SavvySugar

More Details on Gourmet's Collapse

YumSugar — Tue, 06 Oct 2009 11:30:32 -0700

Yesterday morning began with breaking news that, after 68 years of publication, Gourmet was going out of print, and now we have more details on the magazine's collapse. Although the glossy will cease to exist, the Gourmet brand will live on through book publishing and TV programs. Staffers at the magazine were first unaware, then teary-eyed and harried, as they were allegedly given 48 hours to leave.

According to publisher Condé Nast, which staunchly defended its position, star editor Ruth Reichl will likely part ways with the publishing house, although this has not been confirmed. She, too, admitted her surprise, tweeting, "Thank you all so much for this outpouring of support. We're all stunned, sad . . . Hard to believe it's over."

Hard to believe indeed. From food personalities to subscribers, everyone has shown an overwhelming amount of regret. I'll miss the pages of exquisite photography and timeless travel pieces, and Party doesn't know how she'll live without the recipes. What will you miss about Gourmet?

Gourmet Magazine to Fold

YumSugar — Mon, 05 Oct 2009 09:43:25 -0700

This morning, Condé Nast announced its oldest food title, Gourmet magazine, is folding. There were telltale signs of trouble: the glossy, which will print its last issue in November, just underwent budget cuts. As early as the onset of 2009, rumors were already flying that Gourmet would not see the end of the year.

The speculation didn't prepare me for the shellshock of Gourmet's demise. After all, the magazine, which has been published since December 1940, is an institution. I would have thought they could cut issues to six a year, or even quarterly, before shutting down such a venerable publication. It's wishful thinking, but a part of me hopes this is just some sort of sick publicity stunt. Are you as stunned as I am?

What Do You Know About Reader's Digest?

SavvySugar — Tue, 25 Aug 2009 06:30:44 -0700

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!

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Smith and Hawken Closing Its Doors

CasaSugar — Thu, 09 Jul 2009 11:00:00 -0700

After 30 years in the garden business, Smith and Hawken is closing its doors. The website, catalog, and call center have all shut down, and you can expect sales storewide starting today. Smith and Hawken gift cards will be honored at the stores during the closure process. With over 50 stores across the United States, this is a sad day for employees of the company.

In a prepared statement, Jim Hagedorn, chairman and chief executive officer of ScottsMiracle-Gro, which owns Smith and Hawken, said:

We would have preferred to sell the Smith and Hawken business in order to protect jobs and keep the retail franchise intact. However, after discussions with several potential investors over the past 12 months, it became obvious that shutting down the business was the best option available.

Do you shop at Smith and Hawken? Do you know anyone who works there? Are you sad to see it close its doors?

Filene's Basement Files For Bankruptcy

SavvySugar — Mon, 04 May 2009 14:00:35 -0700

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. Filene’s is selling 17 of its 25 stores to Crown Acquisitions for $22 million, and filing for bankruptcy protection will give the chain a clean debt slate. Still, The New York Times points out that overcoming a Chapter 11 filing isn't easy in this economic climate, citing the fate of the liquidated Circuit City chain.

We can thank Filene's for developing a market for discounted goods. It's credited as being one of the first retailers to offer automatic markdowns, the idea to reduce prices on items that have been on the floor for a certain period of time. Hopefully, the 100-year-old chain will emerge from its second bankruptcy as a stronger competitor.

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Most Restaurants on Kitchen Nightmares Are Now Closed

partysugar — Mon, 09 Mar 2009 11:33:25 -0700

Ever wonder what happens to a restaurant after Gordon Ramsay whips the staff into shape and redesigns the dining room on Fox's Kitchen Nightmares? Well according to Scottish newspaper, the Herald, more than half of the eateries have closed or been sold. Of the 20 restaurants that were featured on the US version of KN, 10 are now closed; 12 out of the 22 UK establishments faced the same grim fate. Restaurateurs blame a range of reasons for shuttering, from high costs of fresh local produce to a decrease in customer counts due to the recession. Others even begrudge Ramsay saying that the show is clearly a joke.

In some ways, I have to agree. A quick makeover from a celebrity chef and appearance on a reality television show isn't going to make thousands of dollars in debt disappear. The harsh truth is that for a restaurant to succeed, it needs diners, and not even Gordon Ramsay can guarantee that an establishment will be full each night.

What do think of the news? Are you surprised to learn that so many of the eateries have shut down?

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Would You Be Bummed If Blockbuster Went Bankrupt?

SavvySugar — Wed, 04 Mar 2009 09:30:07 -0800

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?

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Maxed Out: Third Bankruptcy Is Not a Charm

SavvySugar — Tue, 17 Feb 2009 07:15:45 -0800

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. Financial guru Allison Griffiths says the only way to avoid another bankruptcy is to overhaul their finances. To see what she found out when she took a deeper look into their spending habits, read more.

It quickly becomes obvious that Jessica and Greg have an unhealthy reliance on debt. They spend $420 a month on bank fees alone and have a $594 shortfall every month, mostly from bouncing checks and paying interest to the payday loan service. They have $6,000 in collections, owe $33,000 on their cars, and are about $15,000 in debt to their parents. Because of their bad credit history, the loan on one of their cars is at 22 percent interest- when it's paid off in five years, they'll have paid for the car twice.

The couple spends $450 a month on coffee and cigarettes alone, and when Allison points out that in five years they would have $32,000 (the equivalent of their car loans) they realize that it's time to make big changes. By following Allison's instructions to get rid of Jessica's SUV, Greg's hot rod hobby, quitting smoking, and making coffee at home, they are on their way to financial stability.

They are still at least five years away from being able to buy a house, but Greg says he's learned it's necessary to pay attention to the little things in order to get the bigger things you really want. They're finally able to pay their bills on time, which is a big step from living on the edge of bankruptcy that got them on the show in the first place.

Company Behind Salmonella Scare Files For Bankruptcy

partysugar — Mon, 16 Feb 2009 03:00:33 -0800

Not surprisingly, the Virginia based Peanut Corp. of America filed for bankruptcy last Friday. The company, which has been accused of producing the salmonella tainted peanut products, filed Chapter 7 to liquidate their assets. Plants in Georgia and Texas were closed after the positive results for possible salmonella contamination were found. Inspectors discovered the Georgia plant in gross conditions: infested with roaches, mold, and leaks.

The president of the corporation, Stewart Parnell, has turned his back on the problem, and last week authorized the shipping of knowingly tainted products. Although he refuses to speak with investigators, food safety lawyers believe that the victims of the salmonella outbreak will be compensated.

It makes me sick to think that the president of a company could willingly send contaminated goods, but I'm glad to know the government has tracked down the source of the problem. What do you think of the news?

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Is Gordon Ramsay Going Bankrupt?

partysugar — Mon, 26 Jan 2009 12:30:14 -0800

Although the fifth season of Hell's Kitchen debuts this Thursday on Fox, Gordon Ramsay's empire may be crumbling. According to the New York Post, the celebrity chef's company is "finding life pretty tough at the moment."

In the past couple of months the celebrity chef has faced many challenges. One of his restaurant's lost two Michelin stars and another establishment dramatically cut back its hours. The overall price of dining at a Gordon Ramsay eatery has dropped as well, to only $21 a head. Top that off with two years worth of unpaid back taxes, an alleged 7-year affair, and you end up with one burnt Ramsay. In an attempt to solve his problems, he's fired his public relations guru.

However, if Ramsay's luck runs out as a restaurant chef, he's always got his television career to fall back on.

Do you think Ramsay will survive the setbacks?

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