Financial Update 11/25/2008: Brian Morgan

Global Aspects of the Financial Crisis:

Global aspects – Very Interesting
A number of commentators have suggested that if the liquidity crisis continues,
there could be an extended recession or worse.[21] The continuing development
of the crisis prompted fears of a global economic collapse.[22] The financial crisis
is likely to yield the biggest banking shakeout since the savings-and-loan
meltdown.[23] Investment bank UBS stated on October 6 that 2009 would see a
clear global recession, with recovery unlikely for at least two years.[24] Three days
later UBS economists announced that the "beginning of the end" of the crisis had
begun, with the world starting to make the necessary actions to fix the crisis:
capital injection by governments; injection made systemically; interest rate cuts to
help borrowers. The United Kingdom had started systemic injection, and the
world's central banks were now cutting interest rates. UBS emphasized the
United States needed to implement systemic injection.

UBS further emphasized that this fixes only the financial crisis, but that in
economic terms "the worst is still to come".[25] UBS quantified their expected
recession durations on October 16: the Eurozone's would last two quarters, the
United States' would last three quarters, and the United Kingdom's would last
four quarters.[26]

At the end of October UBS revised its outlook downwards: the forthcoming
recession would be the worst since the Reagan recession of 1981 and 1982 with
negative 2009 growth for the US, Eurozone, UK and Canada; very limited
recovery in 2010; but not as bad as the Great Depression.[27]

Above Article Resource from /\ : (more here)

http://en.wikipedia.org/wiki/Financial_crisis_of_2007%E2%80%932008

Huge List of Layoffs in 2008

http://en.wikipedia.org/wiki/Global_layoffs_in_2008_due_to_the_economic_crisis

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Below is:

Nov. 24, 2008 Store Closings Update – Brian Morgan

Red List is: Closing Down All Stores

(A) Store Closings Update: List A 30 Firms

Circuit City (filed Chapter 11) 155 stores will close
Ann Taylor- 117 stores nationwide closing
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 specialty stores
J. Jill closing all stores (owned by Talbots)
Pacific Sunwear (also owned by Talbots)
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
Macys to close 9 stores after January
Linens and Things closing all stores
Movie Galley closing all 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

(B) Additions & Firms on the Watch List C

Mervyn's to shut its doors and close all 149 stores
Radio Shack may close some stores
SafeWay Grocery is having a very tough time
Tiffany & Co. very hurt by customers that no longer work at Wall Street
Sirius Radio is really being hurt by low auto sales
Office Depot on watch list

(C) More: Closures & Layoffs: List C 28 Firms

Such firms as American Express, ArvinMeritor, Ball Corp., Centerline Holding

Co., Columbia Sportswear Co., Cooper Tire & Rubber, Dell, Drew Industries,
IWCO Direct, Maxim Integrated Products, Motorola, NBC Universal, Tenneco,
Time Inc., Washington Post, Worthington Industries and others.

Adept Technology Inc., will be vacating its headquarters at 3011 Triad Drive in
Livermore, CA, over a dispute settlement with its landlord. Adept expects to be
out of the facility by Feb. 3.
Align Technology Inc. plans to cut 111 full time positions in Santa Clara, CA, of
which 46 positions will be eliminated between now and January 2009. The
remaining positions will be eliminated during the next few quarters as the
company creates a new shared services organization in its existing Costa Rica
operation that will consolidate customer care, accounts receivable, credit and
collections, and customer event registration organizations.

American Express in New York is undertaking a companywide reengineering

that will eliminate approximately 7,000 jobs or about 10% of the company's
worldwide workforce. The reductions will occur across business units, markets
and staff groups primarily focusing on management and other positions that do
not interact directly with customers. The company is also suspending
management level salary increases for 2009 and instituting a hiring freeze for
open positions.

ArvinMeritor Inc. in Troy, MI, is executing comprehensive restructuring and

cost-reduction initiatives, including exploring strategic alternatives to the spin-off
of its Light Vehicle Systems (LVS) business group. During this period, the
company consolidated and/or closed 17 of its North American and European
manufacturing facilities; divested non-core businesses; reduced its global
workforce by approximately 4,000; and implemented a business
transformation program. In addition, the company plans more cuts to its global
workforce by eliminating another 1,250 employees, or approximately 7%,
which is comprised of 450 salaried and 800 hourly positions, including full-time,
contract and temporary workers.

Avanex Corp. is implementing a worldwide reduction in force that will result in

the termination of approximately 47 employees. In addition, by the end of
October 2008, the company intends to close its Melbourne, FL, facility at 1235
Evans Road and transfer the respective product lines, inventory, and fixed assets
to either its France or China offices.

