The state of the USA

Tough times: Japan Airlines Files for Bankruptcy

It is a sad day when a proud carrier has to resort to bankruptcy procedures.

“Key measures of the restructuring plan include cutting more than 15,000 jobs, or about 30% of its workforce, by the end of 2013”

Japan Airlines (JAL), the country's 59-year-old flagship carrier that once symbolized the strength of Japan. Now in ruins, it must do what it needs to survive.

Know how your business works!

Mark Stout, a professional photographer wrote an excellent article about a case of a photographer getting one of his photos on the cover of Time Magazine. You’d think he got paid thousands to land such a good gig. You’d be wrong. He received only pennies, literally, as he was a slave to microstock.

I am not a professional photographer, nor do I want to be, but this is an eye opener for anyone going into business for him/herself. Know how the business works!

Ritz is done

Ritz Camera announced their plans to liquidate by July 24th, 2009.

After filing for Chapter 11 bankruptcy on February 22, 2009 and closing more than 300 stores, they filed a petition with the Court to close all of its remaining 370 stores and sell their operations.

Ritz "may not have sufficient availability to continue operating through the summer as a stand alone entity and to purchase inventory required for the fall holiday season," according to the filing. "The Debtor therefore believes that the time to maximize value through a sale process is now."

It is sad to see a 91 year old company go, but they could not compete with the big guys. Their stores were in high-rent mall locations and their merchandise prices were always high. Another one bites the dust.