Category Archives: Business/Economics

Business/Economics, U.S.

What Economic Recovery? List of U.S. job losses & store closings for 24 January 2013. God can’t save Mormons from losing their jobs! More companies making big profits laying employees off! Georgia now a Death Trap for restaurants? More bad news for higher education & renewable energy!

United Airlines announced 600 layoffs, many possibly in Illinois!  They blame reduced air routes, and a $723 million USD loss.

Gap clothing store shut down in Winnetka, Illinois.

Minnesota based 3M eliminating 300 jobs! Company officials say they need to merge divisions in order to “increase efficiency”.  At the same time 3M officials reported a 4.9% increase in revenues compared t0 last year, for a total of $6.5 billion!  And they still need to increase efficiency?

120 people out-o-work in Eau Claire, Wisconsin! In-home healthcare provider LifeNet is ceasing operations.  No reason has been given.

Also in Wisconsin, Menomonee Falls’ only independent skate shop, Tweakboarding, going out-o-business. The owner blamed many issues, like starting a family and internet competition: “This is not the first local skate shop to go under in the Milwaukee area. If you appreciate the convenience of having a local shop, we recommend that you shop there and not online….”-John McCool

In New York, health insurance company MVP Health Care laid off 68 employees. Company officials said it’s their way of addressing “administrative expense”.  Last year they laid off dozens of people, and forced dozens more into early retirement.

In Las Vegas, Nevada, Boyd Gaming laid off an undisclosed number of employees across the country.  Reports say at least three of those were company vice presidents!  Company officials said only that “As we all know, revenue is unpredictable.”

California based software company Symantec says it will reduce executive and middle management positions.  It’s part of their plans to put more decision making power into the hands of the “front line employees”.  The company isn’t hurting for money, they’re paying out dividends to shareholders, plus they’re spending $1 billion to buyback much of those shares.

California based URS Corporation will cut 31 jobs from its operations in Maryland. The company deals in engineering, construction and technical services.

The headquarters of the Church of Later Day Saints (LDS, aka Mormons) in Salt Lake City, Utah, will layoff staff: “This action is based solely on the need to be sure that resources are being used wisely to meet the evolving needs of a global church.”  (if you know the history of the Mormons, their church is always conveniently “evolving” its policies)

In Bountiful, Utah, Duncan Lighting has sold out, to the internet.  The company is closing its brick & mortar operations and going online: “In a nutshell, the storefront just wasn’t doing enough business. It wasn’t profitable enough and the e-commerce does really well in the new kind of business that is out there.”-Ken Duncan, store manager

BlueScout Technologies goes bankrupt.  The company was involved in wind power.  Company officials said they were unable to raise enough capital (money through investments or traditional loans) to continue.

SRT Holdings, a company involved in solar power, will end manufacturing operations in East Windsor, Connecticut. Company officials say their main customer switched to another supplier without giving any reason.

In Tacoma, Washington, school supply store School Daze closed down: “The economy just killed us. We’ve tried to weather it, but we’re soaking more of our money into it and it’s not working.”-Jerry England, co-owner

Going south into Oregon, the internet is not helping online American InterContinental University.  The Illinois based online college (Career Education Corporation) will layoff 124 people at their Beaverton campus! Company officials are trying to cut costs after losing at least $109.7 million last year.  They also have plans to close their Sanford-Brown College campus in Portland.

In Georgia, two East Cobb area restaurants closed down. The Caffe Fortunato, and a Houston’s. No official reasons were given, but some reports say the East Cobb area is now considered a “death trap” for restaurants.

Business/Economics, Idaho, U.S.

Economic Recovery? WinCo about to close Store number 5 in Pocatello! Blame massive company expansion! Proof that employees know how to run a company better than elites!

13 February 2013, a visit to your local Pocatello, Idaho, WinCo grocery store will reveal shelves that are fast becoming bare.  All orders for Store number 5 have been stopped, the store will cease operations sometime in March.

The Pocatello store was the fifth store to open in Idaho, after Ralph Ward and Bud Williams started the grocery operation back in 1967.  Various stores were called Waremart Food Centers, or Cub Foods until 1999.

