Tag Archives: trade

Business/Economics

“a retail collapse like…The Great Depression.” One retailer kills 23,000 jobs!: U.S. retail/banking/service sector collapse, April 2018

Incomplete list of U.S. retail/banking/service sector job loss WARNings and store shutdowns made or announced in April 2018:

“….they`ll be economic consequences of epic proportions….not this year, but in 2019, 2020, you`ll see a retail collapse like the 1930s and The Great Depression…..We`re already going to have 12,000 stores closed this year. So, it`ll hollow out retail and hurt jobs and actually the shoppers and taxpayers will pay more because you`ll lose the commercial property taxes and you`ll lose the sales tax which is a third of all local and state revenue.”-Burth Flickinger, Strategic Resource Manager interviewed on NBR, 17APR2018

NightlyBusinessReport (NBR): The amount of retail space closing in 2018 is on pace to break a record

FierceCEO: Announced job cuts surged in March, a 71% increase from February

Germany (Deutschland) based Deutsche Bank eliminating 4-hundred U.S. jobs!  

 California: Westlake Village based Guitar Center suddenly laid off 1-hundred people after losing $11-million USD (despite selling online)!  In Ocean Beach, Newport Avenue Antique Center suddenly shutdown, being replaced by a Target Express, which local shoppers say they will boycott.  In Long Beach, after more than 1-hundred years (surviving The Great Depression and numerous recessions) Jones Bicycles shutdown so the owner can retire.  Local news reports say at one time there were three Jones Bicycles stores.  In Burbank, Warner Music issued a layoff WARN, 55 jobs gone by the end of July. In Fontana, clothier LuLaRoe issued a layoff WARN, 127 jobs gone by mid-June! In Irvine, Roth Staffing-Ultimate Staffing issued a layoff WARN, 128 jobs gone by mid-June! Arkansas based Walmart issued a shutdown WARN for its store in Simi Valley, 130 jobs gone by June! San Diego Gaming Ventures issued a mass layoff WARN, 650 jobs gone by the end of May!

Connecticut: In Ridgefield, after 44 years All the King’s Horses tack-shop shutting down when the inventory is gone.  In Westport, after almost 70 years Liberty Army & Navy shutting down in May, so the owner can retire.  Public transportation contractor DATTCO issued a shutdown WARN for its Trumbull ops, 160 jobs gone by the end of June!

Illinois: The North Face suddenly shutdown its store in Evanston due to high rent and low sales.  Shutdown WARNs were issued for ten Carson’s, one Bergner’s and one The Bon Ton stores (see Pennsylvania below).   Acceptance Auto Insurance shutting down its office in Lombard, 52 jobs gone by the end of July.

Iowa: In Iowa City, after 36 years of “If you can’t find it at Paul’s, then you don’t need it” Paul’s Discount shutting down by the end of July, after two years of trying to sell it.  The owners say prospective buyers shied away saying there was too much retail competition in the area.  The Bon Ton issued shutdown WARNs for eight Younkers stores (see Pennsylvania below).

Maryland:  Towson University Marriott Conference Hotel eliminating 60 jobs by the end of June.

Michigan:   Three Detroit area Carson’s stores shutting down (see Pennsylvania below), more than 5-hundred jobs gone by June!  Music venue Live Nation Worldwide temporarily shutting down The Fillmore Detroit, 180 jobs lost to four months of renovations!  After more than 60 years the owners of Hazel Park Raceway suddenly announced they sold-out to a property developer, 90 jobs suddenly gone.  Local news media reported that riders and horse racers had driven miles for the opening day, only to have to turn around and go home.  California based clothier PacSun shutting down its store in The Lakes Mall.  What real estate market recovery? Too Big to Jail MB Financial eliminating 495 mortgage jobs as it exits mortgage industry!  Online furniture seller izzyplus (izzy+) issued a shutdown WARN for its ops in Spring Lake, 72 jobs gone by July.  Apparently izzyplus is dead, so much for online sales.

Minnesota: In Bloomington, after almost 90 years (surviving The Great Depression and numerous recessions) Johnson Hardware shutdown, the retiring second owner described his job as “Six days a week, all my life.”  The Bon Ton issued mass shutdown WARNs for 18 Herberger’s and two Younkers stores (see Pennsylvania below).  In Mankato, after ten years Arrow Ace Hardware shutting down.

Missouri: What automotive industry recovery? In Hazelwood, car seller Gateway Buick GMC now chapter 11 bankrupt busted due to several years in a row of crashing sales.

Montana: In Great Falls, after 20 years Party America shutting down by the end of May, because the owners want to retire.

