Tag Archives: unemployment

Business/Economics, International, U.S.

What Economic Recovery? Updated list as more Kmart and Sears closings announced! $45,000 in Jewelry stolen! Parts & repair centers to be closed! Canadians love Sears! Business is good for Kmart, in Australia!

30 October 2012, since my last posting (on 21 October 2012) about the ongoing Sears Holdings shut downs, there have been more store closings announced.

Also, Sears Holdings just announced they will be closing two parts and repair centers, both located in The Woodlands, Texas.  At least 117 Texans will lose their jobs by 23 January 2013.

In Washington, on 23 October 2012 Bellingham Sears employees were notified that they will lose their jobs in January, however, the store management has known for months about the closing: “We’ve known since March of this year.”-Noelle Jorgensen, store manager

The latest announcements will mean 654 jobs will be added to the thousands already lost due to the Sears/Kmart closings.

In Canada, the newspaper, Calgary Herald, announced the winner of their 2012/13 Readers’ Choice Awards: Department Store, Appliance Store, Carpet Cleaners and Floor Coverings contest.  According to the newspaper Canadians picked Sears!

This despite the fact that Sears stores are being closed in Canada as well.  On 07 October one of the largest Sears stores in British Columbia was closed. 300 people lost their jobs (at it’s height of operation it once employed 800 people)!

Also in Canada, Sears Holdings announced it will reduce its 95.5% stake in Sears Canada, by selling its stocks to common stockholders.  Sears Holdings wants to reduce its stake in Sears Canada to 51%.

Kmart has reported a 3.1% increase in sales, in Australia and New Zealand: “This is the 11th period in succession of solid comparable growth in transactions and units for Kmart as customers respond positively to its market leading pricing strategy and improved merchandise offer.”-Richard Goyder, Wesfarmers

Don’t you Yankees get your hopes up, Aussie and Kiwi Kmarts are not owned by Sears Holdings.  They’re owned by an Australian company called Wesfarmers.

Here’s an updated list of Sears/Kmart closings:

Alabama: Gadsden Kmart, Mobile Sears Grand/Essentials, Auburn Kmart.

California:   El Monte Sears Grand/Essentials, two San Diego Sears Grand/Essentials, Pleasant Hill Kmart.

Colorado:  Broomfield Kmart, Glenwood Springs Kmart, Lone Tree Sears Great Indoors, Longmont Sears, Pueblos’ South Side Kmart.

Georgia: Macon Sears, Buford Kmart, Douglasville Kmart, Atlanta Kmart, Columbus Kmart, Jonesboro Kmart, Cartersville Kmart.

Florida: Fernandina Beach Kmart, Callaway Kmart, Orange City Kmart,  Deland Sears Grand/Essentials, Stuart Sears Grand/Essentials, West Palm Beach Sears Grand/Essentials, Port St. Lucie Sears Grand/Essentials, Crystal River Sears, New Smyrna Beach Kmart, St. Augustine Kmart, Pompano Beach Kmart,  Pensacola Kmart on Airport Boulevard closed in 2011,  Jacksonville Kmart on 5751 Beach Boulevard and recently revealed second Kmart in Jacksonville on 4645 Blanding Boulevard (83 jobs lost), and the Ocoee Sears (102 jobs lost), Pensacola Kmart to be closed by 03 February 2013 (69 jobs lost).

Idaho: Lewiston Sears.

sears chubbuck
Floundering Sears at the GGP owned
Pine Ridge Mall in Chubbuck, Idaho.
Kmart Pocatello
Floundering Big Kmart in Pocatello, Idaho.
Are they next to go in Idaho?

Indiana:  Anderson Sears Full Line, Saint John Kmart, Indianapolis Kmart.

Illinois:  Melrose Park Sears parts and repair center, Fairview Heights Kmart, Freeport Kmart, Pontiac Kmart.

Iowa:  Cedar Rapids Kmart, Davenport Kmart, Burlington Kmart.

