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.
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.
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.
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.)
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.)
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.
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.
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%."
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.
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.
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.
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.
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
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.)
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.)
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.
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.)
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.
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)
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.