The financial problem creeps deeper into the system
It seems that the financial problem plaguing many in the US is further along than we are being publicly told. I just received an email that included:
“You recently may have received a rebate check from BJ’s Wholesale Club. Please do not deposit or cash this check if you have not done so already.
We apologize for the inconvenience of this unusual request. Our rebate processor, Continental Promotion Group, Inc. (CPG), informed us that they do not have sufficient funds to cover the checks they have issued under BJ’s name.”
Is this a precursor of things to come?
I dread the Christmas retail season… Many retailers rely on the busy holiday shopping season to float their profits through to the new year and into 1Q09. With people losing their jobs at an ever-increasing rate and the price of gas and fuel oil on everyone’s mind, there probably won’t be a lot of free money floating around to spend at these retailers. Less money spent means less money earned. Many retailers may just close up shop forever after the new year begins.
So it begins…