This article was courtesy of my brother Yusef from the "A" town. I know a lot of people are on edge these days because of the economy and all this crazy stuff going on, but best believe you are not alone. Reported yesterday at out good ol folks at MSNmoney several well known companies are are about to call it quits. This story was crazy because some of the top dogs for many years are falling victim to this economic crunch. Just to name a few: One potential victim:
Blockbuster (BBI, news, msgs). On April 7, auditors speculated that the movie rental giant may have to declare bankruptcy before the year's end.
Six Flags (SIX, news, msgs), the owner of more than 20 U.S. theme parks, is scarier for investors than the Dare Devil Dive, a ride at the company's Great Adventure & Wild Safari park in New Jersey. The company has a ton of debt and seemingly not enough money coming in to pay it off by the due dates.The company lost about $37.8 million in 2008 and $70.6 million in 2007, according to filings with the Securities and Exchange Commission.
Rite Aid (RAD, news, msgs) made the mistake of expanding right before a severe downturn. The drugstore chain acquired competitor Brooks Eckerd for $3.4 billion in 2007. The recession has slashed demand for everything from name-brand prescriptions to pricey anti-aging creams. Rite Aid's revenue was down nearly 2% last year, and performance was particularly bad at former Eckerd stores.
So don't feel bad...your not left out...you are not alone on this broke mission....It's just now rich folks are starting to understand how it feels to be broke. It's fun aint it....ketup sandwhiches...cereal with water in them...oh don't forget having ramon for every meal. Just remember people it's only temporary. There is a plan for all things...its just this one stings a lil bit...
Blockbuster (BBI, news, msgs). On April 7, auditors speculated that the movie rental giant may have to declare bankruptcy before the year's end.
Six Flags (SIX, news, msgs), the owner of more than 20 U.S. theme parks, is scarier for investors than the Dare Devil Dive, a ride at the company's Great Adventure & Wild Safari park in New Jersey. The company has a ton of debt and seemingly not enough money coming in to pay it off by the due dates.The company lost about $37.8 million in 2008 and $70.6 million in 2007, according to filings with the Securities and Exchange Commission.
Rite Aid (RAD, news, msgs) made the mistake of expanding right before a severe downturn. The drugstore chain acquired competitor Brooks Eckerd for $3.4 billion in 2007. The recession has slashed demand for everything from name-brand prescriptions to pricey anti-aging creams. Rite Aid's revenue was down nearly 2% last year, and performance was particularly bad at former Eckerd stores.
So don't feel bad...your not left out...you are not alone on this broke mission....It's just now rich folks are starting to understand how it feels to be broke. It's fun aint it....ketup sandwhiches...cereal with water in them...oh don't forget having ramon for every meal. Just remember people it's only temporary. There is a plan for all things...its just this one stings a lil bit...
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