Kansas: Lawrence Sears Full Line.

Kentucky: Middlesboro Sears Hard lines, Winchester Kmart, Hazard Kmart.

Maine: Lewiston Sears.

Maryland: Ellicott Sears Grand/Essentials.

Michigan: Brighton Sears Grand/Essentials,  Harper Woods Sears Full line, Monroe Sears Full line, Adrian Sears Full line, Washington Township Kmart, Chesterfield Kmart, Woodhaven Kmart.

Minnesota: Willmar Kmart, Duluth Kmart, New Hope Kmart, White Bear Lake Kmart.

Mississippi: Jackson Sears Full line, McComb Sears Full line, Columbus Sears Full line.

Missouri: Lee’s Summit Sears Grand/Essentials, Saint Louis Sears Full line.

Montana: Missoula Kmart.

New Hampshire: Nashau Sears Grand/Essentials, Keene Sears Grand/Essentials.

North Carolina: High Point Sears Full line, Moorehead Sears Full line, Rocky Mount Sears Full line, Statesville Sears Full line.

New Jersey:  Lawnside Kmart.

Ohio: Chagrin Falls Kmart, Springfield Kmart, two Toledo Kmarts, Medina Kmart, Columbus Kmart and recently revealed Zanesville Sears (67 jobs lost). Also, Van Wert Sears franchise bought out by Kirk Berryman, owner of Computer & Networking Technologies (CNT), who plans on moving the store to a new location.

Oregon: Roseburg Sears Full line.

Pennsylvania: Upper Darby Sears Full line, Pottstown Sears Full line, Pittsburgh Kmart, Wilkins Sears.

South Carolina: Sumter Sears and recently revealed Orangeburg Sears (approximately 50 jobs lost).

Tennessee: Antioch Sears Full line, Cleveland Sears Full line, Oak Ridge Sears Full line, Hendersonville Kmart, Morristown Sears Full line.

Texas: Two recently revealed Sears parts and repair centers closing in The Woodlands north of Houston (117 jobs lost).  Update; I forgot to mention the ‘rebuild’ center in Garland northeast of Dallas (58 jobs lost).

Virginia: Norfolk Sears Full line,  Midlothian Kmart, Richmond Kmart and recently revealed Lynchburg Sears (84 jobs lost).

Washington: Walla Walla Sears Full line, Lacey Kmart, Kelso Sears, and recently revealed Lakewood Kmart (59 jobs lost) and Bellingham Sears (92 jobs lost).

Wisconsin: West Baraboo Sears Grand/Essentials, Rice Lake Kmart.

On top of that, Sears Holdings sold stores to General Growth Properties, of which it has been reported that those stores will be closed.

It was recently announced that the Provo, Utah, store will continue operating as a Sears.  Sears Holdings announced that GGP made a lease deal they couldn’t refuse, so they will continue running the GGP owned store.

Here’s the list of 11 Sears stores now owned by GGP:

Iowa: Coral Ridge Mall, and Mall of the Bluffs

Texas: The Woodlands Mall

Florida: West Oaks Mall

Utah: Fashion Place, and Provo Towne Centre (note the evil British empire way of spelling town & center)

Oklahoma: Quail Springs Mall

Hawaii: Ala Moana Center

Washington: Bellis Fair Mall

Minnesota: Apache Mall

Illinois: Market Place Shopping Center

In a side note, the Sears in Yuma, Arizona, was robbed of $45,000 USD of jewelry on 26 October 2012.  According to Yuma Police, the early morning burglars also caused approximately $70,000 in damage breaking into the Sears.

Also on 26 October, a Detroit, Michigan, Kmart store reported thousands of dollars worth of jewelry as stolen.  Police say it was a theft, not a burglary (in other words no body broke into the store).

In Greeley, Colorado, a man stole a car and smashed it into a Sears, then stole automotive tools. It was one part of the man’s larger smash and grab burglary spree.

