Content about Socioeconomics

April 7, 2014

Coldwater Creek Inc. is planning to liquidate its assets after a bankruptcy filing that is expected to come soon, Bloomberg News reported.

New York -- Coldwater Creek Inc. is planning to liquidate its assets after a bankruptcy filing that is expected to come soon, Bloomberg News reported. The filing would come five months after the specialty women's apparel retailer, which is based in Sandpoint, Idaho, said it was exploring strategic alternatives, including a sale.

March 28, 2014

Saddled with high levels of debt and sluggish sales, Brookstone Inc. is preparing to file for bankruptcy protection, with a plan already in place to be bought by specialty retailer Spencer Spirit Holdings Inc.

New York -- Saddled with high levels of debt and sluggish sales, Brookstone Inc. is preparing to file for bankruptcy protection, with a plan already in place to be bought by specialty retailer Spencer Spirit Holdings Inc.

March 11, 2014

Plus-sized retailer Ashley Stewart has filed for voluntary Chapter 11 bankruptcy protection.

New York -- Plus-sized retailer Ashley Stewart has filed for voluntary Chapter 11 bankruptcy protection. As part of its restructuring plan, the company announced it will immediately close 27 underperforming locations. Ashley Stewart currently operates some 168 stores. The company previously filed Chapter 11 in 2010.

In a separate statement, the company said potential buyers have expressed interest in buying the chain.

February 20, 2014

Gap Inc. will raise the minimum hourly wage for all U.S. employees to $9 in 2014, and then raise it again, to $10, in 2015.

San Francisco – Gap Inc. will raise the minimum hourly wage for all U.S. employees to $9 in 2014, and then raise it again, to $10, in 2015. The move will affect about 65,000 store employees across the company’s brands, which include Gap, Banana Republic, Old Navy, Piperlime, Athleta, and Intermix. Gap's announcement comes amid a nationwide debate about the minimum wage.

October 21, 2013

Owners of garment factories in Bangladesh are reportedly prepared to raise the minimum wage they pay workers from 50%-80% and ask retailers to pay at least some of the extra cost.

Dhaka, Bangladesh – Owners of garment factories in Bangladesh are reportedly prepared to raise the minimum wage they pay workers from 50%-80% and ask retailers to pay at least some of the extra cost.

According to Reuters, factory owners have offered a minimum wage of about $46 per month. Workers have requested a minimum wage of about $102 per month, and the government is expected to order an increase in a middle range of $54-$66 per month. Current minimum wage is about $39 a month.

July 26, 2013

The Great Atlantic and Pacific Tea Co. (A&P), which exited bankruptcy last year, is reportedly looking to sell itself. A report in the Wall Street Journal indicates that an internally distributed company memo from A&P chairman Gregory Mays to store managers states a sale of A&P is one of several options for funding growth, along with raising capital and refinancing.

New York – The Great Atlantic and Pacific Tea Co. (A&P), which exited bankruptcy last year, is reportedly looking to sell itself. A report in the Wall Street Journal indicates that an internally distributed company memo from A&P chairman Gregory Mays to store managers states a sale of A&P is one of several options for funding growth, along with raising capital and refinancing.

July 17, 2013

Orchard Supply, which sought bankruptcy protection earlier this year, has won court approval of as much as $176.3 million in bankruptcy financing, according to a report by Bloomberg.

San Jose Calif. -- Orchard Supply, which sought bankruptcy protection earlier this year, has won court approval of as much as $176.3 million in bankruptcy financing, according to a report by Bloomberg.

The U.S. bankruptcy court approved the loans that will help fund operations as Orchard pursues a sale of at least 60 of its 91 stores. Lowe’s Cos. has the lead offer of $205 million.

April 22, 2013
A Monday report by Forbes said that former Office Depot COO Mark Begelman has been charged with profiting off confidential information.

New York -- A Monday report by Forbes said that former Office Depot COO Mark Begelman has been charged with profiting off confidential information.

The SEC leveed insider trading charges against Begelman for allegedly using confidential information for his own gain, concerning the upcoming acquisition of Bluegreen Corp. by BFC Financial Corp.

November 27, 2012

By Phillip M. Perry

Overcast with clearing skies — That’s the economic forecast from a major research firm as retailers enter a new year. Drizzly conditions will remain at least for the first half of 2013 as consumers hold tight to their pocketbooks. By the summer, though, light should break through the clouds as the resolutions of critical national uncertainties encourage corporate hiring, capital investment and consumer spending.

October 15, 2012

Deloitte’s Consumer Spending Index rose in September, aided by a near 11% gain in home prices.

New York -- Deloitte’s Consumer Spending Index rose in September, aided by a near 11% gain in home prices. The Index tracks consumer cash flow as an indicator of future consumer spending.

September 12, 2012

Ritz Camera & Image LLC plans to go out of business after 94 years and close its remaining 137 stores after it failed in a bankruptcy auction to find a buyer to keep the camera chain afloat, the Chicago Tribune reported.