The official WinCo web site says the current name stands for Winning Company, but I swear I remember being told, by WinCo employees I knew during the name change, that WinCo was the creation of a school kid who won a contest for coming up with the new name. Supposedly WinCo actually stands for the U.S. states that the grocery chain operated in at that time: Washington, Idaho, Nevada, California and Oregon.

Click pics to make bigger

In 1985 the employees of the company became majority owners in the business.

Since the name change WinCo has been expanding.  That expansion has picked up pace ever since the downfall of competitor Albertsons (once a Idaho based grocery store chain, but not anymore).

Since 2006 Albertsons has been passed around to several new owners (despite the website making it look like it’s still owned by the Albertsons family):  A Minnesota based company called Supervalue, an affiliate of evil Cerberus Capital Management called AB Acquisition, and CVS.  Finally in January 2013 evil Cerberus Capital Management became sole owner (I wouldn’t be surprised if they liquidate).

According to Albertsons’ website they are down to 450 stores across the country (WinCo has a ways to go, with only 85 stores and 14,000+ employees).  But employee owned WinCo is exploding.  In the past ten years they’ve built a giant distribution center south of Boise, added new stores and another distribution center in California, and expanded into Utah. Now Pocatello will get what many loyal WinCo shoppers have been demanding, a giant new WinCo.

But wait, there’s more.  WinCo has announced a new store for Bellingham, Washington, in the Old Joe’s Sporting Goods building (at a cost of $7 million).  WinCo just spent $5.1 million buying land in Gilbert, Arizona. The property is currently a car dealership, but will become WinCo’s fourth store in the Grand Canyon State.

There are some concerns for WinCo, like a lawsuit in Vallejo, California, which is trying to stop the building of a new store based on environmental reasons.  Also, some of WinCo’s new HQ management jumped over from the sinking ship known as Alberstons, which causes many WinCo employees to worry.

I’ve known some WinCo employees who had a tough time dealing with WinCo’s employee policies (which are very strict compared to publicly held companies), but it’s hard to challenge those policies since they are supposedly approved by fellow employees.

Also in California, a mom and pop grocery store in Merced is shutting down, they blame Walmart and WinCo: “Things are changing in the industry. It’s getting harder and harder every year to compete, especially family-owned types of businesses such as ours.”-Gary Lowe, General Manager

In today’s economy an employee owned company is as close as you can get to a family owned operation, and there’s less of a chance the company will be sold off just for the value of its assets (like Sears and Kmart), so my money’s on WinCo (too bad you can’t buy stock in privately held WinCo, lucky employees, and besides I don’t really have any money to invest).

Pocatello’s new WinCo store number 117 was built on the Old Fred Meyer building site (aka Alameda Plaza) right next to a former Albertsons (on the land I used to do property management, for JP Reality who then sold out to General Growth Properties).  Number 117 is at least twice as big as the Old Fred Meyer building.

The New Fred Meyer building is located where the Old Pocatello Mall used to be.  So now Store number 5 will be called the Old WinCo, and the Old Fred Meyer will now be called the New WinCo, and everyone will forget there was an Old Fred Meyer just like they’ve forgotten about the Old Pocatello Mall.

That’s progress!

Business/Economics, Idaho, U.S.

2nd U.S. civil war, Got Ammo? East Idaho running out of bullets!

“Idaho will push back. A question that is rolling around in most Idahoan’s heads right now is, what part of ‘shall not be infringed’ don’t they get?”-Scott Bedke, Idaho Speaker of the House

The threat being made against our Constitutional right to defend ourselves with whatever is the weapon of choice by today’s military/police (it ain’t about hunting or collecting or any of that BS) is creating a severe shortage of ammunition.

“People are getting what they can while they can still do it before those rights are stripped away.”-Mike Visser, instructor at gun store in Wyoming

Here in eastern Idaho, Walmarts started rationing bullets back in January, and now they’ve run out!

Many anti-gun rights (and therefore anti-American, anti-Constitution) activists are calling for ammo control laws, like background checks, and serial numbers for bullets!

