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Creative Leisure News
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Date: June 2, 2008
Vol. XII, No. 11

Printer Version

TABLE OF CONTENTS

bulletCommentary: The Danger of Good Intentions
bulletNew Columns This Issue
bulletTake the CLN Poll: Attending Trade Shows
bulletThe CLN Poll: Spending Your Economic Stimulus Check
bulletOrphan Works Update
bulletMichaels Cuts Losses
bulletJo-Ann's Improves from Loss to Profit
bulletAnalysts React to Jo-Ann's Report
bulletIndiana Jones To Boost Knitting Sales?
bulletCHA Summer Show News
bulletWade Roberts & Pat Chew: Rest in Peace
bulletHonoring an Industry Pioneer
bulletEmail: Vendors and the "Vendor of Choice"
bulletEmail: QVC/HSN: Making Our Retailers Stronger
bulletEmail: Lobbying the Orphan Works Bills 
bulletRandom Notes, Random Thoughts
bulletMiscellaneous News
bulletThe Creative Network: Job Openings
bulletWorks of Wisdom
bulletReminders

COMMENTARY: THE DANGER OF GOOD INTENTIONS 

Most politicians mean well, but the harm that can be done thanks to good intentions. In states across the country, legislators, unhappy with the Consumer Product Safety Commission's efforts and concerned about lead in jewelry and toys, are developing their own standards, which could make life a nightmare for retailers and vendors.

Now Congress is considering Orphan Works bills and again, the intentions are probably good. Social agencies, which often rely on untrained volunteers and don't have expensive legal teams, can inadvertently violate someone's copyright and be sued out of existence. If that happens, then who runs the soup kitchens, the job training sites, the after-school programs?

But the wording of the bills, originally designed to protect social agencies, could make life a nightmare for artists, publishers, manufacturers – and the entire industry.

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NEW COLUMNS THIS ISSUE

Scene & Heard. Highlights and trends from the New York Stationery Show.

"Vinny Da Vendor". A savvy retailer has some advice for trade show exhibitors regarding their pre-show marketing campaigns.

"Benny Da Buyer". So how does an independent retailer deal with a shrinking economy. Janet Perry offers some intriguing suggestions.

Newsbriefs. The May 27 edition, detailing this week's lobbying effort against the Orphan Works bills in Congress and how you can help the cause.

Business-Wise. CHA's blast email of May 30 to the membership regarding the Orphan Works legislation.

Kate's Collage. What has happened to Makins USA since the untimely death of company founder and industry pioneer Bill Mangelsen? Annie Mangelsen describes the changes and improvements.

Note: If a column seems to be "old," click the Reload or Refresh button on your browser.

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TAKE THE CLN POLL: ATTENDING TRADE SHOWS

Consumers are cutting back on travel – are you? For the remainder of 2008, will you be attending – or exhibiting at – as many trade shows as you have in the past? To vote, click on Industry Polls in the right-hand column or click HERE.

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CLN POLL: SPENDING YOUR ECONOMIC STIMULUS CHECK

If the U.S. consumer spends her economic stimulus check the way CLN voters plan to spend it, the economy won't receive much of a boost. Only 11.6% said they plan to spend the money on products they might not have bought anyway. Almost two-thirds, 65.1%, will use the money to pay down their debt, 7.0% will save it, and 9.3% will spend it on food and gas. Another 4.7% said they were not eligible for a check and 2.3% were not sure what they would do with it.

(Note: Thus far the checks haven't made much of a difference. The Commerce Department reported consumer spending rose only 0.2% in April, half the 0.4% rise in March. It's not surprising. Gas prices are up 30+% since the rebate check amounts were first announced, and food prices are projected to increase 5% or more in 2008, the Associated Press reported.)

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ORPHAN WORKS UPDATE

1. The Senate Judiciary Committee passed The Shawn Bentley Orphan Works Act of 2008 (S. 2913) and sent it to the full Senate for a vote. Opponents could not achieve significant changes to the bill, but the bill can still be amended while it is debated in the full Senate.

