What Brands Will Succeed and What Brands Will Fail

/PRNewswire/ -- Home buying, the iPod and Las Vegas are among those that will benefit in the current economic climate, according to a predictive model developed by Stealing Share, http://www.stealingshare.com/.

Those successes are among the 25 predictions based on the Comprehensive Model for Persuasive Human Communications that examined the changing preferences of consumers in the current economic climate.

"What companies must understand is that, no matter the situation, someone will win and someone will lose," said Tom Dougherty, CEO and President of Stealing Share. "Right now, most brands are not communicating in ways that resonate with consumers in today's current economic crisis. That's one reason why most are failing and market leaders are holding their positions. But opportunity is there."

According to the model, others who will succeed are: Hewlett-Packard, Wal-Mart, Toyota, Walgreens, Wii, Bank of America, Wendy's, The New York Times Sunday edition and Verizon.

Among those who will be hurt most by the economy: the iPhone, NASCAR, airlines, office superstores, the NBA, AT&T, diet foods, Starbucks, daily newspapers, GEICO, Pepsi and Apple laptops.

The model reached those conclusions by applying the eight fundamental motivators in human behavior to see how they change depending on current and developing situations, such as today's economic climate.

The model takes into account the emotional intensities of the primary motivators - Affirmation, Leadership, Comfort, Change, Community, Desires and Scope - within any changing situation, economic or otherwise, to predict and formulate messages and offerings that will resonate most strongly with target audiences.

For example, in a healthy economy, consumers tend to look for the "best" option, which is why companies that market a better product or experience (Starbucks, GM) tend to struggle in tough times when consumers are looking for the "right" option (Wal-Mart, Campbell's Soup) that suggests a more appropriate way.

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NADA Chairman Says Next Two Months Are Critical to the Future of Auto Industry

/PRNewswire-USNewswire/ -- With 2009 expected to be one of the toughest years yet for auto retailing, the incoming chairman of the National Automobile Dealers Association issued a call-to-action Monday, urging dealers to make their voices heard in the debate over how to return the industry to economic viability and how new emission standards should be implemented.

"The nation's new car dealers have already made strides in communicating the importance of the franchise network, the need for federal bridge loans and the necessity of stable credit markets, but the work must continue," said 2009 NADA Chairman John McEleney and Iowa dealer.

"The next two months are critical to the future of our industry as we know it - the future of GM and Chrysler, availability of credit and the return of stability to our economy," he said.

"In a 17-million-sales year, it may be enough for us to share that we sponsor Little League teams or that we helped to fund the new wing at the local hospital," McEleney said. "In a 12-million-sales year, we've got to tell how we contribute to our community's bottom line."

-- "Tell how many of our employees' kids we helped send to college."
-- "Tell how many people were able to get healthcare through us."
-- "Tell how many people picked up lifelong skills - technical skills,
people skills and management skills in the time they've worked for
us."


"The unprecedented nature of the times we find ourselves living in has been both a blessing and a curse," he said. "It's drawn the kind of attention to our industry that we haven't encountered in years."

McEleney said some pundits characterized dealers as a drain on the books of automakers and suggested it was time to do away with the franchise system.

"...we had to inform people about the model of our business," he said. "...it's our money we invest in buildings and staff and training, not the manufacturers. It's our investments that are on the line to get their products distributed to buyers."

With much attention being paid to the industry, it's incumbent upon dealers to inform the public about auto retailing's impact on local, state and national economies. Sales taxes collected at auto dealerships nationwide total in the billions of dollars each year. And auto sales make up nearly 20 percent of all retail spending in the U.S.

Today, President Obama directed the Environmental Protection Agency to review whether to authorize state efforts to regulate vehicle emissions. NADA welcomes that review, McEleney said, but is urging the administration to carefully examine how those rules would actually be implemented. That kind of review will reveal that the California Air Resources Board's rule is in direct competition with the federal CAFE program, he said.

"We hope that the president and the EPA administrator will realize that a single national fuel-economy standard is smarter than a patchwork of state regulations that will only further endanger our industry," McEleney said.

With the auto industry undergoing drastic changes, the coming year could be one of the most challenging ever. But the auto industry is cyclical, and dealers will continue to succeed if they focus on things they can control, he said.

"Our job is to protect and strengthen our dealerships so that as the cycle turns upward, we are in a position to thrive," McEleney said.

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The Home Depot Exits EXPO Business, Streamlines Support Functions and Reaffirms Previous Fiscal 2008 Sales and Earnings Guidance

/PRNewswire-FirstCall/ -- The Home Depot(R), the world's largest home improvement retailer, today announced it will exit its EXPO business. The Company is also taking steps to streamline its support functions. These decisions will impact 7,000 associates, or approximately two percent of the Company's total workforce. Finally, the Company today reaffirmed its previous guidance on earnings for the 2008 fiscal year, excluding the charge associated with the actions announced today and the store rationalization charge recognized earlier in the year.

EXPO

The EXPO business has not performed well financially and is not expected to anytime soon. Even during the recent housing boom, it was not a strong business. It has weakened significantly as the demand for big ticket design and decor projects has declined in the current economic environment. Continuing this business would divert focus and resources from the Company's core "orange box" stores. Therefore, over the next two months, the Company will be closing 34 EXPO Design Center stores, five YardBIRDS stores, two Design Center stores and a bath remodeling business known as HD Bath, with seven locations. These steps will impact approximately 5,000 associates in those locations, their support functions and their distribution centers.