There’s also federal bills being proposed to go after internet ammo sales.

In Idaho people and businesses are fighting back.

This past weekend in Boise, Cabelas sporting goods store gave $25.00 gift cards to anyone who joined the National Rifle Association (NRA).

Recently the Red Coat British media reported on a group of Idahoans who bought 20 acres (8 hectares) and plan to build a city where it’s mandatory for everyone to own “…an AR-15 rifle, 1,000 rounds of ammunition and enough supplies to withstand a collapse of society.”  The Citadel will eventually have 3,000 acres (1214 hectares)!

Then there’s Mormon Glenn Beck (with connections to east Idaho), who said “…Glenn believes that he can bring the heart and the spirit of Walt’s early Disneyland ideas into reality. Independence, USA wouldn’t be about rides and merchandise, but would be about community and freedom. The Marketplace would be a place where craftmen and artisan could open and run real small businesses and stores. The owners and tradesmen could hold apprenticeships and teach young people the skills and entrepreneurial spirit that has been lost…”-Glenn Beck website

Even law enforcement in Idaho is pro-gun rights: “We, the sheriffs of the State of Idaho support the right of law-abiding citizens to keep and bear arms and we oppose any intrusion upon those rights.”-Idaho Sheriff’s Association (ISA) statement

However, the ISA also said it was up to courts to determine if a law was unconstitutional or not.  They also want to see improvements in mental health services, at a time when lawmakers are slashing and burning such services.

School District 25, in Bannock County, recently approved the installation of gun safes, so school cops can bring their rifles to work.  It’s not the only school district in Idaho to due so.

To hear what President Barack Obama said in his State of the Union, on 12 February 2013, it’s clear that the United States is more divided now than when Obama gave his first State of the Union address four years ago.

Business/Economics, International

What Economic Recovery? Surprise downturn for Pioneer! From $10 million in expected profits to $40 million in losses! Proof that being an optimist will not hold back reality!

12 February 2013, Japan’s electronic maker, Pioneer, says it now expects to suffer a $40 million USD loss, instead of a previously expected $10 million profit.

As a result 800 employees will be laid off, and the rest will see their pay go down.  Pioneer is the first major Japanese electronics maker to couple pay reductions with job layoffs.

Company officials said their optimistic expectations of profits were shattered by the reality of crashing sales worldwide.

 

 

Business/Economics, U.S.

What Economic Recovery? List of U.S. job losses & store closings for 23 January 2013. More proof that God can’t stop a shut down, and Christians are greedy! Big profits do not stop companies from laying off hundreds! So much for health care, thank you Obama/Romney! Renewable energy goin’ down!

In Minnesota, the Andersen windows Corporation laying off an undisclosed number of employees. Corporate officials say its part of their normal seasonal employment practices.

In North Carolina, coffee, wine and tea store 3 Cups gone for good: “After much deliberation, we have decided that our 3 Cups business model is no longer financially sustainable.”-owners

The Gift Garage in New York, shut down.  Also, the Scotch ‘N Sirloin Steakhouse in the Winton Place mall, shut down with no reason given.

In New York, the Roman Catholic Archdiocese announced that 22 elementary and two high schools will be closed down!  Church officials said the schools were not financially self sufficient.  Christian Greed might be a factor, as many of the schools are used for poor Catholic families who can’t afford to pay for private school.

Learning Ally, a non-profit that helps people with learning disabilities, ended its Charlottesville, Virginia, operation.  It’s one of eight learning centers they will close down. Company officials blame financial problems.

In Virginia, the Richmond school district revealed that as many as 500 people will lose their jobs because of the budget!  The Richmond School System is dealing with a $11.6 million USD shortfall.

International Business Machines (IBM) revealed they will “rebalance” their workforce, despite a $5.8 billion profit!  They did not give details.

Vertis Communications is closing up shop in Dallas, Texas. 27 employees being laid off. The Maryland based company went bankrupt and sold most of its assets to a competitor.  Vertis officials said the assets that haven’t been sold off will be shut down.