New Jersey: In Union, after a year-and-a-half home decor store Wrapped Moments shutdown its brick-n-mortar store to focus on internet sales only.  Clothier Nine West Holdings eliminating 102 jobs in West Deptford, by June!  Clothier Maggy London International issued a WARN for its East Rutherford ops, 80 jobs gone by the end of June.

New York: Matty’s Toy Shop shutting down its 14 years old Manhasset location due to not being able to renew the lease.   In Olean, after 15 years Willoughby’s Furniture & Gifts shutdown due to the health problems of one of the owners.  After 18 years B.B. King Blues Club suddenly shutdown, blaming skyrocketing rents.  In Caledonia, after almost 160 years (surviving The Great Depression and numerous recessions) Hamilton & Son Hardware shutting down by June.  Toy maker Mattel issued a shutdown WARN for its NYC ‘office’, 143 jobs gone by August!  It’s part of a plan by Mattel to cut costs by $650-million USD.  British empire United Kingdom based Too Big to Jail Barclays transferring more than 430 NYC jobs to New Jersey! Too Big to Jail Sterling National Bank shutting down its Penn Plaza Financial Center location and eliminating jobs at its Lefrak City Financial Center, due to being taken over by Astoria Bank. Convenience store operator Express Mart Franchising Corporation shutting down its Syracuse location, 53 jobs lost due to the company selling out to competitor Speedway.  The Neiman Marcus Group shutting down its Last Call clothing store in Central Valley, 40 jobs gone by the end of July.  Golden Touch Transportation halting its NYC Airporter Express Bus Services, 176 jobs gone due to loss of contract!

North Carolina: Brooks Brothers Factory Outlet suddenly shutdown its store in Garland, no explanation was given.  California based Too Big to Jail Wells Fargo eliminating 593 jobs in Winterville, between June and October!  In Greensboro, after 66 years Scruggs Florist shutdown because the owners (one in her 80s, the other in his 90s) are tired of working holidays: “Every holiday you work and the only one you get is July the Fourth or something like that.”-Rigdon Scruggs, 90 years old

What real estate industry recovery?  Online mortgage company Ditech shutting down its Charlotte Reverse Mortgage Solutions ops, 79 jobs gone by the end of June.

North Dakota: In Fargo, the West Acres Mall Herberger’s shutting down (see Pennsylvania below).

Ohio: Shopping center owner DDR suddenly laid off 50 people and refused to give details.

Oklahoma:  In Lawton, after 44 years Nick’s Pawn and Jewelry shutdown.

Pennsylvania:  Too Big to Jail BB&T issued a shutdown WARN for its Allentown bank, 50 jobs gone by mid-June.  Pittsburgh based supplements pusher GNC shutting down 2-hundred stores, due to $1-billion USD of debts.  Administrators warned that the number of store shutdowns could increase depending on attempts to renegotiate leases.  Clothier Nine West Holdings issued a shutdown WARN for its ops in Bristol, 98 jobs gone by June!Bankrupt York based The Bon Ton shutting down all remaining 256 stores, 23-thousand jobs gone due to failed efforts to sell the retailer! Don’t forget, The Bon Ton is also the parent company for retailers Bergner’s, Boston Store, Carson’s, Elder-Beerman, Herberger’s, and Younkers.

Rhode Island: In Providence, after 42 years Cable Car Cinema shutdown due to change, fear, excitement, and dread at what’s happening with new entertainment technologies, plus the landlord said the old “historic” building was getting rickety.

South Dakota: In Sioux Falls, after 14 years Family Orthopedic & Shoe Repair shutdown.

Washington: In Seattle, after 37 years Leroy Menswear shutdown, due to the owner losing his fight with cancer.

Wisconsin: In Madison, music venue Frequency shutting down by the end of June due to increased costs and crashing sales.  Too Big to Jail First Citizens Bank shutting down offices in Glendale and Brown Deer, and eliminating 1-hundred corporate jobs by September!  The Bon Ton issued a mass shutdown WARN for all its stores in the state, 2-thousand-255 jobs gone by June (see Pennsylvania above)!

Wyoming: Cheyenne based Great Lakes Airlines suddenly halted operations after 40 years, blaming lack of qualified pilots caused by the Obama era revision of Flight Officer Qualifications.

WARN=Worker Adjustment & Retraining Notification

Your leaders are lying to you, don’t forget to check out the thousands of layoffs in all these other U.S. industries.

OBAMA LEGACY: U.S. APPAREL INDUSTRY DEATH-SPIRAL

U.S. RETAIL/BANKING/SERVICE SECTOR COLLAPSE, March 2018: “THE THIEVES ARE….MORE BOLD.”

SEARS KMART DEATH SPIRAL, April 2018: “TOO BIG FOR OUR NEEDS.”

