The Liquidation World store at 1001 N. Broadway in Everett will close by Oct. 31, along with nearly all of the Canadian company’s other U.S. stores. A reseller of excess inventory from other stores, Liquidation World is based in Calgary, Alberta, and has about 100 stores across Canada. Its U.S. division, operating since 1993, has lost money in recent years, including about $1.9 million so far this year, according to the company. About 200 employees will be affected by the closures.
Fuel-cell firm close to prototype
Neah Power Systems Inc. of Bothell said Thursday it has successfully tested the major components for its micro fuel cell. The company hopes to have its working prototype done by the month’s end. That initial prototype is expected to generate between five and 12 watts of power, according to Neah. The company’s ultimate goal is a fuel cell that can power portable electronic devices using up to 100 watts.
School shoppers boost retailers
Consumers undeterred by escalating credit problems and a weakening housing market went on a back-to-school buying spree last month, helping many retailers rebound from July’s disappointing sales. As retailers reported better-than-expected results Thursday, winners included Wal-Mart Stores Inc., Target Corp., Pacific Sunwear of California and Saks Inc. Among the disappointments was Kohl’s Corp.
Apple’s Steve Jobs: iSorry, here’s $100
Apple Inc. CEO Steve Jobs apologized and offered $100 credits Thursday to customers who shelled out $599 for the most advanced model of the iPhone, only to have the company unexpectedly slash the price $200 in a push to boost holiday sales. In a letter on the company’s Web site, Jobs acknowledged that Apple disappointed some of its customers by cutting the price of the iPhone’s 8-gigabyte model and said he has received many complaints.
Mortgage firms cut 2,000 workers
Lehman Brothers Holdings Inc. and National City Corp. said Thursday more than 2,000 workers will be laid off as the financial institutions scale back their struggling mortgage businesses. The moves represent just the latest wave of layoffs in the mortgage industry, which is suffering from decaying credit quality, slipping home prices, and a drainage of demand among investors and banks for home loans.
Spring foreclosures hit new record
Homeowners, struggling to deal with sharp increases in their adjustable mortgage payments, got hit with a record number of foreclosure notices in the spring as the crisis in subprime lending intensified. The problem was the most severe in the industrial Midwest and former housing boom areas such as California and Florida, but economists warned the situation will get worse in coming months as an estimated 2 million adjustable rate mortgages taken out with low introductory interest rates reset to much higher rates. The crisis is most severe in loans provided to borrowers with weak credit.
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