"Exiting our EXPO business is a difficult decision, particularly given the hard work and dedication of our associates in that business and the support of our loyal customers," said Frank Blake, Chairman and CEO. "At the same time, it is a necessary decision that will strengthen our core Home Depot business."

Support Reductions

The Company also announced that it is restructuring support functions to better align the Company's cost structure with the current economic environment. This includes continuing its shift to a region- and district- based support model in various field functions and reducing headcount in administrative functions in the Company's store support centers. These support reductions will impact approximately 2,000 associates and will result in a 10% reduction in the Company's officer ranks. They will not impact any customer-facing positions in Home Depot stores.

The Company is also initiating a salary freeze among all officers. But, it will continue to offer merit increases to non-officer associates, as well as earned bonuses and the Company's existing 401k matching contribution for all associates, including officers. The Company will offer severance, earned bonuses and other benefits to all impacted associates.

"We're very fortunate that the soundness of our company lets us live our value of taking care of our people, even in this time of unprecedented economic hardship," Blake said. "These changes will make us a stronger company and will allow us to continue to grow associate employment over the long term to benefit our customers."

Charges Related to Restructuring

The Company anticipates taking a total pre-tax charge due to these actions of approximately $532 million, of which approximately $390 million will be recognized in the fourth quarter and the remaining $142 million will be recognized in 2009 and beyond. The charge consists primarily of fixed asset write-offs, lease reserves on closed stores, severance and store closing costs. The cash component related to severance and store closing costs is projected to be approximately $153 million over the next twelve months, and is expected to be offset by cash received for liquidated inventory.

These actions should benefit fiscal 2009 earnings before interest and tax by approximately $305 million. The benefit to earnings is primarily a result of payroll savings and operational improvements from the business exit.

HD Supply

The Company announced that it will take two charges in the fourth quarter related to its sale of HD Supply in 2007 and its ongoing equity interest in that business. First, it will record a charge of approximately $55 million, net of tax, to be reflected in discontinued operations primarily related to the working capital dispute related to the sale of the business. The cash component of the HD Supply charge is $22 million. Second, it will record a pre-tax charge of $163 million that will be reflected in other expense for a write-down of the Company's investment in HD Supply.

Updated 2008 Sales and EPS Guidance

The Company confirmed that it expects fiscal 2008 sales and earnings per share from continuing operations to decline by 8% and 24% respectively before the charge associated with today's announcement and the store rationalization charge recognized earlier in the year.

Fiscal 2009 Outlook

Looking forward, the Company anticipates continued weakness in sales related to the broader economic downturn, but will continue to invest in customer service in its core Home Depot stores, while optimizing its capital allocation. The Company plans to reduce capital expenditures to approximately $1 billion in fiscal 2009 and will open 12 stores. Fiscal 2009 sales and earnings per share guidance will be provided during the Company's fourth quarter earnings call on February 24, 2009.

The Home Depot will conduct a conference call today at 11 a.m. ET to discuss information included in this news release and related matters. The conference call will be available in its entirety through a webcast and replay at homedepot.com in the Investor Relations section.

Special Note to EXPO Customers

Throughout the process of closing its EXPO stores, The Home Depot is committed to meeting the needs of its customers. The Company will complete any construction projects that have been started. In cases where product has been ordered but the construction project hasn't been started, the Company will refund the price of installation and the design retainer. The customer can then arrange for their own installation. In cases where a design retainer has been paid but product has not yet been ordered, the customer will receive a full refund of the design retainer, as well as a 10% off coupon that can be used for a product and services discount at a local Home Depot store. All special orders will be completed. Any back orders will be refunded to the customer. Customers with questions should contact their local EXPO or one of the Company's call centers at 1-800-259-1042 or 1-800-797-1745.

Certain statements contained herein are forward-looking statements. Forward-looking statements may relate to, among other things, the demand for our products and services, net sales growth, comparable store sales, store openings and closures, state of the economy, state of the construction, housing and home improvement markets, reinvestment plans, net earnings performance, earnings per share, capital allocation and expenditures, liquidity, the effect of adopting certain accounting standards, and the effect of charges and impairments. Such forward-looking statements are based on currently available information and current assumptions, expectations and projections about future events. You are cautioned not to place undue reliance on our forward-looking statements. Such statements are subject to future events, risks and uncertainties - many of which are beyond our control or are currently unknown to us - as well as potentially inaccurate assumptions that could cause actual results to differ materially from our expectations and projections. Such risks and uncertainties include but are not limited to: economic conditions in North America and in other countries where we operate; changes in our cost structure; and conditions affecting customer transactions and average ticket, including, but not limited to, improving and streamlining operations. Material risks and uncertainties that could cause actual results to differ materially from our expectations and projections are described in our Annual Report on Form 10-K for our fiscal year ended February 3, 2008. Such risks and uncertainties include the considerable risks associated with the current economic environment and possible adverse effects on our results of operations and financial condition. Such risks and uncertainties are also described in the Form 10-Q for our fiscal quarter ended November 2, 2008. We note such factors that could cause actual results and outcomes to differ materially from those contained in any forward-looking statements as permitted by the Private Securities Litigation Reform Act of 1995. There also may be other factors that we cannot anticipate or that are not described herein because we do not perceive them to be material. Such factors could cause results to differ materially from our expectations. Forward-looking statements speak only as of the date they are made, and we do not undertake to update such statements other than as required by law.

