GOING. SELLING. GONE. (Richmond’s changing economic climate.)

[underpants]

Source: Richmond Times-Dispatch

Moderators the Going. Selling. Gone. was the headline at the hardcopy of this paper



Genworth: Lays off 1,000; 400 of them at Henrico HQ
Circuit City: Auction could determine Henrico firm's fate
LandAmerica: CEO leaves as final pieces offered for sale

-- Genworth Financial Inc. laid off 1,000 people this week, including 400 at its headquarters in Henrico County.

The insurance company is trimming 14 percent of its worldwide work force as part of a $100 million to $150 million cost-cutting effort to become more responsive and agile in the slow economy.

-- Two months after declaring bankruptcy, Circuit City Stores Inc. announced yesterday it has two unidentified potential suitors and will attempt to auction itself next week.

The auctions, approved by a federal bankruptcy judge in Richmond yesterday, will begin Tuesday in New York and should be completed Wednesday.

Circuit City will appear in court on Friday to present the proposed deal to U.S. Bankruptcy Judge Kevin Huennekens. If no deal is reached, the company likely would face liquidation.

-- LandAmerica Financial Group, which traces its roots in Richmond to 1925, took another step yesterday toward shutting down.

The Henrico County-based company said it plans to sell its remaining businesses. Those companies represent a mere fraction of what it owned before filing for bankruptcy protection in November and selling its key title-insurance subsidiaries last month.

LandAmerica also said its chief executive is leaving and that the size of its board of directors had been pared.

Read more: http://www.timesdispatch.com/rtd/business/local/article/genworth_lays_off_1000_400_of_them_at_henrico_hq/174168/

---

Richmond Va was supposedly "recession proof" due to the diversity of industry and corporations headquartered or operating here.
Guess not.

[SpiralHawk]

1. The putrid fruit of republiconomics

"This problem can be solved with more tax cuts for the rich. Smirk."

- Republicon Homelanders

[UpInArms]

2. now that the whales have consumed all the plankton, the whales

are dying because there is no more food

that is just my analogy of what they have done to the business of business

all the mergers into huge conglomerates has forced all the smaller businesses into death and now that there is nothing left to feed upon, they, too, will die

[Cirque du So-What]

3. Meanwhile, Repug rep Eric Cantor opposes aid to automakers

while crying the blues for the tobacco industry. I hope this shitweasel - currently No. 2 piggie in the House - gets called on his blatant hypocrisy.

http://www.wsls.com/sls/news/politics/article/virginia_congressman_eric_cantor_decries_presidents_auto_bailout/23483/

and

http://hamptonroads.com/2008/12/those-against-cigarette-tax-are-mum-alternatives

[Tandalayo_Scheisskopf]

4. It is a testimony to how far the repukes have fallen...

When you consider that a relative short-timer like Cantor is now #2. Who's #1? Patsy McHenry?

[underpants]

5. Yep Cantor is wholly owned by the tobacco industry

someone who I trust when he tells me his involvement in the Va. Dem party said that Cantor is loved by the lawyers and hated by the doctors. This is a complete reversal of the normal alignment. Cantor, he told me, has stopped every single thing the Va. medical community has tried to do mostly to keep them at bay from creeping near anything that might affect tobacco.

[high density]

6. Possible liquidation for Circuit City

Use up those gift cards now...