The International Storytelling Center will spin its next yarn in bankruptcy court. The Jonesborough, Tenn., center, home to the 37-year-old National Storytelling Festival, filed for Chapter 11 protection last week, owing creditors more than $3 million, according to papers filed with the U.S. Bankruptcy Court in nearby Greeneville. Nestled in the Appalachian Mountains, the center is dedicated to the study and preservation of oral storytelling and is affiliated with the Library of Congress and the Smithsonian Institute. The story of the centers financial troubles is a familiar tale to many businesses that filed for bankruptcy in recent years. [continued]
PORTLAND, Ore. The fall into bankruptcy court by the Great Atlantic & Pacific Tea Co. is the culmination of years of decline but creates an opportunity for its competitors and could mean further consolidation in the supermarket industry. The nation’s oldest grocer filed for Chapter 11 bankruptcy protection Sunday after years of struggling with enormous debt, falling sales and rising competition from low-priced peers. [Continued]
(NY Times) – Housing will eventually recover from its great swoon. But many real estate experts now believe that home ownership will never again yield rewards like those enjoyed in the second half of the 20th century, when houses not only provided shelter but also a plump nest egg. Read more…
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