2. The group opposing the bill, including CHA CEO Steve Berger, meets in Washington, DC tomorrow evening to plan strategy, then meets with various Senators on Wednesday.

3. There is a Yahoo group for opponents of the Orphan Works bill. Visit http://groups.yahoo.com/group/owoh/?yguid=111601256.

4. Nick Anderson, the political cartoonist for the Houston Chronicle, addressed the issue in a cartoon. Visit http://blogs.chron.com/nickanderson and scroll down to the May 14 cartoon.

5. Some background, from designer Brenda Pinnick: "Orrin Hatch, who is the co-author of the Orphan Works bill in the Senate, is himself an accomplished musician, songwriter, and singer. He receives royalties from his music!

"In 2002 he went on record proposing that there be a system whereby someone's computer would blow up if they illegally downloaded music from the Internet. Now, why would he be in favor of copyright protection for musicians but not artists?

"And with the amount of manufacturers in the scrapbooking industry in HIS state, you'd think he'd be opposing this! And the family photos are all at risk for exploitation as well."

(For more, click on Business-Wise and Designing Perspectives.)

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MICHAELS CUTS LOSSES

Michaels reported a first-quarter net loss of $20 million down from $23 million a year ago. Sales rose 1.0% to $847 million, but same-store sales fell 2.9%.

CEO Brian Cornell cited kids and specialty craft categories, scrapbooking, framing, and art materials. "Sales in April showed a reversal of trend with same-store sales up 3.1% on a strong increase in transactions," Cornell said. "This positive sales and transaction performance gives us confidence that our new marketing and merchandising programs are connecting with our Michaels customers.

"We are pleased with the recent performance trends in our newly reset jewelry and beading category; the launch of our kids craft program, The Knack; and more effective promotional activity that is driving profitable sales growth and consumer traffic."

Debt dropped $97 million to $3.979 billion. Expenses rose by $18 million and operating income as a percentage of sales fell to 5.7%, compared to 7.2% a year ago. The company's cash balance at the end of the quarter was down $3 million to $42 million. Average inventory/store was down 9.5% to $808,000.

During the quarter the company opened 17 Michaels stores, relocated 3, and closed 3, and closed two Aaron Bros. stores.

The company said it expected same-store sales growth to be flat for the remainder of the fiscal year.

To read the complete press release and see all of the numbers, visit www.michaels.com/art/online/static?page=press_releases.

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JO-ANN IMPROVES FROM LOSS TO PROFIT

For the first quarter ended May 3, net earnings were $3.0 million ($0.12/diluted share), versus a net loss of $1.7 million (-$0.07) a year ago. Operating profit was $7.4 million versus $0.1 million for the prior year's first quarter.

Net sales for the first quarter increased 5.2% to $446.1 million and same-store sales increased 4.5%. Large-format stores net sales for the quarter increased 5.0% to $230.2 million and same-store sales 3.3%. Small format stores' sales rose 1.4% to $207.7 million and same-store sales increased 5.8%. Fabric sales rose 8% compared to a year ago, while craft sales were flat. In a conference call with analysts, CFO James Kerr estimated that 75 of Jo-Ann's 940 stores benefited from Wal-Mart's gradual exit from the fabric business.

Chair/President/CEO Darrell Webb said, "This was our fifth consecutive quarter of same-store sales improvement and seventh consecutive quarter of increasing earnings per share. The current economic environment remains uncertain, but we will continue to focus on executing our strategic initiatives and enhancing our competitive position to deliver balanced and consistent performance throughout fiscal 2009 and beyond."

Gross margins decreased to 46.4% from 47.3%, largely due to the carryover of seasonal product sold through the month of February and the integration of the Joann.com business, which was acquired last November and has a lower margin than retail stores.

Selling, general and administrative expenses declined to $184.5 million from $185.5 million and improved as a percentage of sales from 43.7% to 41.4%.

