Credit Crunch Avenger

Search For Your Missing Money Online!

2008-11-10T11:24:00.000-08:00

The Credit Crunch Avenger likes good news and this might just be a light at the end of a dark tunnel for some. There is a website called www.missingmoney.com which can help you search for Money that belongs to you and claim it. Even better, it's free!

The State required companies and governments that have money belonging to you to turn it over if you can't be found. It could be anything. A bank account you forgot to close, retirement fund balance from a job you had, or a tax refund that you never received.

Hows this work then? Well the State collect these fund and puts your name on them, in case you decide to claim the money. Missing Money has a databases maintained by most states to offer you an easy way to search for your own name. If you do find funds that belong to you, the site then helps you submit your information to the appropriate company/agency to collect your money. Couldn't be much easier really!

I can't vouch for the site, or whether people have used it successfully, but it seems worth a punt. After all you have nothing to lose... only money to find!

Try it now >>>> http://www.missingmoney.com

Circuit City Files for Bankruptcy.

2008-11-10T11:15:00.000-08:00

From the New York Times today, more bad news from the business sector... Circuit City Stores, the struggling electronics retailer, filed for bankruptcy protection on Monday, becoming one of the biggest, best-known corporate names to collapse amid the faltering economy.

Circuit City filed for Chapter 11 bankruptcy protection in United States Bankruptcy Court for the Eastern District of Virginia, where the Richmond, Va., company is based. The company has 712 stores and 9 outlet stores, according to a court filing.

The company has long been an also-ran in the consumer electronics sector, consistently trailing its larger rival, Best Buy. Circuit City has faced several challenges this year, including a proxy contest mounted by an activist investor and a shakeup in its management this summer.

Retailers have been especially hard hit by the slowdown in consumer spending and the clampdown in the credit markets. Circuit City announced last week that it was closing 155 stores and laying off 17 percent of its work force, or about 1,300 employees.

“Without immediate relief, the Company is concerned that it will not receive goods for Black
Friday and the upcoming holiday season, which could cause irreparable harm to the Company and its stakeholders,” Bruce H. Besanko, Circuity City’s chief financial officer, wrote in a court filing.

The company said in its filing that it is seeking the court’s permission to obtain $1.1 billion in debtor-in-possession financing. Together with about $400 million remaining from a $1.3 billion credit line obtained before the bankruptcy filing, Circuit City said that it should have enough financing to make it through the holiday shopping season. (The $1.1 billion credit line will be reduced to $900 million on Dec. 29, after the holidays.)

Circuit City listed $3.4 billion in assets and $2.3 billion in debts, as well as more than 100,000 creditors like Hewlett-Packard.

The company said it aims to emerge from bankruptcy protection by the first half of 2009. It is being advised by Rothschild, FTI Consulting and the law firm Skadden, Arps, Slate, Meagher & Flom.

DHL Layoffs Near 10,000 US Employees.

2008-11-10T10:45:00.000-08:00

Big news today, DHL Job losses are around the corner in the United States, word came just now that DHL will layoff 9,500 jobs at DHL Express locations in the US.

This news came from the German logistics giant Deutsche Post, as it made what must be a scary announcement for its US employees to be laid off.

According to reports, DHL will cease shipping US ground and air packages effective January 30th 2009.

“This is the right move for our U.S. Express operations given the current economic climate and for the long run,” said John Mullen, Global CEO of DHL Express in a press release Monday. “Focusing our U.S. Express efforts on what we do better than anyone else 'international shipping' serves the best interests of our customers, employees and shareholders around the world.”

Personally, I’ve been laid off before and afraid, fearful of where my next paycheck would come from. But I've always landed me on my feet with a better job, things always happen for a reason! Stay positive, DHL US folks.