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SBA’s Deadline For Disaster Loans For Private Non-Profit Organizations Is February 23

(BUSINESS WIRE)--The U.S. Small Business Administration reminds certain Private Non-Profit Organizations (PNPs) that do not provide critical services of a governmental nature of the deadline to submit disaster loan applications for economic losses caused by severe storms and flooding on May 11 – 12, 2008. The deadline to file an application for an economic injury disaster loan is February 23, 2009.

PNPs located in Bibb, Carroll, Crawford, Douglas, Emanuel, Glynn, Jefferson, Jenkins, Johnson, Laurens, McIntosh, Treutlen, Twiggs and Wilkinson counties in the State of Georgia are eligible to apply to SBA. Examples of eligible non-critical PNP organizations include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges.

“PNP organizations are urged to contact their county emergency managers to obtain information about local briefings. At the meeting, PNP representatives will provide information about their organization,” said Frank Skaggs, Director of SBA Field Operations Center East.

This information will be used to submit a “Request for Public Assistance” which FEMA uses to determine if the PNP provides an essential governmental service and meets the definition of a “critical facility.” Based upon that conclusion, FEMA will either refer the PNP to SBA for disaster loan assistance or possibly provide a “Public Assistance” reimbursement grant for eligible costs.

Disaster loan information and application forms may be obtained by calling the SBA’s Disaster Assistance Customer Service Center at 1-800-659-2955 (for the hearing-impaired 1-800-877-8339) Monday through Friday from 8 a.m. to 9 p.m. and Saturday 9 a.m. to 9 p.m. EST or by emailing our customer service center at disastercustomerservice@sba.gov. Applications can also be downloaded from www.sba.gov/services/disasterassistance. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The deadline to apply for these loans is February 23, 2009.

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Georgia's Economic Recovery Depends on Small Business

(BUSINESS WIRE)--Georgia's economic recovery will depend on small business. That message is driven home in the newly updated Georgia Small Business Profile released today by the Office of Advocacy of the U.S. Small Business Administration. The most recent data show that the state has 177,445 small employers, and they employ 97.9% of the state’s workforce.

“Georgia depends on small business for jobs and economic growth,” said Shawne McGibbon, Acting Chief Counsel for Advocacy. “During this time of financial stress and economic instability, policymakers need to remember that the state’s small businesses provide the economic base for its families and communities.”

To further highlight the importance of small business, the updated profile notes that small businesses created all of the state's net new jobs from 2004 to 2005 (latest available data).

Not only does the state’s economy depend on the health of its small businesses, so too does the economy of the United States.

The U.S. has slightly more than 6 million small employers, or 99.7% of all employer firms, and they provide 50.4% of its private sector employment. These firms created 78.9% of the nation’s net new jobs from 2004 to 2005, and they generated more than half of the private non-farm gross domestic product.

The Office of Advocacy, the “small business watchdog” of the federal government, examines the role and status of small business in the economy and independently represents the views of small business to federal agencies, Congress, and the President. It is the source for small business statistics presented in user-friendly formats, and it funds research into small business issues.

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Is Your Business Ready for the COBRA Premium Subsidy?

/PRNewswire/ -- As the unemployment rate grows, so do the numbers of unemployed workers and their families who are coping with the loss of health insurance. COBRA continuation coverage can offer critical (albeit small) peace of mind, but while many workers have the right to purchase such coverage, only about 20% actually opt in because the cost is often prohibitively high. A November 2008 study by non-profit advocacy group Families USA reports that COBRA premiums average $388 per month for individuals, and $1,069 for family coverage (view the whole report at http://www.familiesusa.org/assets/pdfs/cobra-2009.pdf ).

As if there weren't enough administrative duties associated with COBRA administration, hold on to your business hats: As part of the $825 billion economic recovery bill unveiled last week by House Democrats, people who lost their jobs after September 1, 2008 could have the government pay almost two- thirds of their health insurance premiums. The length of the subsidy would be 18 months, equal to the maximum amount of time employees can carry COBRA from their former employers. With events such as divorce, separation, or death, the time period is extended to 36 months. In effect, this offers a second chance to people who may have passed on the offer the first time. It appears that President-Elect Obama backs the idea, so it looks like the bill will pass.

Except for federal and certain religious organizations, all employers with 20 or more employees are required by law to offer COBRA. Not only must they must send notices within 90 days to any employee beginning coverage or within 44 days within ending health benefits, you must be able to prove it. There are stiff penalties for failing to comply, and the DOL makes changes regularly. An estimated 80% of companies are already not in compliance with Federal COBRA regulations. Are you?

Mangrove's full-service benefits administration is streamlining HR departments across the country. Organization of all sizes are taking advantage of our flexible, personalized affordable offerings for COBRA, keeping them compliant and aware of the various ever-changing regulations. In light of this new subsidy, more companies than ever will be looking to outsource their COBRA administration to be compliant. Aside from a low price, the peace of mind is priceless. Avoid the rush; talk to a Benefits Specialist at Mangrove today to see how we can help you, or visit us at http://www.emangrove.com/cobraadmin.aspx to check out our full service offering.

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Statement by John Baumstark, CEO of Suniva, on Being Recognized by Governor Perdue in the State of the State Address

(BUSINESS WIRE)--“Over the past year, Suniva has had a great relationship with the state and Governor Perdue's office. We were honored to be recognized in the Governor's speech as a stand out in the renewable energy sector, bringing new technology and industry to Georgia.

