Wednesday, May 22, 2019

Dress Barn to close 650 stores

 MAY 22, 2019 4:30 AM
Another retailer is closing its doors.

Dress Barn, the women's clothing chain that's been around for nearly 60 years, is closing all 650 of its stores.

The company's chief financial officer, Steven Taylor, said Dress Barn has not been operating at an "acceptable level of profitability in today's retail environment."

Its owner, Ascena Retail Group Inc., says it wants to focus on its more profitable brands. Ascena also owns Ann Taylor, Lane Bryant and other clothing stores.

The company did not say when Dress Barn will shut all its stores. Dressbarn employs about 6,800 people.

In the Pittsburgh area, Dress Barn stores are located in North Fayette at the Pointe shopping plaza; at the Miracle Mile Shopping Center in Monroeville; Cranberry, Grove City, Greensburg and Altoona.

After the news was announced Monday, shares of Ascena Retail Group Inc. rose 2.6% to $1.17 in extended trading. Shares of the Mahwah, New Jersey-based company are down more than 50% so far this year.

Gary Muto, the chief executive of Ascena Retail Group, wrote a letter to customers about the news and thanked them for 57 years of loyalty.

“It has been our pleasure to serve you, making it all the more difficult to let you know that the decision has been made to begin winding down the Dressbarn business,” Mr. Muto said. “This means that we will eventually be closing all of our stores.”

In the past year, retailers Bon-Ton, Toys ‘R’ Us, Charlotte Russe, Gymboree and Payless ShoeSource have filed or plan to file for bankruptcy.

Payless plans to close 2,300 stores in North America by the end of this month, in what is expected to be the biggest liquidation of a retailer by store count. Gymboree started closing 749 Gymboree and Crazy 8 stores in the United States in January.

Also, the personalized engraving retailer Things Remembered, which filed for bankruptcy this year, has closed more than 200 stores.

Monday, May 13, 2019

China's Massive US Treasury Bonds Sell-off with $1.13 Trillion Dump

APACHE JUNCTION AZ (IFS) -- China is exploring its "nuclear option" to dumping in mast trillion of dollars in US Treasury Bonds.  This will cause the American Economy to crash and burn.  Only two percent of the bonds that are held by foreign governments, China's massive bonds dump would cause great damage.

The world governments only hold approximately $22.5 Trillion dollars in US Treasury bonds, and the US could not absorb the buy-back of these bonds at a "nuclear options" sell-off.  There is not enough gold in the US Treasury to cover such debt if China demanded its money now.

Sunday, February 10, 2019

Americans Find That Their Taxes have Tripled, No More Refunds In the Mail

In late 2017, about a year before they were summarily booted out of office, the Republican majority in the House of Representatives passed something they called the“Tax Cuts and Jobs Act of 2017.”
At that time Republicans not only made up a majority in the House, but in the United States Senate as well. They also had the amazing fortune of having a president eager and willing to sign whatever they chose to put in front of him. So they had an unprecedented, really tremendous amount of power, just then.
They could have used that power to fundamentally improve the lives of ordinary Americans. They could have passed all kinds of incentives to keep corporations from “outsourcing” jobs and hiding and parking their profits overseas. They could have routed vast sums of money to rebuild deteriorating highways and bridges that Americans rely on every day. They could have bolstered up Medicare and Social Security, ensuring that millions of citizens enjoyed a dignified and prosperous retirement. They could have helped families pay for their kids’ college educations. They could have funded all kinds of services that would improve the quality of Americans’ lives.
Instead, they chose to do the exact opposite. They chose to reward the corporate conglomerates who had bankrolled their political campaigns with millions of dollars in campaign ads and ghost-written voter suppression laws. They completely turned their backs on the ordinary people who had voted them into office. And they did this knowing full well that their big, ballyhooed tax “cut” was really nothing more than a huge tax giveaway to the nation’s wealthiest, that would not do a single thing to help the people who had voted for them. They knew that as long as they kept repeating the time-tested mantras of “abortion” and “undeserving” and “illegals,” that their gullible voting base would swallow whatever snake oil they could cook up. That’s why they never even bothered to mention their “tax cut” in their re-election campaigns last November. They knew it was all an embarrassing scam.
They were all in on it. Every single one of them. And now, safe in their cushy corporate sinecures they had all pre-arranged before the voters wised up and kicked them out of office, they’re having a good laugh at everyone else’s expense. Yes, the Republicans fucked Americans over good, and they’re not looking back.

Friday, February 8, 2019

IFS News Writers Headlines by Digg Editions

Digg Editions
Morning · Fri, Feb 08
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The SwitchPod Is The Ultimate Vlogger Accessory
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Jeff Bezos Alleges The National Enquirer Extorted Him
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Win A Smart Camera Doorbell And $1,000 Cash, No Strings Attached
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