Westlife singer Shane Filan has been declared bankrupt after owing €5.5m due to the collapse of the Irish property bubble. [more inside]
So it turns out that the United States Postal Service has lost $2.2 billion in the first quarter of 2011 with estimated losses of $7 billon by September. Despite shedding over 130,000 jobs in the past three years and promises from the Postal Worker's Union to not demand any raises in the near future, some doubt that the USPS has a future in America. Does the future have a P.O. Box? Google sure thinks so.
Borders filed for Chapter 11 bankruptcy protection this morning, announcing it would close about 200 of its 650 or so remaining stores.
The Last Days of Gourmet Some photos of the last few days of clean-up from the inside of Gourmet Magazine's offices.
Is the U.S. Bankrupt? [332Kb PDF] Laurence Kotlikoff, writing in this month's Federal Reserve Bank of St. Louis Review, says "yes" - to the tune of $66 trillion! [more inside]
Levi Strauss to Shut Last Plants in U.S. Levi Strauss & Co. said that it would close the last of its North American manufacturing plants, laying off almost 2,000 workers. San Francisco-based Levi, which is celebrating its 150th anniversary this year, said it would shutter two plants in San Antonio by the end of the year, displacing 800 workers there and marking the end of its U.S. manufacturing operations. And Cone Mills Corp., the world's largest denim fabric maker, has filed for Chapter 11 bankruptcy protection and accepted a letter of intent from W.L. Ross & Co to purchase all of its assets in a $90 million transaction (more inside)
US Airways Bankrupt. It had to happen to one of the big airlines eventually, what with 9/11 and the hesitancy to fly following. But on top of everything else financially as of late... it just deepens that already sick feeling. Who's next?
Excite turns out the lights. For the last four years Excite's portal page has been my daily stop for news, stocks, showtimes, weather, etc. But they've been turning off services for weeks, and now the whole portal seems to be dead. Are free news portals soon to be quaint memory? [more inside]