Ten big ones on the road to bankruptcy

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Post 3+ Months Ago

A surprising list:
1. Hertz
2. Textron
3. Sprint Nextel
4. Macy's
5. Mylan
6. Goodyear
7. CBS
8. Advanced Micro Devices (AMD)
9. Las Vegas Sands
10. Interpublic Group

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Post 3+ Months Ago

Unfortunately, that Goodyear mark hits close to home. My father is nearing his retirement and he's an active Union member and has recently taken office - but not without spending 30+ years in a 90 degree tire room building out every day. God knows how many surgeries that company cost him, but he never complained about it because he provided for us. My grandfather retired from the same plant a few years ago. I'd like to spend 5 minutes alone with those authors and their uneducated opinions on the steelworker's union.
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ATNO/TW wrote:
8. Advanced Micro Devices (AMD)


Thats good to know... Just earlier today I was looking at a job listing with AMD but now I think I'll abstain from applying.
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Sprint is the one that caught my attention, but lately they've been irritating the crap out of me. had been thinking of switching to Verizon anyway. Can't even get any reception in my office.
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Post 3+ Months Ago

I'll be happy to see Sprint die off. But Macys ? There's all kinds of tradition and whatnot wrapped up in that 150 some-odd year old company.
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CBS surprised me too. No idea what TV would be like without CBS.
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CBS is the one with the peacock logo right ?

They're all the same to me. I remember the channel numbers and always forget the names.
  • dyfrin
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Post 3+ Months Ago

Let me get this straight UPSGuy,
If the union doesn't budge and forces goodyear out of business, where is the union going to get money for your Father?

Look at the bailouts, on how the unions and bondholders got almost all of it, and shareholders, and the company have little to show for all of it. There is no need for unions today, there are so many laws and lawsuits that businesses cannot ignore in the treatment of employees.

CBS=eye
NBC=peacock
ABC=circle
FOX=FOX
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If you honestly believe that there is not place for unions in today's world then I would be wasting my time discussing it with you because IMO that categorizes you with the sadly mis/mal/uninformed. Where would they get money for him? The answer is they don't care - not about him, not about any other individual who isn't sitting on their board. A butt in a seat, regardless of pay and benefits, is the exact same to them when it comes to the REAL workers. Screw loyalty, performance, retirement - they'd throw it all out for a lot of people who would do the same work for minimum wage and no benefits. You expect laws and lawsuits to uphold the rights of the employee? Right. Our legal system has such an outstanding track record.

Union doesn't budge?! Give me a break - they've compromised left and right in every last negotiation I have been alive for (and I'm quite sure before then as well). That goes as a whole and as a local chapter. If you draw the line and say no more, then that makes you the bad guy? Just because this is the first time that you've noticed the struggle does NOT imply that this is the first time corporation and union butt heads. Furthermore, that very same corporation agreed in the past to every term that the union is standing on. What, are we calling do-over now b/c they decided they wanted to take something back?

If the corporation had their choice, my dad would be making significantly less than he is now and would have lost his job about 5 years back the FIRST time someone with an opinion a LOT like what you've stated began whining about pensions and tried to close this specific plant in lieu of another just because this one was further away for trucks to make the trip. Never mind the fact that the other plant was added some 20 years after, was smaller in employment and capacity, did not produce the same product, and sucked in their efficiency percentages altogether.

Nobody really gave two flips about the steelworkers until Detroit pulled bailouts. Interesting how you lump Goodyear and their employees into the 'evil' that media has portrayed around bailouts. If you're going to stereotype unions, then you need to experience and take on the management stereotype as well. By that I mean that you would have to assume them to all be heartless, stupid people who do anything to keep a penny in their pocket and don't care who they hurt.

I've worked management and seen it first hand (steelworkers and otherwise). I've been the union member (again, both steelworkers and otherwise) so I know that side well too. Heck, I was raised around the constant battle between the two. I really hope that if you reply, you're coming at me with some other opinion besides what you've seen on TV and read on the web. If not, then you're allowing yourself to become part of the problem.
  • joebert
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I think unions will die out with industrial-based economies. There really is no place in commerce for a union and with the greenieness and robotics on everyones minds as of late there's becoming less of a place for industry.

I don't even think Teachers unions will survive.
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Unions are both a burden and a blessing. They make things great for the employee, but for the employer they are a pain in the ass. I personally don't intend to ever join a union. I just figure I can stand up for myself and not pay someone to do it for me, its in my blood to be that way. My grandpa was a teamster back in the day, and when they were all striking he was a scab and kept working. My mom remembers times when they would come home and their cat would be dead on the front step, or she would come home from school and they would go on a surprise camping trip (to hide for a few days). I'm a wage slave and I always will be, I'll go to work even though I hate it. And if my employers treats me wrongly or unfairly then screw 'em! I can find other work.
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Quote:
There really is no place in commerce for a union and with the greenieness and robotics on everyones minds


I knew you of all people couldn't avoid a chance to poke someone with a stick, but care to expound?
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Unions typically form around the production of something. If robots are producing everything, what will be left for a union to form around ?