Med-Aid Pharmacy in Mission, Texas, is closed down. They blame changes in Medicaid reimbursements.

144 people were told they will be out-o-work at the Grand Rapids Home for Veterans!  Michigan state officials are trying to save $4 million dollars by switching to contracted work, and they claim quality of care will not go down.  That claim is disputed by a recent University of Michigan study.

Summa Health System laid off 54 employees in Ohio. They blame lower than expected revenue due to the Obama-Romney health care reforms!

In Minnesota, North Memorial Health Care laid off an undisclosed number of employees at the North Memorial Medical Center in Robbinsdale.  Officials blame decreased admissions and revenue.

The Calhoun County Hospital in Arlington, Georgia, laying off 29 staff. They blame the unstable financial situation of the hospital.

Glendale Memorial Hospital, in California, said they will layoff employees because of the increased number of patients who can’t pay.

This comes after California’s Glendale Adventist Medical Center laid off 21 staff, blaming it on the Obama-Romney health care reforms!

California base Leap Wireless announced 120 job cuts.  The cuts are a result of the company reducing its retail distribution.  Walmart and Radio Shack are now its only distributors, after Dollar General, Target and Kmart were cut.

In California, specialty gift store Brookstone said they were leaving the troubled Downtown plaza, in Sacramento.

In Oklahoma, a germanium refiner laid off at least 34 employees. Umicore Optical Materials blamed the layoffs on a drop in demand for their solar power product.

In Wisconsin, Alliant Energy said they are laying off 30 employees at their Madison renewable energy construction firm.  They are also letting go 36 out-o-state employees. Officials blamed a decline in demand for renewable energy sources: “The wind business isn’t doing very well, and we’re looking to get back to our core business of gas and electric utilities.”-Scott Reigstad

RR Donnelley printers shutting down in Greenville, Wisconsin.  47 people out-o-work.  They blame market conditions, like competition with the internet.

In Lewiston, Maine, a printing company founded in 1878 is going bust.  Geiger Brothers is shutting down their manufacturing division, laying off 75 people.  They say they’ve been losing money to internet and home computers.

The print version of Treasury & Risk magazine ceased to exist. Summit Business Media ended production of the printed version, and wants to sell off its Futures magazine.

In Illinois, the Good as New Thrift Store and Training Center to shut down. The company that runs the center said it has “not met certain goals and objectives”  (probably code for “not making enough money”).

In Ohio, Olan Mills photography service has closed all its Cincinnati stores.  Stores in Kentucky are also closing.  Stores in Tennessee were closed last year after new owners took over the company.  The new owners blame digital pics. Olan Mills started in the 1930s.

UTC Aerospace Systems eliminating 71 jobs in Connecticut.   The cuts will take place at their Windsor Locks operations, and they say it’s because the company needs to save money.

200 people will be out-o-work in Florida! Elster AMCO Water going bust. The 45 years old business was one of only five U.S. companies that made water meters.   The company was sold out to a Red Coat British company, who decided to move manufacturing to Mexico.

As I’ve reported in my Kmart/Sears closings updates, the Kmart in Seattle, Washington, closing down. 85 people out-o-work.

TOP Food & Drug in Lacey, Washington, closed down. Company officials say it’s necessary to “strengthen our overall business”.  Since 2010 they’ve closed five other stores in Oregon and Washington.

Too big to fail JP Morgan Chase laying off another 121 employees! They blame the mortgage settlement with the federal government.

Business/Economics, International, U.S.

Norovirus update, 13 February 2013: Spike in cases! School budgets getting hammered! More hospitals in U.K. shutting down! Avoid Oysters! Blame no paid sick leave, again!

13 February 2013

In United Kingdom, the Arrowe Park Hospital has lifted visitor restrictions.  Hospital officials said they imposed the restrictions to keep patients from catching the vomiting bug.

12 February 2013

Two nursing homes in Sacramento County, California, are reporting outbreaks.  At least 34 people sick.

Also in Sacramento County, school officials say there are so many students out sick that the school districts are losing state funding.  Officials report losing between $28 and $39 USD per day for every student out sick.

