Lowes Closing 20 Stores Layoff 1950 – TheStreet

Lowe’s Companies, Inc. (NYSE:LOW) announced today the company is closing 20 underperforming stores in 15 states. Ten locations closed at the end of business Sunday, October 16. The remaining 10 locations will close within approximately one month, following an inventory sell-through.

In addition, after completing a comprehensive review of its pipeline of proposed new stores, the company announced it has discontinued a number of planned new store projects. Lowe’s now expects to open 10 to 15 stores per year in North America from 2012 forward, compared to a prior assumption of approximately 30 stores per year. The company is on track to open approximately 25 stores in 2011, as planned.

The expected financial impact of today’s announcements of $0.17 to $0.20 per diluted share was not contemplated in the business outlook for fiscal 2011 which the company provided on August 15 when it released its second quarter earnings. Additional details regarding the impact of the store closings will be provided in the next quarterly earnings release on November 14.

“Closing stores is never easy, given the impact on hard-working employees and local communities,” said Robert A. Niblock, chairman, president and CEO. “However, we have an obligation to make tough decisions when necessary to improve profitability and strengthen our financial position.

“Lowe’s remains committed to making strategic investments and focusing resources in a manner that will generate the greatest shareholder value, enhance the customer shopping experience and create sustained customer loyalty over the long term,” added Niblock.

Approximately 1,950 employees will be affected by these closings. Employees will receive pay and benefits for 60-90 days. In addition, Lowe’s will be working with local government agencies to help employees with outplacement assistance.

From: http://ping.fm/jA39T

Occupy London Protest Clashes Fights

As in Rome, London protesters are mad at the banking system and their government. This Occupy rallies are going global. And as I said before: I am glad that people are finally waking up, I just wish that this awakening doesn´t become a global bloodshed!

Occupy Rome Protest Turns Violent

Protesting against the banking system is under way in the US and Europe, as I write. Some Occupy Groups  say their protesting is peaceful, but it seems to me that violence has started to erupt in Italy.
Personally, I am all for freedom of speech, but I am not for violence and destruction. But people are mad, all over the world, they are mad because they have been lied to by the powers that be, by the governments of the world, main stream media, and they do not see any brilliant future for themselves or their children.

But I wonder, shouldn´t we all have asked questions long time ago about the real truth of the global economic system, questions about how the ones that really govern the world manage the finances and social political issues of humanity? I did, I asked, investigated, did a lot of research and still do. My skepticism about what I had been told and taught grew within the years, but I always kept and still keep an open mind about everything. I do not follow any group of any kind, instead, I make my own decisions after reading different opinions, no matter how contradictory they are.

Anyways, I hope this violence does not spread all over the world; however, I am glad that people are finally waking up, I just wish that this awakening doesn´t become a global bloodshed.

Ten vanishing American restaurant chains – Business – Retail – Food Inc. – msnbc.com

Due to the Modern Day Depression we live in, restaurants are no longer “recession proof”

These are America’s disappearing restaurant chains.

1. Bennigan’s Grill & Tavern
2. Ground Round Grill & Bar
3. Bakers Square
4. Damon’s Grill & Sports Bar
5. Don Pablo’s
6. Gloria Jean’s Coffees
7. Big Boy
8. Tony Roma’s
9. Country Kitchen
10. Black Angus Steakhouse

From: http://ping.fm/I3sOz

Fitch Downgrades UBS, Many Others, Puts Morgan Stanley, Bank of America, Goldman, BNP, Deutsche Bank, SocGen And Others On Watch Negative | ZeroHedge

Since one can not get a downgrade of a bank during market hours for fears of springing who knows what circuit breakers, Fitch had to wait until just after the market close to release its latest market surprise which consisted of a “watch negative” announcement on the following banks Barclays, BNP Paribas, Credit Suisse, Deutsche Bank, Goldman, Morgan Stanley; others it just slashed some by multiple notches, among which: Landesbank Berlin IDR downgraded to A+ from AA-; Lloyds Banking Group IDR downgraded to A from AA-; RBS IDR downgraded to A from AA-; and most importantly UBS IDR downgraded to A from A+. The reason for the action: “the ongoing Eurozone crisis continues to feed intense market speculation regarding the potential or bank recapitalisation schemes. Therefore for the near term the agency is maintaining a ‘single A’ range support rating floors for banks in its highest rated Eurozone countries.” The Euro is not liking this announcement one bit.

The banks impacted by these rating actions are as follows:

Bank of America
Barclays Bank plc
BNP Paribas
Credit Suisse AG
Deutsche Bank AG
The Goldman Sachs Group, Inc.
Morgan Stanley
Societe Generale
Fitch expects to resolve the Rating Watch Negative within a short time frame and to take corresponding rating actions where warranted.

From: http://ping.fm/R4OmZ

8 Shot Dead in Seal Beach CA Hair Salon

8 people die in Seal Beach, CA hair salon two hours ago. It seems that things are getting pretty crazy everywhere, aren´t they? I wonder if Gerald Celente is going to be right again: “When people have nothing to lose…they lose it”.

One suspect, described as a white man, heavy set, with a beard, was detained in a white pickup truck about a half-mile from the scene during a traffic stop. The man was ordered out of a vehicle, from which witnesses said police recovered several guns. The suspect may have been wearing body armor and other protective clothing, according to police. The suspect did not resist arrest, police said. A motive was not immediately known. 