Sears holdings is also suing a former executive for $700,000.  They claim she breached her contract.

International

What Economic Recovery? Number of people qualifying for welfare sets new record, three months in a row!

25 October 2012, more proof that there is no economic recovery is that for three months in a row the number of people in Japan, who qualify for welfare help, set records three months in a row.

Altogether, for the months of May, June and July the number of individuals qualifying for welfare totaled 2.12 million by the end of July, and the number of entire households totaled 1.5 million.

From June to July there was a jump of 9,000 individuals qualifying for welfare.

The Health, Labor and Welfare Ministry blames continued job losses caused by the corporations.  Households with working age adults are the fastest growing segment of welfare recipients.

However, households with retired people make up 44% of the new welfare recipients.

Some members of the Japanese parliament are proposing to cut back on welfare funding.

Business/Economics, International, U.S.

Global Economic war & World War 3: Iran orders the United States to back off! Will stop all oil sales to the World!

“If you continue to add to the sanctions we will cut our oil exports to the world…..The dearth of Iranian oil on the market will increase the price drastically.”-Rostam Qasemi, Iran’s Minister of Petroleum

On 23 October 2012, Iranian officials quietly announced that Iran is prepared to stop all its oil sales to the world, if the United States and Europe continue economic sanctions.

On 15 October, the European Union voted for more sanctions against Iran.

Iranian officials say they are ready for “Plan B”, which means halting all petroleum sales and running their country without oil revenues.  This is possible because Iran’s non-oil exports are now high enough to offset the huge loss of oil money.

Even Iran’s domestic industries are becoming more self sufficient.  Example: According to the World Steel Association, Iran’s steel industry is now the 16th largest in the world: “Despite the intensified sanctions during the last two years, the capacity of Iran’s steel production has increased 5 million tons and we will be completely self-sufficient in the steel industry in the next three years.”-Hamidreza Taherizadeh, Vice-President of Iran’s Steel Association

The announcement was made at a OPEC meeting in Dubai.

Business/Economics, International, U.S.

What Economic Recovery? Foreign investment into the United States drops 39%! China now number one, thanks in part to U.S. investors!

24 October 2012, so much for the increased U.S. investment U.S. President Barack Obama was calling for.  According to the United Nations Conference on Trade and Development (UNCTAD), foreign direct investing (FDI) into the U.S. has fallen 39.2% in the first six months of 2012!

The huge drop in FDI for the U.S. represents a shift, to developing countries and to China.

China also saw a drop in FDI, but by only 3%.  China is now the number one destination for the money from international investors!

Ironically (since according to Obama, U.S. investors need to spend their money at home in order to save the U.S. economy) $59.1 billion USD of the FDI into communist China came from U. S. capitalists!

According to Global Investment Trends Monitor, U.S. investors spent $57.4 billion at home, nearly two billion less than what they spent on investing into China.  (Mitt Romney anyone?)

The UNCTAD also shows that, for the first time, half of all global FDI went to developing countries.  However, some UNCTAD officials think the U.S. will see a slight increase in FDI for the second half of the Gregorian calendar year.

Business/Economics, International, Technology, U.S.

What Economic Recovery? Dow Chemical to close 20 factories, despite making profits! Warns economy is getting worse!

“Economic growth in 2012 has slowed to a trickle, and that has spooked a lot of people.”-Jake Dollarhide, Longbow Asset Management

“Our low cost feedstock [natural gas] advantage enabled us to deliver volume growth, despite weakening demand. These difficult conditions [bad economy] may have extended staying power, as the new reality is that we are operating in a slow growth and volatile world.”-Andrew Liveris, Dow Chemical CEO

On 24 October 2012, Liveris explained the 2,400 job cuts (inadvertently announced the day before) as being necessary because Dow officials see the world economy getting worse.