New York -- Ritz Camera & Image LLC plans to go out of business after 94 years and close its remaining 137 stores after it failed in a bankruptcy auction to find a buyer to keep the camera chain afloat, the Chicago Tribune reported.

U.S. bankruptcy judge Kevin Gross in Wilmington, Del., approved a plan to turn over most of Ritz's assets to Gordon Brothers Retail Partners LLC and Hilco Merchant Resources LLC.

November 23, 2011

Consumer spending rose less than forecast in October as Americans even as personal incomes showed the biggest gains in seven months.

New York City -- Consumer spending rose less than forecast in October as Americans even as personal incomes showed the biggest gains in seven months.

The Commerce Department said Wednesday that spending increased 0.1% last month, the poorest gain in four months. But incomes increased 0.4%, the best showing since March, with private wages and salaries driving the income gain.

Most economists had forecast spending to rise by 0.3% and income by 0.2%.
 

September 7, 2011

Consumers are spending more, but doing so in fewer transactions, according to American Express Business Insights’ most recent Business Insights Spend Sights report.

New York City — Consumers are spending more, but doing so in fewer transactions, according to American Express Business Insights’ most recent Business Insights Spend Sights report.

The study, which examines spending patterns across several key categories, U.S. cities and demographic groups, finds that while economic uncertainty continues to dampen overall consumer confidence, a new pattern of less frequent but measurable splurging has become evident among a range of customer groups in several categories.

April 21, 2011

Oakland Mall is using social networking as a tool to get shoppers involved this Mother's Day to benefit Moms at Detroit Rescue Mission Ministries (DRMM), a non-profit agency dedicated to assisting the homeless and getting them back on their feet.

Troy, Mich. -- Oakland Mall is using social networking as a tool to get shoppers involved this Mother's Day to benefit Moms at Detroit Rescue Mission Ministries (DRMM), a non-profit agency dedicated to assisting the homeless and getting them back on their feet.

April 8, 2011

Blockbuster says a bankruptcy judge has approved Dish Network's $228 million offer for the chain, paving the way for a combination of the two companies.

New York City -- Blockbuster says a bankruptcy judge has approved Dish Network's $228 million offer for the chain, paving the way for a combination of the two companies.

Dish won an auction for Blockbuster's assets earlier this week. Judge Burton R. Lifland of the U.S. Bankruptcy Court of the Southern District of New York approved the bid on Thursday.

According to Dish, the deal is expected to close in the second quarter.

March 17, 2011

The Labor Department’s Producer Price Index rose last month, primarily due to higher energy costs and the biggest rise in food prices in 36 years, USA Today reported.

New York City -- The Labor Department’s Producer Price Index rose last month, primarily due to higher energy costs and the biggest rise in food prices in 36 years, USA Today reported.

Food prices rose 3.9% last month, the highest increase since November 1974.

The steep rise was due, in large part, to higher vegetable costs, which were up nearly 50%.

February 17, 2011

A report released Thursday by American Express Business Insights said that spending in the fourth quarter was up across the board, but the retail sector spend growth was more subdued despite the holiday shopping season.

New York City -- A report released Thursday by American Express Business Insights said that spending in the fourth quarter was up across the board, but the retail sector spend growth was more subdued despite the holiday shopping season.

February 17, 2011

A report released Thursday by the Labor Department said that applications for jobless benefits increased by 25,000 to 410,000 in the week ended Feb. 12, exceeding the 400,000 median forecast of economists surveyed by Bloomberg News.

Washington, D.C. -- A report released Thursday by the Labor Department said that applications for jobless benefits increased by 25,000 to 410,000 in the week ended Feb. 12, exceeding the 400,000 median forecast of economists surveyed by Bloomberg News.

The filings increase indicates that labor market will take time to develop.

The total number of people receiving unemployment insurance was little changed, while those collecting extended payments decreased.

November 10, 2010

A report released Wednesday by the Labor Department said that applications for jobless benefits declined by 24,000 to 435,000 in the week ended Nov. 6, the lowest level in four months.

Washington, D.C. -- A report released Wednesday by the Labor Department said that applications for jobless benefits declined by 24,000 to 435,000 in the week ended Nov. 6, the lowest level in four months.

The total number of people collecting unemployment insurance fell to the lowest level since November 2008, and those receiving extended payments also declined.

The four-week moving average, a less volatile measure than the weekly figures, dropped to 446,500 last week, the lowest since September 13, 2008, from 456,500, the report showed.

November 9, 2010

A report released Wednesday by the Labor Department said that applications for jobless benefits declined...

October 13, 2010

Movie Gallery announced Thursday that it will sell off its store brands Hollywood Video, Movie...

September 15, 2010

A report issued by the Labor Department on Thursday said that the number of newly...

September 9, 2010

A late Thursday report from the Labor Department said that the number of people who...

May 25, 2010

Nearly three out of five American consumers (57.7%) say they will be forced to cut...

May 13, 2010

A report released Friday by the Commerce Department said that retail sales inched up 0.4%...