Ritz Camera owns Wolf Camera, Kits Cameras, Inkleys and the Camera Shops, Boaters World as well as the namesake Ritz Camera stores. The company filed for Chapter 11 bankruptcy protection.
Auto parts makers asking for aid
February 17, 2009 — ColioneAuto parts makers have asked for $25.5 billion in aid from the federal government. More than 40 auto parts makers filed for bankruptcy last year and many more are in imminent financial danger this year as car companies cut back production in the face of spiraling demand.
PeanutCorp of America liquidating
February 17, 2009 — ColioneThe peanut company “PeanutCorp. of America” has filed for bankruptcy and will begin liquidation immediately. The company is at the heart of the Salmonella outbreak in the United States.
The Texas Health Department ordered the recall of all products produced at it’s plant in Plainview, Texas after they found dead rodents, rodent excrement and bird feathers at the plant.
Trump Entertainment Bankruptcy
February 17, 2009 — Colione
Trump Entertainment announced it is entering bankruptcy again (the 3rd filing since 2005). Donald Trump resigned from the board along with his daughter on Friday and announced he has nothing to do with the company except for his name being licensed for use.
Donald Trump offered to buy the company and take it private, but the offer was rejected. He also stated the company is less than 1% of his net worth in an interview.
NJ wants workers to take off 2 days without pay
February 17, 2009 — ColioneNew Jersey, along with many other states, is facing a huge budget deficit and is looking for creative ways to close the gap. The governor of New Jersey said more furloughs and possibly lay offs will be necessary if the states unions do not agree to a wage freeze for the 2010 fiscal year.
20,000 California Workers Facing Layoffs
February 17, 2009 — ColioneCalifornia’s budget has an $11.2 billion hole in it still for the fiscal year ending in June, with a huge $42 billion hole through the end of next fiscal year ending in June 2010. As a measure to save $750 million.
4 more banks fail
February 17, 2009 — ColioneA total of 4 banks failed on Friday and were taken over by the FDIC. Deposits were transferred to other area banks the same day.
Riverside Bank of Cape Coral Florida will have it’s 9 branches and $424 million in deposits taken over by TIB Bank of Naples Florida. All nine branches will reopen today as TIB branches.
Sherman County Bank of Loup City Nebraska will have it’s deposits taken over by Heritage Bank based in Wood River Nebraska. Sherman County Bank’s four branches will reopen today as Heritage Bank branches.
Corn Belt Bank and Trust Company of Pittsfield Illinois will have it’s deposits turned over to The Carlinville Naional Bank of Carlinville Illinois. Corn Belt Bank and Trust had two branches which reopened today as branches of The Carlinville National Bank.
Pinnacle Bank of Beaverton Oregon will have it’s deposits turned over to Washington Trust Bank of Spokane Washington.
The customers of these banks will be able to use their accounts normally including ATM cards, checks and debit cards. Altogether, the bank failures announced Friday will cost the FDIC about $341.6 million.
Government deficit swells
February 13, 2009 — ColioneThe United States treasury department announced the budget deficit swelled to $569 billion so far this fiscal year. $83.8 billion alone is from January.
Charter Communications files for Chapter 11
February 13, 2009 — Colione
Charter Communications is filing for chapter 11 bankruptcy protection and hopes to shed some $8 billion in debt. The company was found by Microsoft co-founder Paul Allen is a provider of cable TV, internet and broadband services. The company is expected to file for bankruptcy sometime before April.
With $800 million cash on hand, it has plenty of cash to continue operations as normal and will allow it to service its debt in the future.
Sirius XM flirting with bankruptcy
February 13, 2009 — Colione
Sirius XM, the lone satelite radio company in the US, is looking at bankruptcy protection as a way to force EchoStar to make a formal bid to take over the company.