Some analysts were surprised by the elimination of jobs and 20 factories: “Dow had very strong volumes in an uncertain macroeconomic environment. When I heard the announcement they were cutting jobs, I thought they had a really bad quarter, but it seems that business is A-OK.”-Hassan Ahmed, Alembic Global Advisors

Stock market investors are overjoyed at the announcement of the elimination of jobs (as they always are), and Dow Chemical stock values shot up 5 to 6% the morning after the job cuts were announced.

Dow reported net revenue for this past quarter at $582 million USD.  But that’s down from the same quarter last year, when they reported $900 million. (note: various U.S. media sources are reporting slightly different revenue numbers) Dow officials say their sales are down across the board.  The only area they see possible increase in sales is in their plastics made from cheap natural gas.

Their natural gas supplies come from the U.S. Gulf of Mexico operations, and Saudi Arabia.  Dow has no plans for cutting workers from those operations. About 1,500 of the job losses will come from Dow’s paint and solar cell factories.

20 factories in Japan, Belgium, Netherlands, United Kingdom, Spain and the United States will be closed.  Bloomberg reports that Dow did not want to make the layoffs public, but mistakenly emailed the announcement to some media outlets!

Despite stock investors buying up Dow stock, the chemical company said it will also cut $500 million from their own investing and capital spending.   That’s the exact opposite of what U.S. President Barack Obama has been saying is needed to revive the economy.  Obama has been stressing that unAmerican Corporate America needs to increase spending on investments and capital.

 

Business/Economics, Technology, U.S.

Some Economic Recovery? GM & HP make deal to end outsourcing! GM software deal and new tablet could save HP?

22 October 2012, General Motors (GM) and Hewlett Packard (HP) announced a deal that will see 3,000 HP employees go to work for GM.

GM officials claim it’s part of a plan to reduce outsourcing and increase in-house operations, at least when it comes to information technology.

Randy Mott, GM Chief Information Officer, stated that when it comes to IT work, it’s more efficient and cost effective if done in-house: “These agreements with HP will enable us to accelerate the progress of our IT transformation by delivering increased innovation and speed of delivery to our GM business partners, and reduce the cost of ongoing IT operations…”

With IT workers they’re able to change projects rapidly, no need to re-tool  factories.

But don’t think this is actually 3,000 new jobs, as, according to Automotive News, most of the HP employees already do outsourced work for GM. According to InformationWeek, those HP workers are actually being hired away from HP, meaning they will become full fledged in-house GM employees (so this allows HP to layoff those employees, right into GM jobs).  Reports vary on how long this new deal will last, one report said it was multi-year.

A couple of weeks ago GM said they were going to hire 2,000 IT people in Michigan and Texas, but no clarification if this is part of the HP deal.  GM also said it would open new software centers.

Another part of the deal is that GM will buy software from HP for its IT operations.  HP officials called it “…the largest deployment of our full software portfolio in the world!”-George Kadifa, executive VP of HP Software

Add that to HP’s new Envy X2 hybrid tablet (which some reviewers are raving about) and maybe HP will be on its way back up, and even challenge Apple.

Business/Economics, Idaho, U.S.

What Economic Recovery? Don’t forget to add the Sears stores bought by GGP to the closing list. All part of REIT plan to change the way you shop, and they blame you the shopper!

“….those with high occupancies, solvent anchor tenants, good population density and access to affluent shoppers, as stable, low-risk, income-producing assets and will pay up for them today. Poor quality malls, on the other hand, are either not trading or selling at a steep discount, and perhaps are scheduled for demolition or conversion.”-Ryan McCullough, Property and Portfolio Research

21 October 2012

Back in February 2012, it was announced that General Growth Properties (the largest mall owner in the U.S., and also struggling) bought eleven Sears owned and leased anchor stores at various GGP malls throughout the United States.

According to a Wall Street Journal article, the overwhelming majority of the $270 million USD paid for those 11 Sears stores, is going towards just one store at the GGP mall in Honolulu, Hawaii.

