In this era of economic bailouts and $50 billion Ponzi schemes, $6 billion might seem like a lot of money. But it’s a stratospheric $271 billion LESS than the worth of Citigroup barely two years ago. Back then, the financial services giant (HQ, pictured above) saw its stock trading at $56/share and a market cap [...]
Posts under ‘AUSTERITY’
Recreo's Layoff Special
Things are looking so bad for the hard-hit travel industry and American workers that one tropical resort has cleverly figured out a way to bring some relief to them both. And it means there is finally some good news for the employment-challenged. Costa Rica’s year-old Recreo Resort is offering free night stays for travelers recently [...]
Slave Labor at The New York Observer
We understand that times could not be tougher in media land, but the practice of newspapers and magazine not paying freelancers is reaching epidemic — and downright unacceptable — levels. Yesterday, we learned that long-time fave The New York Observer has kinda/sorta stopped paying freelancers. And we can personally attest that the Observer is not [...]
New York Hotels Hurting
Things are not looking good for New York City’s once untouchable hotel market. According to NYC & Co, city hotel occupancy rates were at a dismal 63 percent in January — down 13 percent over 2008. Troubling! What’s more, rooms that were occupied were 15 percent cheaper than last year, resulting in upwards of 30 [...]
Farewell Fairmont San Francisco
We hear that parts of San Francisco’s famed Fairmont Hotel (above) could possibly be shape-shifting into a luxury condo tower. The Nob Hill icon — which served as the backdrop for ’80s soap, Hotel — will convert some 226 rooms into 160 apartments. Purists — and preservationists — can exhale knowing the changes will take [...]
American Express: Cancellation Has its Privileges
Things must be pretty bad over at American Express. The credit card giant just announced that it is offering members $300 to cancel — yes cancel — their memberships! Yikes! The company is cloaking the move as a welcome cost-savings benefit for their clients — but financial insiders suspect Amex’s real motives have more to [...]
Low-Cost Luxe
Times may be tough — but you still gotta look good (or at least make an effort). Which is why we’re keeping an eye on the new (or at least new to us) website HAUTELOOK. The site is like an online sample sale — with ongoing 36 – 72-hour sales of fancy-shmancy brands (Gucci, Armani, [...]
For Sale?
While they may be in the midst of one of their massive warehouse sales in New York (through March 1), Barneys itself is rumored to be open for bidders. According to reports, Istithmar World — the Dubai-based investment firm owned by their royal family — wants to sell the luxury retailer just two years after [...]
Target: McQueen
For two days only Target is opening yet another NYC “pop-up” store — this time showcasing the cheap-and-chic designs of bad-boy British fashion man Alexander McQueen. The weekend fashion-fest kicks off with a party Friday night in the West Village with a special performance by The Duke Spirit (who?). We’ll let you know how it [...]
Negative Vibe
Things are looking less-than-rosy for Vibe magazine, the glossy hip-hop bible founded by Quincy Jones. According to Advertising Age, Vibe is losing both readers and advertisers. One bright spot is the magazine’s website — which has surged in visitors to nearly 450,000 each month. Solid!