Avigen is reducing its staffing level by approximately 27 positions, or 70% of its

workforce. In connection with this staff reduction, Avigen has notified the landlord
of its building lease for 4,834 square feet of lab space at 1201 Harbor Bay
Parkway in Bay City, MI, of its intent to exercise its termination rights and
accelerate the expiration date on the remaining lease term to 240 days.

Ball Corp. is closing its metal beverage packaging manufacturing plants in

Kansas City, MO, at 1800 Reynolds Ave. The Kansas City plant operates four
production lines capable of making 1.1 billion cans in a variety of sizes and
employs approximately 180 people. It is expected to close by the end of the first
quarter of 2009.

Canterbury Park Holding Corp. is cutting the workforce at its thoroughbred

race track and card rooms in Shakopee, MN, roughly 10%, about 60 full and part-
time positions.

Centerline Holding Co., parent company of Centerline Capital Group, an

alternative asset manager with a focus on real estate funds and financing, is
reducing its workforce nationwide by about 20%. A significant part of the
restructuring includes shifting resources to enhance its special servicing and
asset management functions. The company is in active negotiations with its
lenders to implement a debt-financing package to stabilize its finances longer
term.

Columbia Sportswear Co., a manufacturer of active outdoor apparel and

footwear, is laying off 75, or 4%, of its 1,800 U.S. employees after an 11%
decline in orders for spring 2009 and its expectations that U.S. market conditions
will remain challenging through 2009.

Conmed Corp. in Utica, NY, has developed an operational restructuring plan to

be carried out in the next 12 months. The plan includes constructing a new
manufacturing facility in Chihuahua, Mexico; closing of the company's
manufacturing facilities in the Utica, and El Paso, TX, and centralizing distribution
activities in a new North American distribution center to be located in Atlanta, GA.
Anywhere from 150 to 200 positions could be eliminated.

Cooper Tire & Rubber Co. is conducting a capacity study of its U.S.
manufacturing facilities over the next couple of months. The study will determine
how to optimize manufacturing capacity in relation to developing market and
customer needs, and will likely result in restructuring including capacity
consolidation or geographical shifts to production. All of the company's U.S.
manufacturing facilities are included for review and will be analyzed based on a
combination of factors Including long term financial benefits, labor relations and
productivity. Cooper has five U.S. manufacturing facilities:
701 Lima Ave., Findlay, OH

3300 Sylvester Road, Albany, GA

2205 Martin Luther King Jr. Blvd., Clarksdale, MS

3500 Washington Road, Texarkansas, AR

1689 S. Green St., Tupelo, MS

CRA International Inc. in Boston, MA, plans to reduce its consulting staff by
approximately 75, including the exit of selected practices, office closures and an
office space reduction. CRA is planning to exit the Capital Projects and Legal
Business Consulting practices. The company is also closing offices in Austin and
Dallas and reducing its office space in Houston. CRA will service those areas
from its offices in College Station and Houston. The changes should be
completed by the end of the year.

Dell Inc. this week has put in place a hiring freeze and is offering employees
voluntary severance packages, as well as one to five days off without pay. Dell
also is reducing its use of contract employees, cutting travel expenses and
"reprioritizing" some projects and capital spending. Last fall, Dell announced its
plans to cut about 8,900 workers.

Dixie Group Inc. in Chattanooga, TN, has developed and begun implementing a
plan to consolidate some operations including its tufting operations in North
Georgia into its Atmore, AL, facility and its tufting, dyeing and finishing operations
in Santa Ana, CA, into one facility. It is also reducing staff by approximately 6%
on top of the 9% staffing reduction that took place during the second quarter.

Drew Industries in White Plains, NY, said this week it is renewing its efforts to
cut costs. It is currently implementing plans to close or mothball at least five
additional manufacturing facilities over the next couple of quarters. In
addition, it will continue to explore additional consolidation opportunities. In the
last two years, Drew has closed more than 20 facilities. It is in the process of
selling five of those facilities, three of which are under contract to be sold before
year-end.

Entegris Inc. plans to close the larger of its two manufacturing facilities in
Chaska, MN, and will transfer production to its other existing facilities. This
closure, which will impact approximately 200 jobs or approximately 7% of its
worldwide headcount, should be completed in 2009.

Greatbatch Inc. approved a plan for the closure of its Teterboro, NJ; Blaine, MN;
and Exton, PA facilities. This plan includes the transition of the company's Blaine,
facility to its 98,000-square-foot facility in Plymouth, MN. Its commercial business
will continue optimizing its facility footprint by transitioning production from its
acquired facility in Teterboro to its newly constructed Raynham, MA, facility. The
third transition relates to the orthopedics business at its facility in Exton, which
will be transitioned to other locations not yet decided.

