Depression Diary

Joe's demise 'didn't have to happen'!

"The 1,600 employees of venerable outdoors retailer Joe's learned
firsthand this spring the impact of the U.S. credit crisis when an
inability to find new financing forced the 57-year-old company out of
business.

Joe's demise -- the company's last stores close permanently this
weekend -- was as unnecessary as it was rapid, some insiders contend.
The private equity fund that bought Joe's Sports, Outdoor & More in
2007 badly wanted to save the company and had offered to pour another
$10 million into the operation.

But Joe's lenders, Wells Fargo and Boston-based Crystal Capital,
refused to put up more money, sealing the operation's fate."

http://www.oregonlive.com/business/i...e_to_happ.html

(One of my favorite places. Sad to see it go.)

German economy minister: Insolvency best for Opel!

"BERLIN - Germany's economy minister says he opposes the government's
plan to put General Motors Corp.'s Opel unit into trusteeship and
still supports an "orderly insolvency" to save the carmaker."

The Puerto Rican government announced Friday the dismissal of 7816
public employees, the first batch of up to 30000 layoffs!

Double-A