“As the governor stated, Suniva was born in the labs of Georgia Tech. Our Georgian heritage is a major part of our success, and we plan to continue our relationship with Georgia Tech as we lead the world in the pursuit of low cost, high efficiency solar technology here at home.

“With the help of sound economic policies from the Governor, we plan to build upon our many early successes and continue creating jobs here in Georgia in 2009 and beyond.”

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MyCoupons Releases New and Easier to Use Web Site

/PRNewswire/ -- MyCoupons, LLC unveiled the latest evolution of their leading coupon code and community site today. The new site is the result of user extensive user testing and based upon feedback from many of the sites thousands of daily visitors. "Ensuring that our site can be easily used, both by the first time visitor and by our thousands of regular visitors is vital to our continued growth. This new design helps expose the depth of features. Our redesigned search integrates our vast database of coupon codes with millions of products from thousands of stores," explains Gregory Stoltz, President of MyCoupons, LLC. "MyCoupons.com is one of Wolfe.com's fastest growing companies. I believe MyCoupons will grow even more in 2009 based on the investment from Wolfe.com, the economic climate, and having over achieving employees which are all important to our growth," stated Jason Wolfe, CEO of Wolfe.com LLC.

During the current challenging economic client consumers are working harder to maximize their family budgets. This is clearly evident by the rapid growth in traffic to the site. On a monthly visitor basis, the site experience greater than 400% growth during 2008. The company's cost-per-redeem coupon code publication system provides a cost effective advertising channel for online retailers while simultaneously providing consumers with more valuable discounts. MyCoupons has driven substantial sales volumes for many of the most well known Internet retailers.

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North America Leads World in Economic Freedom, 2009 Index Finds

/PRNewswire-USNewswire/ -- North America is the world leader in economic freedom, boasting two of the 10 freest countries in the 2009 "Index of Economic Freedom," published annually by The Wall Street Journal and The Heritage Foundation.

The United States enjoyed the highest ranking within the region and finished sixth in the world, followed immediately by Canada.

One reason the region does so well is the North America Free Trade Agreement. "NAFTA has been a positive force enhancing economic freedom," the Index authors wrote, "connecting more than 400 million people in an economic area with about one-third of the world's total GDP."

Mexico still has a way to go to catch up with its northern neighbors, and could begin doing so by improving its investment freedom and freedom from corruption, the authors noted.

In a first for the Index, Canada, Mexico and the United States are split off from the rest of the Americas and graded as a separate region.

To compile the Index, the authors measured 183 countries across 10 specific factors of economic freedom: The higher the score, the lower the level of government interference. All countries were graded on a scale of zero to 100.

The 10 freedoms measured are: business freedom, trade freedom, fiscal freedom, government size, monetary freedom, investment freedom, financial freedom, property rights, freedom from corruption and labor freedom. Ratings in each category were averaged to produce the overall Index score.

This year's Index aims to be the most precise measure of economic freedom ever published. The authors fine-tuned their methodology. For example, they fine-tuned the "labor" component, analyzing six labor freedom factors instead of the four studied in previous Indexes.

Worldwide, the average rating for economic freedom held essentially steady this year. However, "there is a real possibility that the economic freedom scores in this edition might represent the historical high point for economic freedom in the world," the authors warned. As governments attempt to stave off a global recession, their meddling could threaten economic freedom and long-term economic prosperity.

Of the 183 countries ranked (the most ever), only seven were classified as "free" (a score of 80 or higher). Another 23 were rated as "mostly free" (70-79.9). The bulk of countries -- 120 economies -- were rated either "moderately free" (60-60.9) or "mostly unfree" (50-50.9). The remaining 29 countries were rated "repressed" economies, with total freedom scores below 50.

This is the 15th consecutive year The Heritage Foundation and The Wall Street Journal have published the Index. The 2009 edition was edited by Kim Holmes, Heritage's vice president for foreign affairs, and Ambassador Terry Miller, head of Heritage's Center for International trade and Economics.

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Chrysler LLC Statement Re Federal Assistance Received

Chrysler Chairman and CEO Bob Nardelli said on behalf of the leadership team, that he was pleased to report that the Company's discussions with the Treasury Department have been completed, and that today (January 2), Chrysler received an initial $4 billion loan to help bridge the current financial crisis.

"We recognize the magnitude of the effort by the Treasury Department to complete the multiple financial arrangements and appreciate their confidence in Chrysler. We would like to thank the many constituents who worked with us to meet the loan requirements. This initial loan will allow the Company to continue an orderly restructuring, while pursuing our vision to build the fuel-efficient, high-quality cars and trucks people want to buy, will enjoy driving and will want to buy again."

Cerberus Capital Management, LP, informed the Company that productive discussions continue between Chrysler Financial and the U.S. Treasury Department regarding Chrysler Financial's loan and a closing is expected in due course.

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GMAC Receives $5.0 Billion Investment from the U.S. Treasury

/PRNewswire/ -- GMAC Financial Services today announced that it has sold $5.0 billion of GMAC's preferred membership interests and warrants to the U.S. Department of the Treasury as a participant in the Troubled Assets Relief Program established under the Emergency Economic Stabilization Act of 2008. The sale was completed today.

GMAC also announced that General Motors Corp. (GM) and an affiliate of Cerberus Capital Management contributed to GMAC the $750 million subordinated participations in the $3.5 billion senior secured credit facility, as amended, between GMAC and Residential Capital, LLC in exchange for new common equity of GMAC. In addition, GMAC announced that GM and an affiliate of Cerberus Capital Management entered into agreements to purchase $1.25 billion of new common equity. The U.S. Treasury and GM intend to enter into an agreement for the Treasury to fund GM's share of the new common equity.