During the quarter, Jo-Ann closed one large-format store and one small-format store. For fiscal 2009, execs expect to open 20-23 stores, up from prior expectation of 12-15 stores, and close 30 stores, up from the prior expectation of 25, to take advantage of opportunities in the real estate market. Jo-Ann also remodeled 12 stores, of which four were transitioned from a small-format to a large-format layout, and expects to remodel 25-30 stores during the year, of which five are expected to transition from a small-format to a large-format layout.

For the year, execs expect same-store sales to grow 1%-3%, the gross margin rate to improve, and selling, general and administrative expense as a percentage of net sales for the year to decline. Capital expenditures for the year are expected to be $50-$55 million.

The company raised its earnings expectations for the year from $0.70-$0.85/share to $0.75-$0.85.

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ANALYSTS REACT TO JO-ANN'S REPORT

Jo-Ann's first-quarter earnings per share of $0.12 far exceeded the expectations of analysts who, according to First Call/Thomson Financial, had predicted earnings of $0.01. Despite the positive news, two major securities firms, BB&T Capital Markets and Wedbush Morgan Securities, continued their Hold rating.

In a note to clients, BB&T analyst Laura Richardson said, "While we believe Jo-Ann is managing its business very well and gaining share in the fabric business, we think expectations of continued upside are getting factored into its stock price." (Note: The stock has risen about 67% since the beginning of the year.)

Wedbush advised, "Maintain HOLD given valuation, yet warming up to the story due to increased visibility of ongoing benefits from competitors exiting the fabric business, which should also help offset the challenging macro environment." The company recently increased its projected longer-term earnings growth rate to 18% from 15%.

"'The fabric business is not growing, but [Jo-Ann is] taking share because competitors are leaving,'' William Armstrong, an analyst at CL King & Associates told the Akron Beacon Journal. He has a Strong Buy recommendation.

Prior to the release of the earnings report, the May 21 edition of SmallcapCenter.com wrote a glowing article about Jo-Ann's future potential for growth. "It's no secret that retailers have struggled against a slowdown in consumer spending, but Jo-Ann's core customer isn't sewing money into her mattress yet." The article pointed out that Jo-Ann is "outpacing the broad market. In 2008 alone, JAS has rallied to a gain of more than 64%."

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INDIANA JONES TO BOOST KNITTING SALES?

Knitting began its renaissance a few years ago thanks to actresses telling magazines that they enjoyed knitting while on movie sets. That made knitting "cool" and attracted countless numbers of young people. Now knitting may receive another pop-culture public relations bonanza, thanks to ... Indiana Jones.

Actress Karen Allen, who played Marion Ravenwood, Harrison Ford's love interest in the first Indiana movie, is reprising the role in the hit sequel in movie theaters today.

"I have the best of both worlds," Allen told USA Today. "Even when I was doing films, I'd set up a little design studio in my trailer. I've been knitting my whole life. This was my first love. When I was a child, my passionate thing and my first experience of ecstasy was standing at the threshold of a fabric or yarn store. Something about texture or design got my heart pounding."

Allen not only loves to knit, but she learned machine knitting at the Fashion Institute of Technology, then moved to the Berkshires and established a knitting shop and a studio in Great Barrington, MA.

"We're in start-up mode and it's a big investment," Allen told First magazine (the Wal-Mart magazine). "I invested in all the cashmere yarns, and I have 10 Japanese knitting machines. I'm just pouring money into it at this point, but the hope is that eventually it will become financially sound."

Allen and her knitting endeavors were the subject of the 5/25 CBS Sunday Morning profile, and they are the cover story in the June issue of More.

And like every independent retailer, she told More, "The financial part is an ongoing challenge."

To see Allen's creations, visit http://www.karenallen-fiberarts.com. To read the More article, visit www.more.com.

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CHA SUMMER SHOW NEWS

1. In conjunction with the Summer Show theme, "Kids' Crafting: Inspiring Growth & Creativity," CHA and the Boys & Girls Clubs of Chicago will sponsor a Kids' Craft Fair on Wed., July 16, from 10 am to noon at the Boys & Girls Clubs' Robert E. Wood Center in Chicago. Approximately 135 kids aged 6-12 are scheduled to participate. In support of the event, Chicago Mayor Richard M. Daley has officially proclaimed July 16th as Kids’ Craft Day in Chicago, to "encourage all Chicagoans to recognize the importance of family and to spend quality time with their loved ones."