Greif Inc. in Delaware, OH, is exiting three box plants. The assets of its Toledo,
OH, plant at 1240 Matzinger Road are being sold to Welch Packaging, and the
sheet plant business and assets in Roseville, MI, at 20101 Cornillie Drive are
being sold to Aero Box LLC. The business of the facility in Louisville, KY, at 5100
Interchange Way will be absorbed into Greif's regional network, and the plant will
be subsequently closed. Together, the plants employ 142. Greif has also sold
the assets of its steel pail business in Greenville, OH, at 526 Markwith Ave. to
Cleveland Steel Container Corp. Greif will cease production in Greenville on Dec.
19. The plant employs 54.
IWCO Direct, a Chanhassen, MN-based provider of integrated direct mail
production services and marketing solutions, plans to close immediately its
facility in Elm City, NC, at and will transfer equipment and production operations
to three other IWCO Direct facilities in Minnesota. The Elm City facility has 380
employees. Minnesota operations will expand with approximately 250 new
positions.

Maxim Integrated Products Inc. expects to close in part or whole it’s San
Jose, CA, fabrication facility at 3725 N. 1st St. and its Dallas, TX, fabrication
facility at 4401 Beltwood Parkway South, according to its third quarter financial
report. No word was provided on when those might occur.

Maxygen Inc., a biotechnology company in Redwood City, CA, plans to reduce

its spending on a breast cancer drug in development while seeking a partner for
the program. As a consequence, Maxygen is also terminating approximately 30%
of its workforce, with staggered terminations from January 1 through the end of
April 2009. In addition, the company has retained the investment bank Lazard to
assist in exploring strategic options, including a sale or disposition of one or more
corporate assets, a strategic business combination, or other transactions.

Motorola Inc. posted a hefty loss in the third quarter citing the continued troubles
of its cell phone division. Because of that, the company will postpone the planned
spin-off of the unit, and cut more jobs -- 3,000 jobs by April, with about 2,000
of them coming from the cell phone unit. The company last announced 2,600
job cuts in April.

NBC Universal plans to cut $500 million in spending next year. The reduction
would equal 3% of the company's budget. The cuts will come from staffing
reductions and cutbacks in budgets for travel, entertainment and promotions.

Tenneco Inc. in Lake Forest, IL, intends to eliminate approximately 1,100 jobs
worldwide and close four North America manufacturing facilities and
restructure another manufacturing plant in North America. The combination of
these closures and other operational and administrative restructuring actions
across its global operations will eliminate approximately 500 salaried
positions and 600 hourly positions. The North America manufacturing plants
identified as recommended for closure include the company's Milan, OH,
elastomer facility at 33 Lockwood Road and its Evansville, IN, original equipment
(OE) emission control just-in-time facility. The company also expects to close an
OE ride control plant and another OE emission control just-in-time facility in the
United States, as well as restructure a North America OE emission control plant.
The unnamed locations will be announced in the near future. Tenneco had
already eliminated approximately 100 salaried positions and 660 hourly positions
across its North America earlier this year.
Time Inc., the world's largest magazine company, is expected to cut 6% of its
workforce - more than 600 positions. No magazines are scheduled to close, but
some are likely to be severely cut back. The company, a division of Time Warner,
the media conglomerate that includes CNN, Turner Broadcasting, HBO, AOL and
the Warner Brothers movie studio, is facing the twin perils of a shifting media
landscape from a severe economic downturn and a loss of readers and
advertisers to the Web.

Washington Post revealed that 231 employees accepted its voluntary

retirement incentive program offered to some employees earlier this year. The
Post also plans to close its College Park, MD, printing plant at 5245 Greenbelt
Road in the second half of 2009 and that none of the four presses will be moved
to The Post's Springfield, VA, plant..

Worthington Industries in Columbus, OH, will reduce its workforce by nearly

300 through a combination of plant closings and layoffs. Facilities to be closed
are in steel processing, the Louisville, KY, facility at 1152 Industrial Blvd. and in
metal framing the Dietrich Metal Framing facility in Renton, WA, at 3351 East
Valley Road. Louisville employs 50 workers and is expected to close by May 31,
2009. The steel processing business segment is also reducing its workforce by
60 seasonal and temporary workers. The Renton facility employs 22 and will be
closed by Dec. 31,. The metal framing facility was opened in 2000, but has
experienced a decline in demand the past two years. Dietrich Metal Framing is
laying off an additional 150 employees across the organization.