Category Archives: Closing

Showdown over auto dealer cuts

By doris | Published: June 15, 2009

Full Story At money.cnn.com NEW YORK (CNNMoney.com) — These are hard times for car dealers. Across the nation, General Motors and Chrysler dealerships are pulling down their big roadside signs and closing their doors. The companies say they have no choice but to cut the cord and save money. The dealers, who say they are [...]

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Michigan shuts 8 prisons to save $120M

By doris | Published: June 6, 2009

Full Story At Michigan shuts 8 prison facilities to save $120B – Jun. 5, 2009 NEW YORK (CNNMoney.com) — Michigan officials said Friday that the state is closing three prisons and five prison camps in hopes of narrowing a $1.4 billion budget gap for fiscal 2010. The state, which has been hammered by the auto [...]

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An auto dealer survives the onslaught

By doris | Published: May 16, 2009

Full Story At money.cnn.com NEW YORK (CNNMoney.com) — The Manfredis were among the fortunate ones Thursday, avoiding Chrysler’s ax as it struck down nearly 800 dealerships across the nation. “I’m one of those lucky dealers … who will remain a dealer,” said Corrado Joe Manfredi, who owns 11 dealerships with his son Nick in the [...]

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Chrysler: Dealership letters in the mail

By doris | Published: May 15, 2009

Full Story At money.cnn.com NEW YORK (CNNMoney.com) — Chrysler dealers nationwide were fearing the UPS guy on Thursday. For 789 dealerships, the man in brown came carrying an overnight letter from Chrysler LLC indicating that they are being closed as part of the automaker’s bankruptcy. Some dealers received additional phone calls from company representatives, while [...]

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Chrysler set to close four plants

By doris | Published: May 4, 2009

Full Story At money.cnn.com NEW YORK (CNNMoney.com) — Bankrupt automaker Chrysler LLC identified four plants with almost 5,000 jobs between them slated for closure by the end of next year, according to a filing with the bankruptcy court Friday. The plants on the chopping block are the Sterling Heights, Mich., assembly plant that makes the [...]

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Chrysler to shutter five more plants

By doris | Published: May 2, 2009

Full Story At  msnbc.com NEW YORK – Attorneys for Chrysler LLC said the company will file a motion by Saturday to sell substantially all of its assets to Italian automaker Fiat Group SpA, but that won’t include eight plants, including five that the automaker revealed it will shutter by the end of next year. While [...]

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Bad year for banks: Failures surpass ’08

By doris | Published: April 26, 2009

Full Story At money.cnn.com NEW YORK (CNNMoney.com) — First Bank of Idaho became the fourth U.S. bank to fail Friday, raising the 2009 total to 29 — four more than the 25 that failed all of last year, the government said. The failure of the Ketchum, Idaho-based bank, along with banks based in Georgia, Michigan [...]

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The American mood: Is the angst bottoming out?

By doris | Published: April 12, 2009

Full Story At news.yahoo.com CLIFTON, N.J. – Friday night in northern New Jersey, circa April 2009, offers clues to prove any theory about the American economic meltdown, depending on what you want to believe. Just like so many places these days. Craving optimism? Watch the tour bus emptying into the La Quinta lobby off Route [...]

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Bank failures: ’09 tally reaches 23

By doris | Published: April 11, 2009

Full Story At money.cnn.com NEW YORK (CNNMoney.com) — Two banks failed Friday, bringing the 2009 tally to 23, according to the government. Cape Fear Bank of Wilmington, N.C., and New Frontier Bank of Greeley, Colo., closed their doors for the last time Friday, said the Federal Deposit Insurance Corporation. Charleston, S.C.-based First Federal Savings and [...]

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Regulators shutter 2 more banks

By doris | Published: February 28, 2009

Full Story At money.cnn.com NEW YORK (CNNMoney.com) — State bank regulators closed two more banks on Friday, the 15th and 16th banks to fail this year, as the worsening recession pulled more regional banks underwater. The announcement marks the seventh consecutive week of bank failures being announced on a Friday evening. The Federal Deposit Insurance [...]

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Regulators close banks in Neb., Fla., Ill., Ore.

By doris | Published: February 14, 2009

Full Story At yahoo.com WASHINGTON – Regulators on Friday closed banks based in Nebraska, Florida, Illinois and Oregon, marking 13 failures this year of federally insured institutions. The Federal Deposit Insurance Corp. was appointed receiver of the banks. Sherman County Bank, located in Loup City, Neb., had $129.8 million in assets and $85.1 million in [...]

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Starbucks to cut 6,700 jobs, close 300 stores

By doris | Published: January 29, 2009

Full Story At msnbc.com Starbucks Corp. said Wednesday that it would cut as many as 6,700 jobs as it closes hundreds more stores and eliminates more positions at its corporate headquarters. Faced with slowing demand for lattes and cappuccinos because of the recession, Starbucks plans to close 300 stores, including 200 in the United States, [...]

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