber, and give those poor non-working stiffs. Each to his own needs etc. The “War” began well before the Iraqi invasion. It will come to our soil, eventually. I

Shadowsmgc 10:25:17 PM Oct 20 2008

ChristosStavros 08:43:27 PM Oct 20 2008 Report This! ALL of you IDIOTS you IDIOTS you IDIOTS that voted for Dubya-monkey ARE REAPING WHAT YOU HAVE SOWN!——————————————————————————————Chris, You ain’t seen nothing yet. This economy is going waaayyy dooowwnn. If you’re lucid, you’ll know that the main reason for our Economic/Financial meltdown, is the Majority led, Democrat Congress. They’ve quite openly protected, and defended the Thieves and looters, as they pilfered, and drained our treasury. Any company, Country, or entity who allows it’s leadership to be so grossly overpaid, should fail. When we, the citizens sit by, and watch Fannie Mae, Freddie Mac, Merrill Lynch, and AIG, be looted, we’re complicit, by our inactivity. We really deserve a deep depression, more severe than the one in the 30’s. It would be cruel justice, but we deserve it. Dennis

MKN84 09:49:16 PM Oct 20 2008

Why one more Christmas? One last fill of the pockets and then run? One last bonus check for the execs who are already making high six figure salaries? Nobody likes this store any more. Its got a fatal flaw. Their retail image is irreparable. Just close now and forget it. Who are you trying to fool? What are you going to do, stiff the employees on Christmas Eve??

ChristosStavros 08:43:27 PM Oct 20 2008

ALL of you IDIOTS you IDIOTS you IDIOTS that voted for Dubya-monkey ARE REAPING WHAT YOU HAVE SOWN!

JFNorthglenn42 08:24:55 PM Oct 20 2008

To Gangary214 At the time the comissioned salespeople were let go it was attributed to a “model” Best Buy was successfully using and killing Circuit City in market share acros the country …it wasn’t about putting a few $ in the poor pockets of salespeople who really cared it was about putting a few $$$$ in the rich top level managers and appeasing the stockholders

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Financial Crisis Quiz

When the stock markets first reopened after the 9/11 attacks, how many points did the Dow Jones fall?

Headlines From AOL Money & Finance Partners

>Foreclosed Second Homes–No Federal Help Expected

>

Foreclosures: Banks Are Ready To Spend That $800 Billion

We are publishing an older blog because our readers should keep in mind the help the government is giving is not to the people who owned two or more homes. After December 1, 2008 you can contact your lender. Such companies as Loan America have already placed big notices on TV and the Net. They have advised this author that if you qualify, the government will buy out your high mortgage (assuming you are up-side-down in your mortgage) and let you refinance without closing costs.

(“Upside-down means the value of your house has dropped so much that you owe more than it’s currently worth.”)

However, you must qualify. That means you must demonstrate that you would have the income to pay off the new mortgage. Also, if approved you must remain in your home five years following the refinance deal. That is to avoid what happened before, when everyone waited two years to take advantage of no capital gains taxes on the increase, then hoped to drop their house onto the market.

A loud, long, heavy thud hit the market at once, driving down prices, plumeting us into this housing mess. The five-year provision should end the house-hopping and stabilize the market, keeping owners in their homes long enough for the economy to improve. Stay tuned for further details as they are released. Don White