Source: 8 Killed in Shooting at Seal Beach Hair Salon | NBC San Diego

Chapman Coffee House Closing | News – The Orange County Register

ORANGE – Chapman Coffee House will close on Oct. 28, but patrons say they’re losing more than a good buzz.
A Bible-study group will have to find a new place to meet. Saturday Morning Shakespeare Readings will need a new stage. And Greg Goyins, a graying, 45-year-old film student at nearby Chapman University with obvious difficulties fitting in, will need a new place to belong.

“I met Deb my first day here,” Goyins said. “She asked me if I had a son or daughter who went to Chapman, so I said, ‘No, it’s me.’ She starts laughing hysterically.”
Deborah Yamazaki opened Chapman Coffee House, at 505 N. Glassell St., in November 2008. She’s tried to serve up company with the coffee.
She’s welcomed students, professors, residents and their dogs – a jar of treats and a water dish are just to the right of the entrance. Even smokers are accepted, at tables outside stocked with ashtrays.
“At first, I thought (‘community’) was a marketing gimmick,” Goyins said. “But (the place has) become like my adult lifeline.”
Yamazaki said she considers that part of the business a success. A Facebook group, “Save the Coffee House,” has accumulated more than 700 likes in the past two weeks; she’s made a lot of friends over the three years.
But the place was never truly profitable. Seasonal business from Chapman students certainly helped, but the coffee house lost money in the summers.
“I’m a great people person, but when it came down to the business …I’m way too nice,” Yamazaki said. “I’m not a die-hard negotiator. I’d never say, ‘This should be cheaper.’”

From: http://ping.fm/xBFFK

Applebee’s closing Powell restaurant – Business First

Applebee’s is in one less Central Ohio neighborhood.
Franchisee Thomas & King Inc. on Wednesday announced the closing of its 9762 Sawmill Parkway restaurant in Powell.
“We believe that the 11 other restaurants we operate in Columbus are sufficient to handle the demand in that market,” General Counsel Jonathan Weatherby said in a release.

The 37 employees at that location will be transferred to other area restaurants. Weatherby was unavailable to comment on the closing and any other plans for Central Ohio.
The Lexington, Ky.-based franchisee is Applebee’s third-largest with 89 locations, including the Phoenix, Cincinnati, Dayton and Youngstown markets. Thomas & King is renovating its portfolio of restaurants with 16 improvement projects planned this year and another 25 next year.
Lenexa, Kan.-based Applebee’s has more than 2,000 restaurants worldwide and is owned by Glendale, Calif.-based DineEquity Inc. (NYSE:DIN), which also operates the IHOP chain.

From: http://ping.fm/4q4Te

Pennsylvania’city Files for Bankruptcy – Bloomberg

The city of Harrisburg, Pennsylvania, facing a state takeover of its finances, filed for bankruptcy protection following a vote by the City Council, according to a lawyer for the council.
Mark D. Schwartz, a Bryn Mawr, Pennsylvania-based lawyer and former head of municipal bonds for Prudential Financial Inc.’s mid-Atlantic region, said he filed the documents by fax to a federal bankruptcy court last night. The filing couldn’t be confirmed with the U.S. Bankruptcy Court in Harrisburg.

The state capital of 49,500 faces a debt burden five times its general-fund budget because of an overhaul and expansion of a trash-to-energy incinerator that doesn’t generate enough revenue.
“This was a last resort,” Schwartz said in an interview after the council voted 4-3 to seek bankruptcy protection. “They’re at their wits’ end.”
While bankruptcy would mean the loss of state aid under a law passed in June, it’s preferable to a proposed recovery plan, said Councilwoman Susan Brown-Wilson.
“We’re not incompetent,” Brown-Wilson said. “We’re just not going to let you run us over with the train anymore,” she said, referring to state officials.
Jason Hess, the acting city attorney, told the council members before the vote that they didn’t follow procedure and their action wouldn’t be binding. The members went ahead anyway.
Preparing for bankruptcy is going to mire the city in litigation it can’t afford, said Councilwoman Patty Kim, who voted against it.
‘Don’t Have Money’
“The problem still exists that we still don’t have money, and we still haven’t moved one foot forward,” Kim said.

From: http://ping.fm/RKoJT

US Senate Approves China Yuan Bill, House Fate Unclear – CNBC

The U.S. Senate on Tuesday approved a controversial bill to punish China over its currency in an effort to save American jobs, sending it to the House of Representatives where its fate is uncertain.

The legislation, which Beijing has warned could spark a trade war, would allow the U.S. government to slap countervailing duties on products from countries found to be subsidizing their exports by undervaluing their currencies.

Some U.S. lawmakers contend China’s yuan is undervalued by as much as 40 percent, giving Chinese producers an unfair advantage in international markets and costing U.S. jobs.

The Senate’s 63-35 vote puts the bill, which is designed to pressure Beijing into letting the yuan rise in value, in the hands of the Republican-controlled House, which may never vote on the bill despite rank-and-file support.

House Speaker John Boehner last week said it would be “dangerous” for Congress to get involved with a foreign country’s exchange rate.

Another top Republican, House Majority Leader Eric Cantor, said President Barack Obama should clarify his position on the bill, which has drawn warnings from Beijing.

“What I would like to see is where the administration is. Clearly they’ve got concerns as well,” Cantor, the No. 2 House Republican, told reporters.

Secretary of State Hillary Clinton said the fate of the bill was unclear but its message expressed the country’s mood.

“I don’t know whether this bill in the form that its passing the Senate will ever end up as a piece of legislation coming from the Congress,” Clinton told Reuters in an interview. “But it does reflect a great deal of frustration on the part of the American people.”

From: http://ping.fm/yBSxs