Even though the Hawaii Sears store was the jewel of the deal, GGP wants to shut it down: “General Growth intends to eventually raze the store and build in its place several smaller shops, which deliver more rent in aggregate than department stores.”-Wall Street Journal, 23 February 2012

Other reports say all 11 Sears stores bought by GGP will be closed by the end of 2013: “The stores will continue to operate as Sears locations into 2013 with final closing dates to be determined and announced later this year.”-RetailTraffic, 23 February 2012

So the purchase of Sears owned and leased anchor stores, by GGP, was not an effort to save those stores, but part of bigger plan to shut down big department stores (except for WalMart of course).

According to a 03 October 2012 article by CoStar Group (a commercial real estate information company), what’s happening with Sears and Kmart is part of a much bigger plan to drastically change up shopping malls and plazas in the United States: “I don’t think we’re overbuilt, I think we’re under-demolished……there are projects that are not going to lease. Retail has a finite lifespan and once you reach that lifespan, you can put up all the signs you want, and charge as low rent as you want, but that doesn’t make tenants want to take the space.”-Daniel Hurwitz, DDR Corp (formerly Developers Diversified Realty Corporation)

Big corporate retail property owners are also known as Real Estate Investment Trusts (REIT), for tax reasons.  GGP, as are other mall/plaza owners, is a REIT.

According to the CoStar article, REITs claim that traditional malls/plazas/stores only do well in areas with high population and a relatively high level of income for the people who live there.  Does that leaves most of Idaho out?

Foothills Plaza, Pocatello, Idaho. What'll happen when the WinCo moves from here to their new location in the Alameda Plaza?

GGP owns malls in Idaho Falls, Chubbuck, Boise and Coeur D Alene, plus Alameda Plaza (aka Old Fred Meyer store) in Pocatello (some hope there is that it’s now the site of the new bigger WinCo store).  Boise might be the only area of Idaho that meets REIT description of a successful commercial area; Boise is a “lifestyle & power center”.

pine ridge mall

Fading Pine Ridge Mall, Chubbuck, Idaho. Some hope, this anchor store is the new home to upscale Herbergers (never heard of them).

According to CoStar Group data, regional malls, power centers and community center properties averaged a vacancy rate of 50.6%!  But the bigger malls did not enjoy less vacancy; super-regional malls averaged 54.5% vacancy!

The problem, according to most vulture REIT crony capitalists is location, location, location.  Most retail operations are now located in parts of the country where personal incomes are down, hence shopping is down (in a round-a-bout way the vulture capitalists are blaming you the shopper, never mind the fact that vulture crony capitalism is what’s causing most people to lose jobs or see their incomes go down).

“When you have tenants looking for space and nothing new being built, and we’re sitting at mid-90% occupancy levels, it’s hard to argue we’re overbuilt when they’re scrambling to find 10,000 square feet.”-Daniel Hurwitz, DDR Corp

What Hurwitz is saying is that there’s plenty of empty stores for rent, but retail tenants don’t like what is available.  Those potential tenants are basing their preferences on what they perceive to be what shoppers want.

To make matters worse, the closing down of Sears, Kmart, The Gap and Office Max stores will add another 15 million square feet of available store space to the flooded commercial real estate market!

Moody’s Investors Service pointed out that malls located in lifestyle & power centers continue to make profits, while malls outside those areas are losing money and will continue to lose money. Also, it’s probably not worth trying to rebuild those malls located outside of lifestyle & power centers: “Renovating or reconfiguring an underperforming mall may cost many millions……What’s more, should the location lose its viability for retail altogether, the value to revert to land less demolition cost will produce an even greater loss.”-Tad Philipp, Moody’s

In other words, these vulture REIT crony capitalists don’t think things are going to improve for areas outside the lifestyle & power centers anytime soon.