GMAC also announced that the conditions to its previously announced separate private exchange offers and cash tender offers have been satisfied and that GMAC has accepted all of the validly tendered GMAC old notes and ResCap old notes. The GMAC offers and the ResCap offers are expected to settle promptly.

GMAC received approval of its bank holding company application from the U.S. Federal Reserve Board on Dec. 24, 2008. As a bank holding company, GMAC has improved access to funding to provide financing to consumers and businesses. In particular, the company intends to act quickly to resume automotive lending to a broader spectrum of customers to support the availability of credit to consumers and businesses for the purchase of automobiles.

About GMAC Financial Services

GMAC Financial Services is a global finance company operating in and servicing North America, South America, Europe and Asia-Pacific. GMAC specializes in automotive finance, real estate finance, insurance, commercial finance and online banking. As of Dec. 31, 2007, the organization had $248 billion in assets and serviced 15 million customers. Visit the GMAC media site at http://media.gmacfs.com/ for more information.

Forward-Looking Statements

This press release contains various forward-looking statements within the meaning of applicable federal securities laws, including the Private Securities Litigation Reform Act of 1995, that are based upon our current expectations and assumptions concerning future events, which are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated.

The words "expect," "anticipate," "initiative," "plan," "intend," "may," "would," "could," "should," "believe," or the negative of any of those words or similar expressions is intended to identify forward-looking statements. All statements contained in or incorporated by reference into this press release, other than statements of historical fact, including, without limitation, statements about our plans, strategies, prospects and expectations regarding future events and our financial performance, are forward-looking statements that involve certain risks and uncertainties.

While these statements represent our current judgment on what the future may hold, and we believe these judgments are reasonable, these statements are not guarantees of any events or financial results, and our actual results may differ materially due to numerous important factors that are described in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2007, as updated by our subsequent Quarterly Reports on Form 10-Q, and our Current Reports on Form 8-K. Many of these risks, uncertainties and assumptions are beyond our control, and may cause our actual results and performance to differ materially from our expectations. Factors that could cause our actual results to be materially different from our expectations include, among others, the settlement date of the GMAC offers and the ResCap offers and the success, or lack thereof, of the transactions and other initiatives described in this press release. Accordingly, you should not place undue reliance on the forward-looking statements contained or incorporated by reference in this press release. These forward-looking statements speak only as of the date on which the statements were made. We undertake no obligation to update publicly or otherwise revise any forward-looking statements, except where expressly required by law.

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Consumer Confidence Study Shows Americans Pulled Back on Spending Long Before Economic Crisis Hit

/PRNewswire/ -- Consumer confidence and spending began slowing as early as Spring 2007, according to a recent analysis by Experian Marketing Services, a part of global information company Experian. The analysis, based on data from Experian(R) Simmons(SM) and Experian Hitwise(R), found that from Spring 2007 to Summer 2008, the percentage of U.S. adults who felt they would be financially better off in the next year dropped considerably from 46 percent to 37 percent.

The analysis, which compared the self-reported economic confidence and spending habits of adult Americans along with online site traffic and searches on major purchase items, revealed consumer behaviors to be a strong indicator of a downturn months before the current economic crisis. Not only did the percentage of confident consumers slump, but the number of adults who felt they would be worse off in the coming year grew by 9 percent to 22 percent.

"Our data shows a clear indication that the preferences and behaviors of consumers trended toward a slowdown well before the economic woes experienced over the past few months," said Joe Paulsen, general manager of Consulting and Analytics for Experian Marketing Services. "Having this level of insight into the confidence levels and buying behaviors of consumers is critical for businesses seeking to better understand and communicate with their customers during challenging economic times."

The analysis also found that:

-- Households earning $250,000 or more were the fastest to abandon the notion they would be somewhat or significantly better off in the coming year, dropping by 40 percent from Spring 2007 to Summer 2008

-- Middle- and upper-middle-income Americans (incomes ranging from $50,000 to $249,000) had the largest declines among those who planned to purchase big- or medium-ticket items within the next month, falling nearly 25 percent

-- From October 2006 to October 2008, overall visits to retail Web sites slowed, with a 4 percent year-over-year decline

-- During the same time period, overall visits to Web sites in the travel category were down 10 percent year-over-year

-- Online searches for major electronic items saw significant, year-over-year decreases, with "televisions" down 33 percent, "laptops" down 48 percent and "computers" down 57 percent

-- While online interest in big-ticket purchases decreased, visits to grocery Web sites are up 29 percent, and visits to coupon Web sites are up 27 percent

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Highlights of Chrysler LLC Plan Submitted to the Senate Committee on Banking, Housing and Urban Affairs and the House Committee on Financial Services

PRNewswire/ -- -- Chairman and CEO Robert Nardelli looks forward to testifying before the
committees later this week.

-- Chrysler will urge the immediate adoption of legislation that will allow domestic automakers to weather the current national economic crisis and continue to invest in industry-leading products, technologies and vehicles of the future.

-- The first question is, what changes has Chrysler made to help itself?

