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What Do You Know About Reader's Digest?
Heavy debt, an advertising slump, and decreased circulation pushed the publisher of Reader's Digest to file for Chapter 11 bankruptcy protection yesterday. Reader's Digest is considered an iconic general interest publication, so let's see how much you know about the classic magazine and its publisher, the Reader's Digest Association. Take the quiz!
Filene's Basement Files For Bankruptcy
Another retailer can be added to the growing list of recession victims. Filene's Basement filed for Chapter 11 bankruptcy protection today, citing slow sales and tough competition from other discount stores like T.J. Maxx.
Would You Be Bummed If Blockbuster Went Bankrupt?
Rumor has it that Blockbuster is looking into bankruptcy as a possibility, which doesn't come as a huge surprise given the many other movie-renting options out there (not to mention the withering state of consumer confidence). Still, the blue and gold movie house has been around for some time. Would you miss it?
Maxed Out: Third Bankruptcy Is Not a Charm
This episode of Maxed Out is about Jessica and Greg, a couple who just can't grasp financial responsibility. They declared bankruptcy separately before they were married, and as parents of one-year old twins and a six-year old they are on the brink of declaring bankruptcy together. Their $55,000 of debt is overwhelming their relationship and dissolving their dreams of home ownership, and even though they earn a combined annual salary of $120,000, they are always one payment behind on all of their bills.
Don't Expect Deals at Circuit City Liquidation
If you weren't convinced the first time I mentioned that Circuit City's liquidation sales aren't offering unbeatable prices, take it from ABC Action 6 News. The news team investigated the prices at the going-out-of-business chain and discovered that the liquidators are doing a good job and making as much money as possible, so that Circuit City can pay back its creditors. Below are some of the discoveries the team made.
Circuit City Liquidation: It's On
The road has come to an end for Circuit City. The electronics chain filed for bankruptcy in November of 2008 and is now facing the same fate as Linens 'n Things — liquidation. All merchandise must go in the remaining 567 stores, and unfortunately that means more than 30,000 will likely lose their jobs.
Biggest News Story: Lehman Brothers Files For Bankruptcy
Lehman Brothers was 158 years old when it declared bankruptcy, and the prestigious firm's collapse was one that shocked everyone inside the industry and out. The company was left with no other choice but to declare bankruptcy when it couldn't find a buyer and the government refused to bail it out. The New York Times called the fateful event one of the most dramatic days in Wall Street history.
What Is the Most Shocking Bank Trouble of 2008?
There's no way react to the banking trouble that occurred this past year without shaking our heads in disbelief. The crazy banking news just kept rolling in as one century-old firm after another collapsed, was bailed out by the government, or purchased by another existing bank. The bad news started with investment banks and found its way into commercial banks.
Linens 'n Things Tricky Liquidation Tactics Exposed
Going out of business sales usually make shoppers' ears perk up, yet a recent sort of exposé by Good Morning America suggests that we shouldn't trust that sticker prices are actual discounts from the originals. With camcorder in hand, the show strolled the aisles of a soon-to-be extinct Linens 'n Things and visited a going-out-of business Circuit City store. What they found was nothing to be excited about, at least in terms of dirt-cheap deals.
Maxed Out: On the Verge of Bankruptcy, Again
This episode of Maxed Out is about Karen, a single mom of a 9-year-old girl named Bailey, and she's in danger of having to declare bankruptcy for the second time. She says she'll feel like a loser if it happens again, and everything she cares about — her daughter, financial stability, and her home — is at risk. Karen has no savings for herself or for Bailey's future.
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