As I quoted Ryan McCullough at the beginning of this article,  new retail businesses need to be located where there’s a lot of people, and those people have high levels of income.    So what we’re seeing, with the closing down of many iconic U.S. retail businesses, is part of the bigger plan of those Mitt Romney style vulture crony capitalists who are simply, in their minds, following the big revenue money from the big income consumer (rich people living in those lifestyle & power centers).

Here’s the list of 11 Sears stores now owned by GGP:

Iowa: Coral Ridge Mall, and Mall of the Bluffs

Texas: The Woodlands Mall

Florida: West Oaks Mall

Utah: Fashion Place, and Provo Towne Centre (note the evil British empire way of spelling town & center)

Oklahoma: Quail Springs Mall

Hawaii: Ala Moana Center

Washington: Bellis Fair Mall

Minnesota: Apache Mall

Illinois: Market Place Shopping Center

 

Business/Economics, Idaho, U.S.

What Economic Recovery? More Sears mall leases not being renewed, more Kmart leases allowed to expire!

“We made a decision not to renew the lease.”-Chris Brathwaite, Sears Holdings

19 October 2012, as I warned, Sears/Kmart continues to close stores simply by not renewing their leases.

Residents of Kelso, Washington, learned on 17 October that the Sears in their local mall is going away in January.

Kelso’s Three Rivers Mall isn’t doing so well anyway, but dedicated mall walkers are upset by the Sears announcement: “We’re worried about foot traffic going down…..I just worry that we won’t be here in a few years.”-unnamed store manager

The owners of the mall said they knew about the Sears closing before the official announcement: “The Sears closure is something we anticipated some time ago and as a result are working with a number of exciting retailers…”-Rouse Properties statement

Pennsylvania is learning of another Sears closing.  On 17 October the local media revealed that the Sears at Penn Center East, in Wilkins, will not renew its lease, resulting in 135 people losing their jobs by January 2013.  Wilkins Township commissioners swear a new WalMart will take its place.

In Virginia, the new owners of the Liberty Fair Mall announced they will allow a “homegrown” store to fill the void left by the outgoing Sears.  I worked for mall owners J Price Realty before the Pine Ridge Mall (in Chubbuck, Idaho) was sold to General Growth Properties (and they contracted out almost all our jobs), and one policy was that the big ‘anchor’ stores had to be national chain stores.  So, for a mall owner to allow a “homegrown” local shop in as an anchor store is a sign of trouble.

I’ve seen it here at the Pine Ridge Mall, when General Growth Properties (who actually had a policy that all the stores in the mall had to be national chain stores) went back on their own policy, stopping their ‘eviction’ of local stores (they were evicting local mom & pop stores by jacking up rents to astronomical levels, I saw the official corporate order from Chicago which had been left in plain view on the mall office copy machine) and even allowed local stores to temporarily occupy the empty Macy’s anchor store.

To try and raise money, Sears has spunoff its Sears Hometown, and Outlet Stores as separately traded stocks.  The move made Sears Holdings (aka Hoffman Estates) $446.5 million USD, according to the Washington Post.   Yet store closings continue.

In another move to try and generate revenue, Sears and General Electric signed a deal to sell GE’s Brillion Connected Home Solutions products.  (yet another connection to the too Big to Fails, three former GE execs just got sent to prison for ripping off U.S. taxpayers)

On 18 October, residents of Freeport, Illinois, learned that Kmart will go away in January 2013: “We made a business decision not to renew the lease.”-Chris Brathwaite, Sears Holdings

Notice the above statement from Brathwaite is the very same statement made concerning the Three Rivers Mall in Washington!  Like I keep saying; what economic recovery? “It’s just an indication that we haven’t gotten to that point in terms of economic recovery that there is consumer confidence and people are willing to go out and spend…”-David Young, Northwest Illinois Development Alliance

Brathwaite made the very same announcement concerning the Pontiac, Illinois, Kmart on 13 October:  “We made the announcement to Pontiac associates on Wednesday.  It was a business decision to not renew our lease.”    (it’s now obvious this Brathwaite is a robot, cause he says the same thing at every announced closing, just insert name of town and how many people will lose their jobs)

In California, the Kmart in the DVC Plaza in Pleasant Hill (near Oakland) will close after 40 years in business.  The lease will not be renewed, more than 50 employees will be laid off.

