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Tuesday, April 8, 2014

Bastard Buffett and a Buffet of Company Closings to Come..

We at A&G do not like Warren Buffett..  Not one damn bit..

He represents the absolute worst which is US capitalism.. He and those who came before him.. Rockefeller, Ford, Carnegie, Mellon..

People think of them with admiration and esteem because after spending a lifetime accumulating massive amounts of wealth and power consolidation, decided in their golden years to whitewash their unethical salad days by magically discovering philanthropy.

But a bastard is a bastard no matter how many world-famous music halls, scholarship funds or foundations one creates..

Just ask Bill Gates.
~ Two pieces of very wealthy excrement..

Funny how Buffett had a Billion dollars to potentially toss away via a competition to see if anyone could pick the perfect NCAA College Basketball Tourney bracket and yet just a few weeks ago we mentioned how Buffett through his corporation Berkshire Hathaway closed 5 Heinz plants here and in Europe..

This move cost thousands of jobs so he could come up with the money needed for the $100+ million buyout of the ketchup maker's former CEO

And now he is at it again with underwear...
~ "Oh girls, if I was only 5 years younger, the things I'd pay you to do.."

From Kentucky.com (April 3,2014):

" Clothing company Fruit of the Loom announced Thursday that it will permanently close its plant in Jamestown and lay off all 600 employees by the end of the year.

The Jamestown plant is the last Fruit of the Loom plant in a state where the company had once been a manufacturing titan second only to General Electric..

"It is very devastating," State Rep. Jeff Hoover said. "Some of the worst news we could possibly hear as a community, not just the 600 jobs but the effect it has on city government, the county government, the school system and local business."
Hoover said the city of Jamestown gets more than $200,000 a year from occupational tax from plant employees.

He said Fruit of the Loom pays the city $1.6 million a year for the wastewater treatment plant, which was upgraded a few years ago at the request of Fruit of the Loom. "I don't know how they make the bond payment once Fruit of the Loom leaves," Hoover said."

Wonder which US state the plant will be moved to?

Oh that's right.. when US businesses close plants they are moved outside the US borders so they don't have to pay anything close to a real wage or provide benefits to their workers..

The plant is being relocated to Honduras.
~ Buffett's home

The minimum wage for Honduran workers in non-mining related employment is 23.68 Honduran lempiras per hour

Sounds like a lot compared to our $7.25/hr doesn't it?

Oops, we forgot the currency translator part..

$1 US dollar = 19.18 lempiras

Thus.. that 23.68 lempiras is equal to $1.23/hour
See what a bastard Warren Buffett is?

No different than any other profit hungry jackal but then again most aren't called 'Oracles' and feted and ego-stroked by the powerful and elite; by Presidents and celebrity

And unfortunately we're all about to experience a new fresh wave of store closures.. some to be relocated overseas and some just to disappear altogether..

We already mentioned earlier this year about the store closings at Macy's and JC Penney's..

Here's some others that are closing or about to:
Office supply company Staples has announced plans to close 225 stores by 2015, which is about 15 percent of its chain. Staples already closed 40 stores last year. Industry analysts expect Staples’ main competitor, Office Depot, which bought OfficeMax last year, to announce its own round of store closings soon.

Radio Shack has announced plans to close 20 percent of its stores this year, which is as many as 1,100 stores. The company, which operates around 4,000 stores, reported that its sales fell by 19 percent last year.

Albertsons supermarkets closed 26 stores in January and February according to Supermarket News. Analysts expect many more Albertsons could soon be shuttered because Albertsons owner hedge fund Cerberus Capital Management just bought Safeway Inc. Some Safeway stores could soon shut down as well.
Clothing retailer Abercrombie & Fitch is planning to close 220 stores by the end of 2015. The company is also planning to shut down an entire chain it owns, Gilly Hicks, which has 20 stores, 24/7 Wall Street reported.

Barnes & Nobles is planning to shut down one third of its stores in the next year: about 218 stores. The chain has already closed its iconic flagship store in New York City.

Toys R Us has plans to close 100 stores according to The Record newspaper in New Jersey

The Sweetbay Supermarket chain will close all 17 of the stores it operates in the Tampa Bay area, The Herald Tribune newspaper reported. Many of the stores might open as Winn-Dixie Stores. Sweetbay closed 33 stores in Florida last year.
The entire Loehmann’s chain of discount clothing stores in the New York City area shut down. Loehmann’s once operated 39 stores, The New York Times reported, and was considered an institution by generations of New Yorkers.

Industry analyst John Kernan told CNN that he expects Sears Holdings, which owns both Sears and Kmart, to close another 500 stores this year. Sears has already shut down its flagship store in Chicago.

Quiznos has filed for bankruptcy, USA Today reported, and could close many of its 2,100 stores.

Sbarro which operates pizza and Italian restaurants in malls, is planning to close 155 locations in the United States and Canada. That means nearly 20 percent of Sbarro’s will close. The chain operates around 800 outlets.
Ruby Tuesday closed 30 restaurants in January after its sales fell by 7.8 percent. The chain currently operates around 775 steakhouses across the US.

An unknown number of Red Lobster stores will be sold. The chain is in such bad shape that the parent company, Darden Restaurants Inc., had to issue a press release stating that the chain would not close. Instead Darden is planning to spin Red Lobster off into another company and sell some of its stores.

Ralph’s, a subsidiary of Kroger, has announced plans to close 15 supermarkets in Southern California within 60 days.

Safeway closed 72 Dominick’s grocery stores in the Chicago area last year.
 Target has announced that it is going to eliminate 475 jobs and not fill 700 positions that are currently empty.

AĆ©ropostale will close about 175 stores over the next couple of years.

The Children’s Place has announced that it will be closing down 125 of its "weakest" stores by 2016.

Add everything up and we're talking thousands upon thousands of jobs..  Lost..  Gone..  Poof!

And oh yes, haven't you heard?  We are in a ~cough..cough~  "recovery"...
We can't blame Buffett for all this misery..  Only for seeking to profit off the carnage and quickening the process wherever possible..

For that, he is a bastard.. An 83 yr old money-hungry one who has been a leading corrupter of capitalism..

And why we unflinchingly say we wish his time here was up..