Retail fallout claims Goody's chain (287 stores)

[Newsjock]

Source: Indianapolis Star

Predictions of a rash of retail bankruptcies and store closings this year started to head toward reality Wednesday as Goody's Family Clothing announced it would liquidate operations and close all 287 locations, including 15 stores in Indiana.

"This is a sign of what's going to come," said Britt Beemer, founder of America's Research Group. "This will be the first of many, many more."

... Goody's, a Knoxville, Tenn.-based chain, will begin liquidating Friday and plans to have all stores closed by March.

... Goody's reorganized in October after filing for Chapter 11 bankruptcy protection in June. But it was unable to restructure terms with its creditors and is seeking bids to liquidate its inventory and other assets, said Cathy Hershcopf, bankruptcy attorney at law firm Cooley Godward Kronish LLP.

Read more: http://www.indystar.com/article/20090108/BUSINESS04/901080394

[Double T]

1. The sooner 'we' admit this IS the greatest depression, the sooner.......

'we' can take effective action to fix this wall street corporate greed mongering mess. Time for the 'rules' of business and corporate governance to change!!!

[Tangerine LaBamba]

3. Absolutely.......

All this "recession" bullshit is designed to lull people into thinking it's not as bad as it really is.

But, tell me - who can keep reading this stuff and not know we're in a depression - and we're heading downward?

What is it now - eleven more days?

[Mira]

4. Yes - eleven

until Obama is in charge of "his" depression
(I'D GRIT MY TEETH, BUT THEN THEY MIGHT FALL OUT. ANOTHER SIGN OF WHAT'S TO COME IN THE US OF A)

[Tangerine LaBamba]

5. Nice picture

I'd like to think you not only took it yourself, but that you did the setting up.

I commend you for being able to stop with only one whack.

[fasttense]

7. We are now in the 2nd Republicon Great Depression.

The talking heads all want you to believe this is merely a recession. I have lived through Carter's, Raygun's, Daddy Bush's and W's recessions and they weren't anything like this. We didn't have stock markets crashing, manufacturing failing, excessive government debt, banks going belly up, record foreclosures and retail sales tanking all at the same time as unemployment rates rapidly accelerated.

This is a meltdown we haven't seen since the 1930s. No amount of happy talk on the TV and the rest of the corporate media will turn this around. This is Not a loss of confidence, this is the last gasp of the American middle class. This is what happens when a country turns from a democratic industrial complex into a banana republic. This is what happens when every vulture in the world is invited into a country to feed on a nation's middle class.

Thanks Republicons.

[DJ13]

2. Until the government realizes theres no recovery until people have money

....Im afraid things will only get worse.

Obama's jobs programs are a start, but those that still have a job, or are on fixed incomes, wont benefit from those programs as their pay has stagnated far too long.

[mackerel]

6. All I keep hearing is the leading indicators say we will begin

to see improvements in July 2009. The power of positive thinking I guess.

[HereSince1628]

8. "They" did such a great job foreseeing the Sept crash, why believe "them?"

The crash hasn't done a thing to make the business media humble. They're charging ahead with all sorts of predictions that may be as useful as those of Nostradamus.