Even teachers are producing something, educated individuals. When you can find the answer to any question instantly on your iPhone, why do you need a teacher to beat it into your head ?
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Goodyear already implements a very heavy mixture of automation and thus far it's all gone into the company without causing too huge of a stir. Sometimes there's just no justification - the machines it would take to perform a position and the initial costs and maintenance don't offset what the human can do. I think technology still has a long way to go before it becomes versatile enough to entirely replace us in factories. If formal education is dropped because everyone has access to the intertubez, then I'm moving as faaar away from this country as I can because as a whole, the gen pop. is already stupid enough to push my limits. It's already bad enough when I hand someone cash and they can't figure out the change. God help us if that's the dependency we are to develop on every waking thought.
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Post 3+ Months Ago

I hope AMD and goodyear doesnt disapear.
  • Jenie0109
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I worked in Sprint last year and the management is bad. The service is bad and most delivered phones are returned because it was either damaged or it wasn't what they are expecting. I'm not surprised to see Sprint on the list.
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I can see why Macy's is going out of business. I saw a commercial on tv last night that had a lot of big time famous people in it. They could have saved a lot of money by not hiring them.
  • ATNO/TW
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Macy's same store sales for August were down 8.1% from last year.
http://phx.corporate-ir.net/phoenix.zht ... highlight=

Their biggest problem is their total long term debt is over 8 billion dollars.
http://www.macysinc.com/investors/2009/cfs092gaap.aspx

//another article I just found that indicates Rite-Aid is right there with them
http://www.thestreet.com/_yahoo/story/1 ... &cm_ite=NA
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Quote:
I can see why Macy's is going out of business. I saw a commercial on tv last night that had a lot of big time famous people in it. They could have saved a lot of money by not hiring them


So...It's the money they could have saved by switching to pseudos?

*And I always feel like somebody's watching meeee*

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  • mk27
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ATNO/TW wrote:
//another article I just found that indicates Rite-Aid is right there with them
http://www.thestreet.com/_yahoo/story/1 ... &cm_ite=NA


Rite-Aid is crazy. They just opened a huge outlet in a brand new building they had built a few miles from here in what I gotta say is an intensely, and obviously, bad retail location. Not to mention there is no shortage of drug stores in the area, and a Key Foods right next door -- which sells stuff like snack food and toiletries much cheaper. Most of the stuff they sell is available at dollar stores for a fraction of the price. Everytime I walk by there are exactly zero cars in the way oversized parking lot. Rite-Aid is like where you would go to pay as much as you can for sun-block at 3am. This one isn't even open 24hrs, tho, which makes the 24hr drug store prices seem more obscene and unwarranted.

Then another mile away they have a giant pile of dirt with a billboard: "Rite-Aid coming soon!" which has been there a few years, I think they were betting on some other development in the area which didn't pan out. In any case, the person in charge of those decisions was brainless and no doubt was told that in advance.
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Speaking of companies going bankrupt, you'll love this. Got something of a surprise in the mail yesterday. Circuit City ( a previous employer of nearly 15 years of my life) sold off my remaining shares (3.8) of Carmax stock (which they owned and I had totally forgotten I had left) and I made a whole $65 off the sale, after trading fee and other misc fees of $51 I netted about a $14 check. I feel so rich.
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Woohoo! Whatcha gonna buy with all that?
  • joebert
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Quote:
I made a whole $65 off the sale, after trading fee and other misc fees of $51 I netted about a $14 check.


That's ridiculous. Are they going to make you pay some sort of capital gains tax on that now too ?
It would suck, but it would be pretty funny if you ended up having to pay Uncle Same $20 and only have a check for $14.
  • ATNO/TW
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joebert wrote:
That's ridiculous. Are they going to make you pay some sort of capital gains tax on that now too ?
It would suck, but it would be pretty funny if you ended up having to pay Uncle Same $20 and only have a check for $14.


oddly that thought actually crossed my mind.
  • joebert
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I think my father lost about 40% of his retirement to taxes when my step mom left him the first time causing him to have some sort of retarded breakdown, quit his job, and retire early.

I'm guessing that stock stuff was part of some sort of retirement gimmick in your case too ?

If the same numbers apply, and the 79% that's already been taken out didn't include uncle sams cut, 40% of $65 is actually $26.
  • ATNO/TW
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No, actually my retirement plan was a genuine "good old days" pension. It's currently secured with Wells Fargo and a new company is managing it now that Circuit City went belly-up. The stock options were an employee perk so to speak. I sold most of my stock years ago with some nice profits when CC was doing well. I just forgot I had a few shares of Carmax left.

Honestly I'd be making more money if I retired now than I am working (not even counting my 401k that I have at my current job)
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I bet sometimes you wonder if you should retire early and cash out while it's still worth something with the way things have been going with financial institutes going bust and whatnot lately.

I caught Greg Geraldo on Comedy Central the other night just long enough to hear him crack a joke about it being a great time to be a screw up.

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