Since Chrysler became an independent company in 2007:
-- We eliminated over 1.2 million units of capacity, or 30 percent;
-- We reduced fixed costs by $2.4 billion and, separated over 32,000
employees - including 5,000 on the Wednesday before Thanksgiving.
And at the same time ...
-- We invested in product improvements - over half a billion dollars
in our first 60 days;
-- We improved our latest JD Power quality scores, and reduced our
warranty claims by 29 percent;
Part of our business model transformation includes alliances and
partnerships - for example - the agreements to produce vehicles
for VW and for Nissan. As a result, through the first six months
of the year, Chrysler met or exceeded our operating plan, ending
the first half with $9.4 billion unrestricted cash.

-- Why does Chrysler need the funding?

We need to address the unprecedented drop in vehicle sales caused by the financial crisis.
U.S. sales are down from a 17 million unit selling rate in early 2007, to an estimated 11 million unit selling rate for the fourth quarter of 2008 - a 38 percent decline. We lost 20 percent of our sales virtually overnight when the financial market crisis forced us out of the consumer lease business. With customers not buying ... with dealers not ordering ... with our plants not producing ... Chrysler's cash inflow has suffered.

-- So how will the bridge loan be used?

Cash will support ongoing operations as we continue to restructure the business, including in the first quarter alone:
-- $8.0 billion in payments to parts suppliers
-- $1.2 billion for other vendors
-- $900 million in wages
-- $500 million in healthcare and legacy costs
-- $500 million in capital expenditures

Without an immediate working capital bridge, Chrysler's liquidity could
fall below the level appropriate to ensure operations in the ordinary
course by the first quarter of 2009.

-- So, who is contributing to saving Chrysler?

First and foremost, Chrysler and its extended enterprise will. That starts with me. I receive a salary of $1 a year. I have no employment contract, no change of control agreement, no "golden parachute," and receive no health care or life insurance benefits from the company. We are committed to negotiate concessions from all of our constituents.

-- The next question - Does Chrysler plan to build cars and trucks that
consumers want to buy, and that support the country's energy security
and environmental goals?

Our product plan features 24 major launches from 2009 through 2012. For the 2009 model year, 73 percent of our products will offer improved fuel economy compared to 2008 models. We plan on launching additional small, fuel-efficient vehicles. ENVI is our breakthrough family of all-electric ... and range - extended electric vehicles - similar to the one parked outside. Chrysler's product plan includes the introduction of the Ram Hybrid and our first electric-drive vehicle in 2010 with three additional models by 2013.

-- Does Chrysler have a viable plan?

With our requested bridge loan - absolutely! I also believe that further partnership, restructuring and consolidation would make the U.S. auto industry even more viable and competitive in the long run. Further opportunities for technology sharing would provide fuel-efficient cars and trucks more cost effectively and faster to market. The three-company alliance that developed the dual-mode hybrid is a good example. As a Country, we should not trade our current dependence on foreign oil for a future dependence on foreign technologies.

-- The final question is, when will Chrysler pay back this loan?

We believe we will be well positioned to begin repayment of the federal loans -- in 2012. I recognize that this is a significant amount of public money. However, we believe this is the least costly alternative considering the depth of the economic crisis and the options we face.

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Circuit City Stores, Inc. Provides Update on Liquidity and Announces Store Closing Plan

BB Note: 19 Circuit City Stores are slated for closing due to the economy. Store locations include several around the metro Atlanta area.

/PRNewswire-FirstCall/ -- Circuit City Stores, Inc. (NYSE:CC) today provided an update on its liquidity position and its previously announced ongoing comprehensive business review. Due in part to its deteriorating liquidity position and the continued weak macroeconomic environment, the company has decided to take certain restructuring actions immediately, including closing 155 domestic segment stores, reducing future store openings and aggressively renegotiating certain leases. The company also is considering all available options and alternatives to restructure its business.

Business and Liquidity Update

Over the past several weeks, a number of factors have impacted severely the company's liquidity position. These factors include the following:

-- Waning consumer confidence and a significantly weakened retail environment have impacted negatively the company's sales and gross profit margin rate to a greater degree than management had anticipated previously.

-- Following the company's second quarter results announcement, the company's liquidity position and the sharply worsened overall economic environment led some of Circuit City's vendors to take restrictive actions with respect to payment terms and the credit they make available to the company. Additionally, the recent disruption in the financial markets has contributed to certain of the company's vendors experiencing insurmountable challenges with obtaining credit insurance for the company's purchases. As a result of this and other considerations, certain of the company's vendors have set more restrictive payment terms than in previous quarters, including in some cases requiring payment before shipment. Vendors also have limited the credit available to the company for purchases, including in some cases not providing customary increases in credit lines for holiday purchases. While management is working diligently to secure the support of its vendors and believes it has maintained good relationships with these important partners, the current mix of terms and credit availability is becoming unmanageable for the company.

-- To date, the company has been unable to collect an income tax refund of approximately $80 million that the company believes it is owed from the federal government.

-- Due primarily to the weakened economic environment and its potential impact on the timing of sales of the company's inventory and costs and expenses associated with such sales, a recent third-party appraisal conducted for the company's asset-based credit facility resulted in a reduction of the estimated net orderly liquidation value of the company's inventory. This valuation adjustment was made despite the mix of merchandise remaining consistent with the previous appraisal in November 2007. This reduction has led to a lower borrowing base and reduced availability for the current period compared with what the company had expected previously.

James A. Marcum, vice chairman and acting president and chief executive officer of Circuit City Stores, Inc. said, "Since late September, unprecedented events have occurred in the financial and consumer markets causing macroeconomic trends to worsen sharply. The weakened environment has resulted in a slowdown of consumer spending, further impacting our business as well as the business of our vendors. The combination of these trends has strained severely our working capital and liquidity, and so we are making a number of difficult, but necessary, decisions to address the company's financial situation as quickly as possible."