In Colorado, about 52 employees will be out of work after the lease expires for the Kmart at Pueblos’ South Side.  The store has been there since 1974.

74 Kmart employees just learned they will be unemployed by January 2013, because the lease for the Cartersville, Georgia, store was not renewed.

52 people will lose their jobs when the Woodhaven, Michigan, Kmart closes on 13 January 2012.

In New Jersey, about 80 people will be unemployed when the Lawnside Kmart closes in January.  The same announcement came from Sears Holdings, but actually from a different person: “The lease is not being renewed at that location.”-Kim Freely, Sears holdings

It seems the owners of Sears/Kmart (Sears Holdings/Hoffman Estates/and don’t forget the Mitt Romney/Bain Capital/Carlyle group connection) are shifting Kmart’s focus to female Spanish speaking customers.  On 18 October it was published that Hoffman Estates will pick five Latinas for a 10 week paid internship at their Illinois headquarters. It’s called the Latina Smart program.

Here’s an updated list of Sears/Kmart closings:

Alabama: Gadsden Kmart, Mobile Sears Grand/Essentials, Auburn Kmart.

California:   El Monte Sears Grand/Essentials, two San Diego Sears Grand/Essentials, recently revealed Pleasant Hill Kmart.

Colorado:  Broomfield Kmart, Glenwood Springs Kmart, Lone Tree Sears Great Indoors, Longmont Sears, recently revealed Pueblos’ South Side Kmart.

Georgia: Macon Sears, Buford Kmart, Douglasville Kmart, Atlanta Kmart, Columbus Kmart, Jonesboro Kmart, recently revealed Cartersville Kmart.

Florida: Fernandina Beach Kmart, Callaway Kmart, Orange City Kmart,  Deland Sears Grand/Essentials, Stuart Sears Grand/Essentials, West Palm Beach Sears Grand/Essentials, Port St. Lucie Sears Grand/Essentials, Crystal River Sears, New Smyrna Beach Kmart, St. Augustine Kmart, Pompano Beach Kmart, and recently revealed Jacksonville Kmart.

Idaho: Lewiston Sears.

sears chubbuck
Floundering Sears at the GGP owned Pine Ridge Mall in Chubbuck, Idaho.
Kmart Pocatello
Floundering Big Kmart in Pocatello, Idaho. Are they next to go in Idaho?

Indiana:  Anderson Sears Full Line, Saint John Kmart, Indianapolis Kmart.

Illinois: Melrose Park Sears parts and repair center, and recently revealed Freeport and Pontiac Kmarts.

Iowa:  Cedar Rapids Kmart, Davenport Kmart, Burlington Kmart.

Kansas: Lawrence Sears Full Line.

Kentucky: Middlesboro Sears Hard lines, Winchester Kmart, Hazard Kmart.

Maine: Lewiston Sears.

Maryland: Ellicott Sears Grand/Essentials.

Michigan: Brighton Sears Grand/Essentials,  Harper Woods Sears Full line, Monroe Sears Full line, Adrian Sears Full line, Washington Township Kmart, Chesterfield Kmart, recently revealed Woodhaven Kmart.

Minnesota: Willmar Kmart, Duluth Kmart, New Hope Kmart, White Bear Lake Kmart.

Mississippi: Jackson Sears Full line, McComb Sears Full line, Columbus Sears Full line.

Missouri: Lee’s Summit Sears Grand/Essentials, Saint Louis Sears Full line.

Montana: Missoula Kmart.

New Hampshire: Nashau Sears Grand/Essentials, Keene Sears Grand/Essentials.

