So they claim that my company is going out of business (read others as well)

Necro · 11-20-2008, 09:13 AM

Quote:

11-18-2008
KB Toys Closing Stores

KB Toys Closing Stores - KB Toys is closing 356 stores by January 2009 according to the Security Exchange Commission and hundreds of other popular retailers announce store closings - here is the list.

KB Toys closing stores is good news for those hoping to get great deals on toys right at Christmas time, but don’t get too giddy. This is just the beginning of the US economy heading south and the list below is just the tip of the iceberg.

Store Closings

Ann Taylor- 117 stores nationwide are to be shuttered
Lane Bryant, Fashion Bug,and Catherine’s to close 150 stores nationwide
Eddie Bauer to close stores 27 stores and more after January
Cache will close all stores
Talbots closing down all stores
J. Jill closing all stores
GAP closing 85 stores
Footlocker closing 140 stores more to close after January
Wickes Furniture closing down
Levitz closing down remaining stores
Bombay closing remaining stores
Zales closing down 82 stores and 105 after January.
Whitehall closing all stores
Piercing Pagoda closing all stores
Disney closing 98 stores and will close more after January.
Home Depot closing 15 stores 1 in NJ (New Brunswick)
Macys to close 9 stores after January
Linens and Things closing all stores
Movie Galley Closing all stores
Pacific Sunware closing stores
Pep Boys Closing 33 stores
Sprint/ Nextel closing 133 stores
JC Penney closing a number of stores after January
Ethan Allen closing down 12 stores.
Wilson Leather closing down all stores
Sharper Image closing down all stores
K B Toys closing 356 stores
Loews to close down some stores
Dillard’s to close some stores

Though consumers will reap the benefits of clearance toys at Christmas, what about all those employees, that retail space that will now sit empty, the continuing downward spiral…

This is just some email that's going around. Can't find it anywhere besides one site that seems real iffy.

I would think it would be more of a big deal, and on bigger sites if it's true. Probably is though.

Dr. Giganto · 11-20-2008, 10:12 AM

It's bullshit. First of all it's the "Securities and Exchange Commission". Any reputable news source would know that. Secondly, there's no reason why the SEC would know that, unless KB filed a press release with them, and if so, it would be publicly available.

Dr. Giganto · 11-20-2008, 10:18 AM

Also, as far as I can tell, KB Toys is not a publicly traded company. Thus, they don't need to file anything with the SEC. Maybe I'm wrong but I did a search on Yahoo finance and the SEC website, and I looked at KB's website, and I didn't see anything about the company having publicly-traded stock.

Necro · 11-20-2008, 06:22 PM

Quote:

Originally Posted by Dr. Giganto
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Also, as far as I can tell, KB Toys is not a publicly traded company. Thus, they don't need to file anything with the SEC. Maybe I'm wrong but I did a search on Yahoo finance and the SEC website, and I looked at KB's website, and I didn't see anything about the company having publicly-traded stock.

Yeah I'm thinking it's bullshit too.

But the other information about the other stores is mostly true.

I found a lot of the other stores on the AOL money website. I think they took an article about kb from around 2004 or 2005 and thought it was recent...

milkwhiteeye · 12-09-2008, 04:57 PM

So, I started working for KB in 1995 left in 2004 after the first bankruptcy and came back in 2006 and currently am a store manger for the past 2 years. The company has been feeding us a line telling us we are okay and that only 9 stores were closing next year and not all due to poor sales. I had confidence up until yesterday (12-8-08) when we received and e-mail telling us to stop selling gift cards and to pull them all from the floor. Then I found out the company that supplied the gift cards to us went under and I was only confused further by that. Then today another e-mail comes through from Denny who is like the CEO or something big like that saying he will send us a message before the week is out telling us where the future of the company is going. Sounds pretty questionable to me since 1. the gift card plastic is supplied through a 3rd party agent but the money is handled by KB which tells me it's something other than just the gift cards are useless to us and 2. it's pretty questionable that we go from everything is okay to I'll tell you about the future of the company later this week. I don't know what to think but if you work for us then you may want to start piecing together a plan for employment just in case. Also yeah KB on it's own is not a publicly traded company anymore it is own by an investment firm named Prentice I believe.

Necro · 12-09-2008, 05:18 PM

Quote:

Originally Posted by milkwhiteeye
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So, I started working for KB in 1995 left in 2004 after the first bankruptcy and came back in 2006 and currently am a store manger for the past 2 years. The company has been feeding us a line telling us we are okay and that only 9 stores were closing next year and not all due to poor sales. I had confidence up until yesterday (12-8-08) when we received and e-mail telling us to stop selling gift cards and to pull them all from the floor. Then I found out the company that supplied the gift cards to us went under and I was only confused further by that. Then today another e-mail comes through from Denny who is like the CEO or something big like that saying he will send us a message before the week is out telling us where the future of the company is going. Sounds pretty questionable to me since 1. the gift card plastic is supplied through a 3rd party agent but the money is handled by KB which tells me it's something other than just the gift cards are useless to us and 2. it's pretty questionable that we go from everything is okay to I'll tell you about the future of the company later this week. I don't know what to think but if you work for us then you may want to start piecing together a plan for employment just in case. Also yeah KB on it's own is not a publicly traded company anymore it is own by an investment firm named Prentice I believe.

Yeah seeing that email yesterday was very depressing.

Darth Sabre · 12-09-2008, 05:22 PM

i myself got made redundant due to the company i worked for going tits up, gotta love being a bum.

xChumChumx · 12-09-2008, 06:31 PM

Wow, the economy is really biting it hard. That's a terrible thing to hear, especially for me I'm just 18 and it's almost impossible to find a steady job. Every place around me is on a hiring freeze and places closing down stores just mean more people without jobs and less places to work. Definitely not a good sign.

No place wants to hire someone with little or no experience when you got a bunch of people who are much more reliable and better qualified when you can pay them for the same price. So it leaves me in quite a pickle.

Darth Sabre · 12-09-2008, 08:21 PM

Quote:

Originally Posted by xNICKYURINEx
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No place wants to hire someone with little or no experience when you got a bunch of people who are much more reliable and better qualified when you can pay them for the same price. So it leaves me in quite a pickle.

Exactly, i wasted 3 years of my life getting a Carpentry and Joinery qualification hoping to get a work placement as the end result, the placement never happened, and as a result no where would hire me due to having have my two years time served.

So they claim that my company is going out of business (read others as well)

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