Domestic Segment Real Estate Actions

As a result of the company's ongoing asset productivity assessment and working capital situation, the company has determined to take the following initial actions with respect to its domestic segment real estate portfolio and strategy:

-- Close 155 stores and exit certain markets: Circuit City plans to close 155 stores that are underperforming or are no longer a strategic fit for the company. The stores identified for closure are located in 55 U.S. media markets, of which Circuit City will exit 12 U.S. media markets.

The list of closing stores can be found by visiting the company's investor information home page at http://investor.circuitcity.com/ and clicking the link regarding today's announcements. The company expects that impacted stores will not open on Tuesday, November 4, and the store closing sales will begin on Wednesday, November 5. The company expects the sales to be completed no later than calendar year end.

For fiscal 2008, the stores that are being closed generated in total approximately $1.4 billion in net sales. When results were viewed at the individual comparable store level, the closing stores, as compared to the stores remaining open, on average had lower net sales, a lower close rate and a lower gross profit margin rate. The stores, on average, were also unprofitable when marketing expenses were allocated to the individual store-level results.

Circuit City will continue to honor its customer commitments and serve its guests through 566 stores in 153 U.S. media markets, via its Web site at www.circuitcity.com and via phone at 1-800-THE-CITY (1-800-843-2489). During this transitional period, Circuit City is executing a plan to minimize disruption to the operations of stores that are remaining open. No international segment stores are closing as a result of the real estate plans announced today.

-- Further reduce new store openings: The company has revised its store opening plans for the current fiscal year and will not open at least 10 locations that were previously expected to be opened. The company still expects to open up to two incremental stores during the remainder of fiscal 2009. As previously announced, other than existing commitments, management intends to suspend store openings beginning in fiscal 2010.

-- Renegotiate certain existing leases: Circuit City intends to begin immediately renegotiating certain of its existing leases with the goal of significantly lowering rents. In some cases, the company may choose to negotiate with landlords to exit leases if rents are not reduced. The company also plans to work with landlords to terminate the leases for the stores included in today's closing announcement, as well as leases for a number of inactive locations that were closed previously and for the locations that are no longer being opened.

As a result of the store closures, Circuit City expects to reduce store operating, payroll and marketing expenses. The store closures will result in a reduction of approximately 17 percent of the domestic segment workforce. The company also expects to incur charges in fiscal 2009 associated with the above real estate actions. The company is currently evaluating the benefits and expenses associated with these changes, which are subject to the outcome of negotiations and store closure agreements. Presentation on the financial statements is currently being evaluated for accounting treatment.

"We deeply regret the impact today's announcement will have on our associates, our guests and the communities where these stores are located. We truly are grateful to each of our associates for their many contributions to the company. We are also grateful for the loyalty and support we have received from our guests in the impacted communities. Circuit City will continue to serve guests through 566 stores in 153 U.S. media markets, via its Web site at www.circuitcity.com and via phone at 1-800-THE-CITY (1-800-843-2489)," concluded Marcum.

Evaluating All Options

As a result of unfavorable macroeconomic conditions and the company's deteriorating liquidity position, the company is considering all available options and alternatives for the business. Consistent with this evaluation, the company will continue to take appropriate actions to conserve cash, reduce expenses and improve liquidity. In addition, the company is continuing to evaluate additional near-term cost reduction initiatives that may be necessary to address its financial condition. The company is also in negotiations with its lenders and other third parties regarding various financing alternatives.

The company plans to operate its business without interruption while it engages in discussions with its lenders and works with advisors to determine the most appropriate restructuring alternatives. The company can make no assurance that the discussions will result in any agreements or transactions.

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Georgia's Forest Industry Contributions Recognized

Governor Sonny Perdue has proclaimed October 19-25 National Forest Products Week,
highlighting the Georgia Forestry industry’s $28.5 billion impact on the state in 2007. According to statistics released by The Georgia Institute of Technology, the Forestry industry also provided
employment for more than 141,000 Georgians and compensation of $6.7 billion to employees and proprietors.

“Our state is one of the nation’s leading pulp and paper producers,” said Nathan McClure, Forest
Marketing Director for the Georgia Forestry Commission. “While the building products industry is being affected by downturns in real estate, the outlook is for positive future growth in relation to bioenergy.”

According to the report, the “Manufactured housing” economic impact sector posted the greatest
loss between 2006 and 2007 at 14.7%. “Pulp and Paper” and “Packaging” were two sectors that
experienced gains during 2007, reflecting increases in wood products exports.

Georgia ships more than $16 billion of forest products, such as lumber, paper, paperboard and
allied products every year. The report shows local economies of 37 Georgia counties are “very” or
“critically” dependant on the forest manufacturing industry. The Forest Industry ranks second in Georgia behind food processing when considering compensation to employees and proprietors. Forestry ranks third behind textiles and food processing when considering number of employees.

“Construction is continuing on the state’s first commercial scale pine-to-ethanol production plant in Soperton,” said McClure. “Plans have also been announced to build five pine-to-electricity plants in the state. Our rural forestry economy can be expected to improve as more investments are made in Georgia’s Bioenergy Corridor.”

The complete 2007 Economic Impact of Forest Products Manufacturing in Georgia report can be
viewed at GaTrees.org/Forest Marketing/Doing Business in Georgia.