CHA spokesperson Terri O. and several CHA members, including Duncan, Jo-Ann, Arte Latin-Oh!, and Creative Hands will work with BGCC staff to manage craft projects. CHA will actively pursue the Spanish-speaking media with a compelling story on crafting, and its PR firm, Fleishman-Hillard, will generate media exposure with the traditional English-speaking press.

The CHA staff is accepting donated projects and supplies in hopes of providing the Robert E. Woods Center with a crafting curriculum that will last the entire year. For info on making craft product donations, email CHA Public Relations Manager Victor Domine at vdomine@craftandhobby.org or call 201-835-1224 by June 20.

2. Online registration for the show, July 18-20 with education beginning July 17, is now available at www.chashow.org.

3. Special Events: Thurs., July 17: The free Taste of Rosemont (5:30-6:30 pm) ... Keynote speech by Jean Chatzky (6:30-7:30 pm) ... Fri., July 18: CHA Town Hall Meeting; CHA execs answer questions from attendees. 5:30-6 pm (retailers); 6-6:30 (manufacturers); 6:30-7 (designers); and 7-7:30 general membership ... Sat., July 19: Designer Showcase: Tabletop displays by designers for vendors and publishers looking for new designs and projects, 7-9 am; CHA Summer Show Event: "Be a Kid Again!", 6-10 pm.

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WADE ROBERTS & PAT CHEW: REST IN PEACE

Wade H. Roberts Jr., President of Gütermann of America, age 55, died from a tragic accident on May 26. Wade started in the fabric business as a young boy, working in his father's fabric store in Jackson, MS. He later moved to Spartanburg, SC to take a position with Belding Hemmingway heading their Lily Mills thread division. From there he moved to Dritz, and in 1982 he opened the U.S. division of Gütermann thread in Charlotte, NC. He was well known in our industry and had served on numerous association boards. He will be missed by many.

He is survived by his wife of 23 years Lisa, children Jordan, Erin, and stepson Michael. Memorials or contributions can be made to Hickory Grove Baptist Church, North Student Ministries, 2350 Odell School Rd., Charlotte, NC 28262. Personal notes can be mailed to the family at 12607 Headquarters Farm Rd., Charlotte, NC 28262.

Pat Chew, Owner/CEO of Classic Elite Yarns died of leukemia at 69. She is survived by a daughter, a son-in-law, two grandchildren, and a brother. Donations may be made to the Pat Chew Memorial Fund, c/o Washington Trust Co., 23 Broad St., Westerly, RI 02891. There is an obituary at www.classiceliteyarns.com.

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HONORING AN INDUSTRY PIONEER

Industry pioneer Jan Wetstone was recognized in Atlanta recently by Plaid for her contribution of Mod Podge, one of the most famous craft products ever created. President Mike McCooey presented Wetstone with a ruby and diamond pin set in gold with the Plaid insignia, typically given to employees with 20+ years of service.

Invented by Wetstone in a studio behind her shop in the 1960's, Mod Podge is an all-in-one glue, finish, and sealer that eliminated the tedious, time-consuming process of brushing layer upon layer of varnish and sanding between each coat. She began offering Mod Podge kits in her shop and they were so successful that a major Atlanta department store purchased exclusive rights to her kits.

In 1967, Mod Podge was named one of four best items in the Housewares Show in Chicago, at the time the largest show of its kind. Eventually Mod Podge was sold to Enterprise Paints and then went through a variety of owners. In 1979, Mod Podge found a permanent home with Plaid, which now produces Mod Podge in a variety of formulas.

Why did Wetstone call it Mod Podge? Because it's short for Modern Decoupage.