U.S. INDUSTRIAL/MINING/LOGISTICS LAYOFFS, April 2018:“HISTORIC CHANGES”

Dumbing Down the U.S.A., April 2018: “THIS IS SOMETHING UNEXPECTED”

U.S. HI-TECH/COMMUNICATIONS BREAKDOWN, April 2018:“…TO THRIVE IN THE FUTURE.”

U.S. government shenanigans, April 2018:“BULLSHIT!”

U.S. food crisis, April 2018:“WE’RE TIRED AFTER SEVENTY YEARS OF SEVEN DAYS A WEEK!”

ObamaCare ACA death spiral, April 2018:“NEW NORMAL”

DRUGS, THE AMERICAN WAY, April 2018: TAKE BACK DAY

Business/Economics

“historic changes”: U.S. industrial/mining/logistics layoffs, April 2018

Incomplete list of U.S. Mining/Industrial/Logistics job loss/shutdown announcements made in April 2018.

More U.S. jobs being killed by European Union and China.

WARN=Worker Adjustment & Retraining Notification

 California: Diversified Silicone Products issued a shutdown WARN for its operations in Santa Fe, 68 jobs gone by July.  Germany based shipping company DHL issued a shutdown WARN for its ops in Moreno Valley, 136 jobs gone by June!  France based aerospace company C and D Zodiac issued a multiple shutdown WARNs for its Garden Grove ops, at least 79 jobs gone by mid-July.  Washington based aerospace company Leach International suddenly eliminated 46 jobs at its Esterline Power Systems ops in Buena Park. Hecny Transportation shutting down its Brisbane location mid-June.   Workrite Uniform Company issued a shutdown WARN for its factory in Oxnard, 101 jobs gone by June!  What automotive industry recovery?  Floor mat maker Kraco Enterprises issued a layoff WARN for its factory in Compton, 83 jobs gone by June.

Illinois: Washington based industrial valve maker DeZURIK eliminating 61 jobs in Schaumburg due to “relocation”, taking place in 1st quarter 2019.   In Collinsville, energy company Dynergy eliminating 53 jobs by June.

Iowa: Germany based Siemens shutting down its recently acquired steam turbine factory in Burlington, 125 jobs gone, however a federal mandated WARN has yet to be issued! What automotive industry recovery? Germany based engine parts maker MAHLE shutting down its ops in Winterset, 33 jobs gone by mid-July.

Louisiana: What automotive industry recovery? Monster Moto laying off 30 assembly line workers, in May, and transferring those jobs to China despite the company’s motto being Made in America!  Local news reports say just a year ago Monster Moto promised to hire 3-hundred people (even the state gov’na attended the announcement) but actually hired only 1-hundred!

Michigan: What automotive industry recovery?  Belgium based exhaust system maker Bosal eliminating 40 jobs at its factory in Ypsilati, in June, apparently on-top of the 77 jobs eliminated in April.

Mississippi: What automotive industry recovery?  Advance Auto Parts shutting down and selling off its distribution center in Gallman, 284 jobs gone by Xmas as part of a plan to consolidate 54 distribution centers!

New Jersey: What automotive industry recovery?  Germany based Mercedes-Benz shutting down its U.S. HQ in Montvale, 115 jobs lost due to relocation to Atlanta, Georgia! About 1-thousand jobs transferring to Georgia, so the net loss to New Jersey is about 1-thousand-115 jobs! 

New York: Ireland based electrical parts maker Eaton Corporation eliminating 29 jobs at its Horseheads ops.  It should be noted that Eaton got U.S. taxpayer funded incentives for its operations in Horseheads. Bankrupt (due to $1.5-billion in debts) clothier Nine West Holdings (Nine West, Anne Klein, Bandolino, etc) shutting down its wholesale shoe and handbag distribution ops in NYC, 203 jobs gone by July!

North Carolina: Saudi Arabia based SABIC (Saudi Basic Industries Corporation) issued a shutdown WARN for its Huntersville Innovative Plastics operations, 83 jobs gone by the end of July.

Oklahoma: Petroleum company Devon Energy eliminating 3-hundred additional jobs due to never ending debt!   Between 2016 and January 2018 the natural gas company killed 1-thousand-4-hundred jobs!