A New Jersey TV station reporting that hospitals in Bronx, New York, are reporting spikes in the number of people coming in with the stomach bug.

In United Kingdom, four wards of the York Teaching Hospital were shut down:  “It’s really tough in the hospital. We have had to open extra beds wherever we can in areas which have previously been empty. Staff is also thin on the ground because some of them have also come down with the bug.”-Libby McManus, National Health Service (NHS)

In Arkansas, health officials believe the norovirus (aka Norwalk virus) has hit their state, but, because it isn’t really tracked they’re not sure how bad it is this year.  One doctor said that norovirus is under-reported.

In Belgium, the grocery store chain Carrefour is recalling Normandy oysters. The company is worried because of the growing number of people who ate them are now showing signs of norovirus infection.

11 February 2013

In Canada, visitor restrictions have been lifted at a Prince Albert Hospital. 16 patients and eight hospital staff became sick back in January.

08 February 2013

In Pennsylvania, a Catholic prep school, Villa Joseph Marie, closed because too many students were out sick.

In Tennessee,  doctors say norovirus is now at epidemic levels: “For other people who have chronic illnesses like diabetes and heart disease, it can be deadly.  A lot of these people have to get put in the hospital because they get so severely dehydrated.”-Mark Castellaw, Baptist Memorial Hospital

In Wyoming, state inspectors have determined the source of what caused a norovirus outbreak at a Golden Corral buffet back in December.  A 15 page report blames 31 employees, who kept working even though they were all sick. A total of 344 cases were reported. Blame no paid sick leave!

In Contra Costa County, California, it was revealed that a steak restaurant was closed because of the vomiting bug. County officials closed Fleming’s Steakhouse after several employees and at least two customers became sick.  It’s now open after being cleaned.

In South Dakota, the entire Bridgewater-Emery school district closed down because so many students and teachers were out sick.

07 February 2013

In North Carolina, the Mecklenburg County Health Department has confirmed many cases at local nursing homes.  At least 45 residents and 12 nursing home staff are sick.

In Missouri, the Saint Louis County Health Department reports at least eight outbreaks in the county. Officials with Barnes Jewish Hospital say cases are spiking.

06 February 2013

In California, Charity Thoman, with the Santa Barbara County Public Health Department, wrote of her experiences with norovirus, and tried to explain why this year’s version is so bad: “What’s different about the virus in this 2012-2013 season involves one of my favorite topics: evolutionary genetics. Norovirus is a single-stranded RNA virus which can evolve rapidly by inserting small mutations into its genome. In March 2012, the virus mutated again, resulting in the GII.4 Sydney strain (named after its origin in Sydney, Australia). This mutant strain is spreading rapidly across the world and across California. Santa Barbara County is now sending all positive stool specimens to the California Department of Public Health (CDPH) for further subtyping to determine which strain we are dealing with. So far all of our positive specimens have been the new Sydney strain.”

In Ohio, the Columbus Public Health Department reports 100 confirmed cases.

Business/Economics, Idaho, U.S.

What Economic Recovery? List of U.S. job losses & store closings for 22 January 2013. Dish Network to close 300 Blockbuster stores, 3,000 people unemployed!

Dish Network announced they will shut down 300 Blockbuster video stores across the country.  3,000 people out-o-work!!!  Dish Network bought Blockbuster in 2011.

AT&T eliminating 66 jobs at their Greensboro, North Carolina, call center.  They call it “business reduction”.

The Food Lion grocery store chain announced it will shut down eight stores in North Carolina.

Amy’s Hallmark closing down in Shelby, North Carolina.  It’s a corporate owned store, and Hallmark blames the bad economy: “…I can confirm that it is scheduled to close on February 24, due to declining sales.”-Toni Ferro, spokeswoman for Hallmark

International Paper announced it will end operations of their number 2 paper machine at their Augusta, Georgia, factory.  75 jobs lost.  The number 2 paper machine had been in operation since 1965.