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EMAIL: VENDORS AND THE "VENDOR OF CHOICE"

(Note: Michaels sent a release to its vendors announcing some personnel changes – see Miscellaneous News, below – which prompted the following from a Michaels' vendor.)

"But here's what I don't get: The letter starts off with 'To: Michaels Vendor Partners,' but then later in the letter it says '..our own Global Sourcing function within Michaels will be our strategic Vendor of Choice.'

"Come on, give me a break. It's sort of like writing a letter to your spouse or significant other and saying goodbye. I can see the letter now: It starts off with 'Dear Significant Other' and goes on to say, 'I've found a new main squeeze. Thanks for the memories.'

"I sort of expect the next letter from Michaels to say, 'Dear Vendor Partner, the divorce is now final. No alimony will be forthcoming.'" - Name Withheld

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EMAIL: QVC/HSN: MAKING OUR RETAILERS STRONGER

I think QVC (and HSN) makes our retailers stronger. We always suggest that retailers watch both QVC and HSN's craft and scrapbooking shows, then gather the product being shown and display them prominently in their own stores along with a sign that reads, "Same as seen on TV." Julianna Hudgins was on HSN on May 15-16. I made a point to watch to see what she had to say, and she said a lot – good stuff!

Retailer Bonnie Wilcome, owner of Scrapbook Village in Glasgow, KY, checks the QVC schedule to see when scrapbooking shows are scheduled, then she sends e-mail blasts to her customers giving them a discount or free class if they buy the product from her store. Bonnie has also held QVC shopping parties in her store. She turns on the TV and scrappers watch and crop along with the show. When something catches a customer's eye she heads off to the sales floor to find it, or a similar item, in Bonnie's inventory.

Our retail world is a competitive world. Consumers have far too many shopping choices today so it's important for retailers to do out of the ordinary things to attract them. What Bonnie Wilcome does takes guts. But it works.– Georganne Bender, KIZER & BENDER Speaking!

(Note: Rich Kizer & Georganne Bender will conduct seminars at the CHA Summer Show. "Live from CHA: Meet Generation Z! What Kids Have to Say about Crafts" (S109) on Fri. July 18, 2-3 pm, and "Generation Z: It's Party Time! Draw Families & Kids to Your Stores with Targeted Events" (S114), Sat, July 19, noon-1 pm. For more info, visit www.chashow.org.)

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EMAIL: LOBBYING THE ORPHAN WORKS BILLS

Regarding the Orphan Works bills, I have a better suggestion: Call Congress. As an environmental activist, I have called on occasion and telephone calls have netted me responses that emails and faxes never have; I've at least been acknowledged, as opposed to having no clue whether or not anyone even bothered to read my email or fax.

Making a phone call gets attention and is very empowering as well. The fact that their offices are easy to reach and the phone numbers are public helps us to remember that we elected these folks and they do work for us (in a perfect U.S., anyway). You will either be leaving a message in their voice mail or, if you are fortunate, with a real live person in their office, so know which bills you wish to address and be concise.

U.S. House of Representatives (www.house.gov): Call 202-224-3121 and ask for your representative's office. U.S. Senate: Visit www.senate.gov and use the "Find your senator" in the upper right corner; when the list is displayed their telephone number will be included. Be certain to leave your contact info as well.

I know some people hesitate to contact their elected officials, but consider this: if the only people talking to them are the special-interest lobbyists, how can they listen to anyone else? – Trish Hansen, MoonSong Design

(Note: The bills in question are Orphan Acts of 2008 in the Senate [S. 2913], and Orphan Works Act of 2008 in the House of Representatives [H.R. 5889]. To read more, click on Designing Perspectives and Business Wise.)

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RANDOM NOTES, RANDOM THOUGHTS

1. Analyzing Michaels' financial reports is different than those of Jo-Ann or A.C. Moore. (And Hobby Lobby is privately owned, so they don't have to report anything to anybody.) With Jo-Ann and A.C. Moore, look at the bottom line: are profits or losses increasing?