Ohio: What automotive industry recovery? Comprehensive Logistics-Source Providers eliminating 150 Austintown jobs due to production cutbacks at the GM-Chevy Cruze factory in Lordstown!  Lordstown Seating killing 83 jobs by mid-June.  And of course the GM-Chevy Cruze production cutbacks will result in 1-thousand-5-hundred GM-Chevy employees becoming unemployed!  GM administrators blame low sales in the U.S.: “…the market continued to undergo historic changes, it required us to reduce production rates and take numerous down weeks to match production with lower customer demand…”

Pennsylvania: In New Kensington, years of down prices for metals and then a $209-thousand USD theft forced Quality Machined Products to layoff employees for the first time in its history.  British empire United Kingdom based chemical company Johnson Matthey issued a shutdown WARN for its Conshohocken location, 119 jobs gone by August!  Dicom Transportation Group issued a shutdown WARN for its Philadelphia location, 51 jobs gone by June.   Pittsburgh Glass Works shutting down its factory in East Deer, at least 160 jobs affected by June, layoffs starting in May!  Worldwide Flight Services eliminating 161 air-freight jobs at Philadelphia International Airport, due to losing a contract!

South Carolina:  Textile maker Alice Manufacturing shutting down its 50 years old factory in Ellison, 175 jobs gone in June due to competition from overseas!

Texas: Salon products maker/supplier Sally Beauty warned of an undisclosed number of layoffs at its Denton HQ, in an effort to save $15-million USD!  Fort Worth based Bell Helicopter suddenly eliminated 120 jobs across the United States!  Houston based Erin Energy (Camac Energy) now chapter 11 bankrupt busted due to the collapse of the African oil industry.  Petroleum company EV Energy Partners now chapter 11 bankrupt busted due to as much as $1-billion USD of debt.

Washington: Jorgensen Forge issued a shutdown WARN for its Tukwila ops, 101 jobs gone by mid-June!  Hot water heater maker A.O. Smith issued a shutdown WARN for its factory in Renton, 57 jobs gone by mid-June.

Wisconsin: Mattel-American Girl shutting down its call center/distribution center in Wilmot, 185 jobs gone by the end of June!

WARN=Worker Adjustment & Retraining Notification

Mining/Industrial/Logistics layoffs, March 2018: “THIS IS A SAD DAY…”

Business/Economics, International, U.S.

Global Economic War: Welcome the new World Trade Organization contender; the Eurasian Union, just one more move towards One World Government

“The creation of a Eurasian Union will provide a boost to the European Union, which will have an overland bridge to China and other rising Asian markets.”-Kirill Koktysh, Moscow State University

On November 18, Russia, Belarus and Kazakhstan signed the Declaration on Eurasian Economic Integration, and the Agreement on the Eurasian Economic Committee (EEC), creating the new Eurasian Union.

“The structure of the (Eurasian Union) is very different from the EU as Russia is an absolute leader, while in the EU even Germany is strong but not completely overshadowing other members. So it will be easier to overcome problems through Russia’s leading role.”-Boris Makarenko, Center of Political Technologies

Don’t think this is a revival of the Soviet Union, it’s actually a spawn of the WTO (World Trade organization).  Before becoming a member of the new Eurasian Union each candidate country must swear allegiance to the WTO!

 

 

 

Business/Economics, International

Global Economic War: China to make business deals with Austria, avoid tariffs

In an effort to avoid the outrageously high tariffs that many European Union members have put on Chinese products, Chinese President Hu Jintao is in Austria hoping to make new trade deals.

Xinhua News said “The two countries should also expand their mutually beneficial economic and trade relations and make concerted efforts to fight trade protectionism and encourage mutual investment.”

Many EU countries have enforced high tariffs on Chinese products, some have even boycotted Chinese products all together.  Austria is one of a few EU countries still open to Chinese imports.

In fact, Austria’s President Heinz Fischer, said Austria will play an active role in seeking the EU’s recognition of China’s full market economy status.

Over the past 40 years, the China-Austria relations have developed continuously, with China becoming Austria’s biggest trading partner, outside Europe, in 2010.

It’s interesting that many EU members are enforcing high tariffs and trade embargoes on Chinese products, yet are hoping China will bail them out of their economic mess.


 

Business/Economics, International, U.S.

Boeing & Airbus claim victory in WTO case

Depending on which media source you read, Boeing won its World Trade Organization case against Airbus.  Depending on which media source you read, Airbus won its World Trade Organization case against Boeing.  Yes, that’s the idea.

Both Airbus and Boeing are declaring victories in their WTO case against each other.

U.S. officials say the ruling helps Boeing: “This definitive victory will benefit American workers who have had to compete with a heavily subsidized Airbus.”-Tim Reif, general counsel for the U.S. Trade Representative

Airbus officials say the WTO ruling upheld European loan subsidies: “…government loans are a legal instrument and that none of the government loans made to Airbus over the past 40 years were prohibited…”

Boeing reps said this is a “definitive victory” for the United States, but Airbus said “This is a big win for Europe.”

Who’s right?  The WTO looked at the allegations line by line, and voted line by line, basically splitting the difference.  So both sides think they won, when in reality they broke even.