The independent owner of a Pella women’s clothing store out-o-business in Buckhead, Georgia.  The owner said the bad economy was more than her 37 years old business could handle: “The economy is not the same….Independents are struggling.”-unnamed owner

In Texas a relatively new state toll road agency is already in trouble.  The Alamo Regional Mobile Authority (ARMA) says it has to layoff staff just to make it to 2016.  There have been many problems with the new agency, including projects getting way behind schedule (ARMA blames it on federal environmental impact studies). However, county officials would like to see the ARMA disappear:  “What we’ve asked them to do is downsize their staff to zero. Why would you spend hundreds of thousands of dollars to do nothing?”-Kevin Wolff, Bexar County

After 54 years in business, Texas HVAC company Avery Air now bankrupt and liquidated.  More than 45 people out-o-work. Investors claim they tried to save the company, but previously unknown expresses and debts forced them to shut the company down.

Southern Air is moving its HQ from Connecticut to Kentucky.  It means 120 out-o-work in Connecticut: “…it has become apparent that a relocation of our headquarters is warranted for both strategic and financial reasons.”-Dan McHugh, CEO

A controversial brain injury treatment center now bankrupt. The Florida Institute for Neurologic Rehabilitation is wracked with problems, from investigations over patient abuse (one claim says caregivers forced patients to fight each other, just like in those for profit corporate prisons) to tens of millions of U.S. dollars in unpaid debt.

The Grant Family Farms out-o-business.  The Colorado family blamed crop damage and the bad economy, but swore to come back: “We have farmed here in Colorado for 61 years; we will figure out a way.”-Andy Grant

Envi, a specialty re-sale store in Old Colorado City, Colorado, giving up the ghost because of the bad economy: “It’s just been a roller coaster ride and it’s time to get off. I don’t feel like it was great when I started, and I don’t feel like it’s getting any better, to be honest.”-Marci Austin, owner

The owner of several women’s clothing store chains, Big M, now bankrupt.  The New Jersey based corporation owns 150 stores in the United States.  The company says it has $50 million in assets, but owes more than $100 million in debt.

In Idaho, the Ann Taylor women’s clothing store in the GGP owned Boise Towne Square mall, gone for good. 14 employees out-o-work.

Click the pics to make bigger

As I’ve stated in my updated reports on Kmart & Sears closings, the Milwaukie Kmart in Oregon being shut down.  At least 61 people out-o-work.

In California, the 50 years old restaurant, Hof’s Marina, shutting down in Long Beach.  No info about the other five Hof’s restaurants.

In Minnesota, a Work Out World in Rochester shut down with little notice: “There was a semi-truck hauling out equipment and a terse sign about it closing on the door. I couldn’t believe it.”-Victoria Nyari, customer

In Queensbury, New York, the Sokol’s Market closed down after 40 years of operation.  “Everybody has been affected by the economy. We could have held on and made the best of it, but we have an opportunity to end on a good note.”-Matt Sokol

In Pearl River, New York, Hadeler Hardware up for sale. The owner of the store first started in 1905, wants to retire.

Business/Economics, International, U.S.

What Economic Recovery? FedEx radical changes, buys out 10% of executives! More changes to come!

The world’s second largest shipping provider, FedEx, is buying out 10% of its U.S. executives!

Company officials refused to give exact numbers.  Don’t feel too bad for those officers and directors, they’ll get anywhere from four weeks to two years worth of pay (depending on how long they worked for FedEx) as part of the buyout.

But this is just the beginning of employee cuts. Fedex officials said they have to radically change up their operations in order to hit a profit target of $1.7 billion USD: “The goal is to explain, at a high level, the most significant organizational realignments we plan to make in the months following the voluntary buyout process. A series of cross-functional teams continue to work on plans for our future structure below the director level. Those details cannot be finalized until after the voluntary buyout process is complete.”-recent FedEx memo to employees

 

Business/Economics, U.S.

What Economic Recovery? List of U.S. job losses & store closings for 21 January 2013. Bad economy hits commercial truck tire factory! Another Romney wonderkind Staples goin’ down! No more AAFES movie theaters?