Not so with Michaels, which has to service a debt of $3.979 billion. So Michaels' bottom line shows a loss of $20 million, which sounds pretty bad, although better than the $23 million loss a year ago. But the interest expense was $78 million. Most businesses have interest expense related to lines of credit, but nothing like $78 million.

2. I'm not privy to the sales figures of Mod Podge, but I suspect it was a great seller during the heyday of decoupage, then fell off dramatically as macrame, then cross stitch, then wearable art supplanted decoupage as the hot trend.

But scrapbooking came along, which led to all sorts of paper crafting, and now I bet Mod Podge's sales have rebounded. It's a good thing the industry was not run by beancounters when Mod Podge's sales fell or it probably would have died.

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MISCELLANEOUS NEWS

PBS. The 13th series of Scrapbook Memories uplinks July 13, hosted by Julie McGuffee and Beth Madland. Sponsors include Close To My Heart, Epson, My Pages Talk, SRM Stickers, Uchida, Spellbinders, Hot Off The Press, Kaleidoscope Collections, My Little Shoebox, Pazzles, QuicKutz, ArcSoft, B&B Etchall, Creative Imaginations, Digital Scrapbook Memories, Prima, and Sakura. ... The second Quilting Arts series uploads June 29, hosted by Patricia "Pokey" Bolton and sponsored in part by Interweave Press, Husqvarna Viking, Coats & Clark/Westminster Fibers, Cedar Canyon Textiles, Sulky of America, Epson, Robison Anton Textile, Rowenta, The Warm Co., and Electric Quilt. Both series are produced by KS Inc. Productions.

LOOKING TO HIRE. Berroco, a yarn importer in Uxbridge, MA, needs an in-house Design Assistant to design knit/crochet garments for women, men, and children; spot social and fashion trends; and work with national magazines. Requirements: College degree; knitting, crocheting, sketching, and writing skills; proficiency with Mac's and PC's, including layout, drawing, spreadsheet; general Internet skills. Includes domestic and international travel. Email resume to Design Director Norah Gaughan at ngaughan@berroco.com.

RECALLS. Jo-Ann recalled approximately 4,500 Best Value Park Benches, sold Jan.-Mar. for about $30, because the benches can become unstable and break, posing a fall hazard to consumers. No injuries have been reported. ... QuinCrafts recalled about 70,000 Makit & Bakit jewelry sets and suncatcher sets because the clasps on some of the jewelry contains high levels of lead. No injuries were reported, and only some of the sets are involved. To see the serial numbers of the recalled sets, visit www.quincrafts.com/recall.

PBS. The sixth season of The Donna Dewberry Show, hosted by Plaid, is underway, reaching 83+ million households nationwide, inspiring and teaching 225+ million potential painters. FolkArt® HD™ paint is the focus of the new series of 13 half-hour shows. The total number of airings for the past year, including all of Donna's series is 45,984 times on 426 stations, reaching 80% of televisions in the U.S.

PEOPLE. Michaels promoted Stuart Aitken to Exec VP/Chief Marketing Office and Wilson Zhu to Exec VP, Global Sourcing. Jeff Scherer will be General Manager for all business units until a permanent GM is named. ... The Craft & Hobby Assn. named Avery Dykman as Educational Meeting Planner and Avani Saraiya as Information Systems Manager, and promoted Lauri Pietruszka to Exhibits Sales Manager.

KNITTING. World Wide Knit In Public Day, started in 2005 by Danielle Landes, June 14. More than 200 groups of yarn enthusiasts, including groups in Germany, The Netherlands, and New Zealand, are expected to gather in their respective towns. For info, visit www.wwkipday.com.

MONEY. Looks like U.S. paper currency will be changing, thanks to a federal appeals court, which ruled that printing all paper money the same size and "feel" discriminates against the blind. The decision could force the Treasury Department to make bills of different sizes or print them with raised markings or other distinguishing features, the Associated Press reported.