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Tour De Georgia Presented By AT&T Generates $38.6M Direct Economic Impact For State Of Georgia

One month after the completion of the sixth annual Tour de Georgia presented by AT&T, a post-event evaluation has determined that the direct economic impact of the event reached $38.6 million for Georgia. This surpassed the 2007 economic impact number of $27 million by 40%.

The 2008 Tour de Georgia presented by AT&T, recognized as America’s premier, professional cycling event and rolling festival that covered over 600 miles and seven days each spring, concluded April 27 in Atlanta. Economic impact was determined using data collected by crowd intercept surveys at all start and finish host venue locations.

North Georgia College and University managed the survey development and data collection. The Bureau of Business Research and Economic Development of Georgia Southern University was responsible for data input and analysis. The regional input-output modeling program IMPLAN was used to construct a model of Georgia and models of each region by stage. A total of 1,196 completed surveys were collected between April 21-27 at the 12 host communities which staged either a Tour start or a Tour finish venue.

“We can’t tell how much of the change is due to methodology, but we believe that one of the reasons for the large increase (in economic impact) over last year is inflation, particularly in gasoline. Some of the increase is also due to the significant increase in the number of international visitors. The increase in international visitors is probably due to the devaluation of the dollar making a U.S. trip more affordable,” said Phyllis Isley, Director, Bureau of Business Research and Economic Development at Georgia Southern University.

Economic indicators included assessment of dollars spent by visitors (residents of the area not included) for meals, lodging, transportation, retail and miscellaneous recreation. Analysis of crowd sizes was determined by Georgia State Patrol and local law enforcement estimates. While the attendance figures for 2008 were down 20% from last year, over 400,000 this year as compared to 515,000 in 2007 and 500,000 in 2006, spending was up significantly during the event.

"We were delighted to host the Team Time Trial stage of the Tour de Georgia presented by AT&T. "For a first time event -- and on a Thursday -- we were extremely pleased with the spectator turnout and the event overall," said Road Atlanta President Geoff Lee, regarding an estimated attendance of 20,000 fans at Stage 4. “A majority of these very enthusiastic cycling fans were making their first visit to Road Atlanta and obviously had a good time. From a marketing standpoint, the Tour was very successful for us. We hope these new fans will come back for our major events like the 11th annual Petit Le Mans Oct. 1-4."

The Tour was founded in 2003 as a tourism vehicle to showcase Georgia and its communities by the marketing arm of the state, now known as the Georgia Department of Economic Development. GDEcD is responsible for developing tourism, which is Georgia’s second largest industry behind agriculture. The Tour has proven that it is indeed a strong sports property that is more than a bicycle race. In just six years since its inception, the Tour de Georgia has produced big numbers – 3.2 million spectators and over $186 million direct economic impact to the state of Georgia.

“The Tour de Georgia presented by AT&T is a terrific event that brings long-lasting economic impact to Georgia,” said Ken Stewart, commissioner of the Georgia Department of Economic Development, the agency that serves as a marketing arm for the state and presenting sponsor of the Tour de Georgia. “Our communities look forward each year not only to the excitement surrounding the Tour, but to the worldwide exposure they gain by hosting it. The Tour de Georgia is not only one of the world’s premiere cycling events, it is a major international tourism attraction for Georgia.”

In addition, the Tour de Georgia presented by AT&T is proud to have set a record in 2008 for funds raised for its beneficiaries, the Aflac Cancer Center and Blood Disorders Service of Children’s Healthcare of Atlanta and the Georgia Cancer Coalition. This was the first year the Tour engaged with helping Children’s Healthcare, and it was the sixth consecutive year partnering with the Coalition. With donations pledges from Tour sponsors and generated by ancillary events throughout race week, the Tour de Georgia was able to donate over $500,000 for its charities, doubling what had been done in the past five years.

"The Tour de Georgia presented by AT&T is an international sporting event that brings thousands of spectators and cyclists to our great state. We also worked very hard to promote healthy living and lifestyles among our citizens and guests. This year's Health & Wellness Expos were a hit at every stop, from Savannah to Atlanta. We were able to a raise a record amount of money and awareness for our beneficiary as well, Children's Healthcare," said Lt. Governor Casey Cagle, who serves as the Chairman of the Tour de Georgia Foundation.

The Tour de Georgia gained international stature in 2004 when Tour de France champion and cancer survivor Lance Armstrong won the event. In 2005 the Tour de Georgia was elevated to a 2. Hors Classe (2.HC) road cycling competition by the world’s governing body of the sport, the Union Cycliste International (UCI) and expanded from six to seven days. This made the Tour de Georgia one of the highest rated stage races outside of Europe, and gained the distinction as a tune-up event for the prestigious Tour de France. Four teams in the field this year expect to race in the Tour de France in July, including American-based teams High Road and Slipstream Chipotle presented by H30, German-based Gerolsteiner, and Denmark’s Team CSC. The 2008 Tour de Georgia presented by AT&T was won by Team High Road’s Kanstantin Sivtsov of Belarus.

2008 Overall State Direct Economic Impact:
- $ 38.6 million is an increase of 40% from 2007, which generated a direct economic impact of $27.56 million
- 41% of spectators indicated they stayed more than one night during their visit to Georgia, specifically to watch the Tour
- Of those overnight visitors, 6% were International visitors (an overall increase of 5% from 2007)
- The average overnight visitor spent $380 per day at the Tour; 55% of that going to accommodations and transportation costs.