Goodyear tire maker recently bought out the contracts of 200 employees at its Fayetteville, North Carolina factory. Now Goodyear wants to layoff 41 people at its Danville, Virginia factory.  The Danville factory makes commercial truck tires, and company officials say the bad economy has reduced demand for the big truck tires.

In Ohio, one of Mitt Romney’s claim to fame, a Staples office supply store will shut down in Bellefontaine.  It’s part of the company’s plans to downsize its operations.

Fairview Clinics-Chaska, in Minnesota, closing down and moving to a new location.  They blame it on a drastic reduction in customers seeking health care.

As part of their plans to cut back worldwide, Canada’s Cirque du Soleil ended its Iris show in Los Angeles, California.  100 people out-o-work!

The U.S. Army and Air Force Exchange Service (AAFES) is shutting down half of its movie theaters at U.S. military bases around the world.  The reason is that the AAFES movie theaters never upgraded to the latest projection technologies, and now the cost to upgrade is not justified by amount of business the theaters get.  100s of jobs will be lost. AAFES is upgrading the other half of its theaters (about 60).

Just a few days after announcing the closing of two Pennsylvania, Bottom Dollar food stores, three more closings were announced.  One each in North Wales, Chalfont and near Reading.

Computer repair shop in Burlington, North Carolina, out-o-business. No reason was given for the TechVets demise.

Another Christian school goin’ down! The Our Lady of Fatima School in New Castle, Delaware, being consolidated with All Saints Catholic School in Millcreek.  School officials blame declining enrollment.

South Dakota’s LodgeNet Interactive (hotel movie service provider) now bankrupt after making deal with California’s Colony Capital.

Nonprofit Baltimore Behavioral Health goes bankrupt because of $5 million in debt.  However, in 2010 an investigative reporter discovered that the nonprofit was overcharging Medicaid, with the excess payments going to the family that controlled the mental health service (you see it’s not the people who need the help that’re ripping off social programs, it’s the service providers).  By the middle of 2012 all the family members were removed from the board of directors. Also, in 2011 Bank of America sued saying the clinic was not making the payments (default) on a $2.5 million worth of loans.  The result is that the people who need the help are not going to get it.

In Iowa, the G&R Feed and Grain went bankrupt.

The maker of a new blood test that identifies anti-biotic resistant staph now bankrupt. Colorado’s MicroPhage claims to have too much debt, yet SEC filings show the company just made a deal with the biggest medical distributor in the country, to distribute its new staph test. Also, the filings revealed a $6 million investment from a single investor.

 

Business/Economics, U.S.

What Economic Recovery? List of U.S. job losses & store closings for 20 January 2013. Another Christian school goin’ down!

Operators of the Troy Mine in Montana say they might have to lay off employees, if they can’t stop repeated cave ins. So far the 205 employees have been kept busy on other projects, but company officials say if the silver and copper mines remain closed for any longer then they’ll have to layoff employees.  The Troy Mine has been shut down since December 2012.

Schuler Books & Music shutting down Grand Rapids, Michigan, store.  Owners say they can not renew the lease because sales have always been “marginal”.

First Niagara Bank closing down Greenport, New York, branch.  Bank officials say they have to consolidate branches.

Indiana’s John Paul II Catholic High School will closed down.   A press release given to local media did not explain why.

Oak Ridge Market in Oak Ridge, Missouri, closing for good.  Owners say it’s the bad economy, not only are their employees now out-o-work, but so are they.

U.S. division of video game maker Atari, now bankrupt.  Some reports say it’s a way for the U.S. division to protect itself from the bad finances of the French parent company.

Sky High Sports arcade in Bellevue, Washington, now bankrupt.

Arizona trucking company, Cooley Industries, now bankrupt.

In Texas, Handy Hardware Wholesale group now bankrupt.

Financial services company, Pension Worldwide, now bankrupt in Delaware.

Wisconsin’s Golden Guernsey milk bottler now bankrupt.  The new California based owners said, in a round-a-bout way, that they were not going to get their investment back because of “seemingly nonnegotiable operating expenses.”