LEGISLATION. The U.S. House approved the Energy and Tax Extenders Act of 2008 last week, which extends tax breaks for store owners hoping to remodel. "In the current economic climate, some retailers look at remodeling as a way to revitalize a failing store, but the anticipated return has to pay for the cost involved," Steve Pfister, Sr. VP for Government Relations for the National Retail Federation.

BLOG. Sue Scheewe and Stan Brown have launched a blog at www.susanscheewe.com. Watch for painting and photography tips. Sue's books are available at Scheewe Publications' site, www.painting-books.com.

CLUBS. Publisher DRG has developed two new kit clubs, SimplyBeads Kit-of-the-Month and Annie’s Hook & Needle Kit, which will launch in July 2008. Other clubs are in the works, too, expanding the existing continuity programs including Creative Girls, Creative Woman Kit-of-the-Month, PaperWorks Kit-of-the-Month and Young Woodworkers. CardMaker and Christmas Ornament kits are projected to launch in 2009. Members of each club are periodically mailed all of the materials and instructions for a project. Each club has its own website, too.

MAGAZINES. Crochet World has been redesigned. The June magazine (28 summer products, 68 pps., $4.99) is now available.

GOING GREEN. C&T Publishing published a Fall/Winter catalog that's "green." The switch to recycled paper for the issue, which unveils 29 new books and other products, reportedly saved 20 trees, 6,820 gallons of water, 19.6 million btus of energy, 3.32 cubic yards of solid waste, and 1.27 tons of greenhouse gas emissions. The company website, www.ctpub.com, is phasing in a "Look Inside" feature that allows visitors to preview pages of Fall books. This new feature will be added to older titles over the coming months.

JARDEN. The corporate parent of Loew-Cornell and many other consumer product companies had a first-quarter net income of $4.7 million ($0.06/share) compared to $1.4 million ($0.02) a year ago. Sales rose 48% to $1.2 billion. Excluding one-time charges, adjusted net income was $16.5 million ($0.22), better than analysts' consensus estimate of $0.18.

BOOKS. Debbie Macomber's Back on Blossom Street, a story about a yarn shop owner, was on the New York Times bestseller list for three weeks. Debbie serves on the Warm Up America! Board of Directors.

LICENSING. As has been true at almost every trade show this year, eco-friendly products will be a major theme at the Licensing International Expo show June 10-12 in New York. Visit www.licensingexpo.com/licensingshow/v42/index.cvn.

HANCOCK. Is getting closer and closer to emerging from bankruptcy. The company entered into a commitment letter with various investors regarding the company's proposed $20,000,000 Floating Rate Secured Notes.

STOCKS. A.C. Moore: $6.99, down $0.12 ... Jo-Ann: $22.51, up $1.40 ... Wal-Mart: $57.74, up $0.70 ... Dow Jones: 12,638.32, down 2.7%. (Note: All changes in price are since 5/2 and are exclusive of dividends.)

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THE CREATIVE NETWORK: JOB OPENINGS

To see the latest listings from the only personnel recruitment firm specializing in our industry, click on Jobs in the left-hand column, or click HERE.

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WORDS OF WISDOM

1. "The trouble with a service economy is that it's all economy and no service." – Garrison Keillor

2. "The best way to have a good idea is to have lots of ideas." – Linus Pauling, American scientist

3. "Perfume is the only art in which there’s never been a true word spoken." – Luca Turin, a fragrance expert. (New York Times)

5. "In the history of the world, no one has ever washed a rented car." – Lawrence Summers (The Free Market and Its Enemies)

6. "The best things in life aren't things." – Art Buchwald

7. "God bless us everyone." – Tiny Tim (Charles Dickens)

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REMINDERS

1. If you want a hard-copy of this issue, click on "Printer Friendly version."

2. If your company is a paid subscriber, everyone in the main office is welcome to register, free. Just click on "Work for a paid subscriber? Click Here to register" (center column, near the top).

3. If you ever have trouble with your password, click on "Trouble with your password" in the right-hand column of the main page. The computer will then email the correct information to you.

4. Creative Leisure News is published the first and third Mondays of each month. Your next issue will be Monday, June 16.

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