North Carolina: High Point Sears Full line, Moorehead Sears Full line, Rocky Mount Sears Full line, Statesville Sears Full line.

New Jersey: Recently revealed Lawnside Kmart.

Ohio: Chagrin Falls Kmart, Springfield Kmart, two Toledo Kmarts, Medina Kmart, Columbus Kmart.

Oregon: Roseburg Sears Full line.

Pennsylvania: Upper Darby Sears Full line, Pottstown Sears Full line, Pittsburgh Kmart, and recently revealed Wilkins Sears.

South Carolina: Sumter Sears Full line.

Tennessee: Antioch Sears Full line, Cleveland Sears Full line, Oak Ridge Sears Full line, Hendersonville Kmart, Morristown Sears Full line.

Virginia: Norfolk Sears Full line,  Midlothian Kmart, Richmond Kmart.

Washington: Walla Walla Sears Full line, Lacey Kmart, and recently revealed Kelso Sears.

Wisconsin: West Baraboo Sears Grand/Essentials, Rice Lake Kmart.

Don’t forget, this is the 2012 known list of closings, there were closings in 2011 and 2010 as well, and they’ll be more for 2013.

Side note: it seems Sara Palin likes shopping at Kmart.

Business/Economics, International, Technology, U.S.

What Economic Recovery? Sony to force 2,000 employees into early retirement!

19 October 2012, four years later and still losing money, electronics giant Sony says it’s forced to push 2,000 Japanese employees into early retirement.

This means those employees will have much less retirement money coming to them, with reduced or no benefits.  That means people not able to spend as much money as they planned, pushing the consumer driven economy further down.

The new announcement could be part of the already planned layoffs of 10,000 employees worldwide.  Even so, Sony admits the job cuts will have limited impact on revenue.  That’s because of all the people who’s incomes have dropped, or ceased all together (no thanks to the too Big to Fail Corporations/Banks), who can no longer buy the latest high tech electronic devices!

Sony is also closing a Japanese factory that makes lenses for digital cameras.

Business/Economics, International, U.S.

World War 3 & What Economic Recovery? IMF says U.S. led War on Terror destroying hopes of economic recovery! World Bank says bailing out big corporations is not the answer!

“Perhaps the greatest roadblock will be the huge legacy of public debt, which now averages almost 110% of GDP for the advanced economies, the highest level since World War Two!“-Christine Lagarde, IMF managing director

12 October 2012, officials with the International Monetary Fund, and the World Bank, issued dire warnings about any possible economic recovery, and they blamed the worsening economy on war and big corporations!

The IMF’s Lagarde said government spending on war prevents government spending on true economic growth: “This leaves governments highly exposed to subtle shifts in confidence. It also ties their hands, especially as they seek to build the infrastructure of the 21th century while respecting social promises.”

The IMF and the World Bank held meetings in Tokyo, Japan, this past week.  The new President of the World Bank, Jim Yong Kim, said big corporations should not be counted on to create jobs: “I’ve learned that the best solutions to economic and social problems lie with individuals and communities coping with these challenges in their daily life.”

According to Kim, one of those solutions would be to make loans easier to get, for emerging economies: “We’re developing new diverse instruments [loans] customized to their needs. As emerging economies take on a growing role in the global economy, I am personally committed to ensuring they have a strong voice within our institution.”

And that’s the point, this new financial help is not intended for countries like the United States, in fact the IMF says the U.S. and Europe need to get their acts together: “Whether you turn to Europe, to the United States of America, to other places as well, there is a level of uncertainty that is hampering decision makers from investing, from creating jobs….We need action…”-Christine Lagarde, IMF managing director

For the most part World Bank’s Jim Yong Kim played good cop, confidently presenting hope for recovery, while the IMF’s Christine Legarde played bad cop, hitting the audience with a dose of reality: “The recovery is still too weak.  Job prospects, for untold millions, are still too scarce.  And the gap between the rich and poor is still way too big.”