6at4 Business Report: Greece, unemployment, Walmart

November 2, 2011 3:00:12 PM PDT
Greece's debt continues causing headaches worldwide; the unemployment picture gets better in Philadelphia; Walmart pre-empts Black Friday.

Emergency meetings over Greece
European leaders are holding emergency meetings with Greece after Grecian officials are backpedaling on the debt-relief deal that was hammered out last week. European leaders are telling the Greek prime minister there is no "Plan B." If Greece doesn't make budget cuts under the bailout plan there will be an ugly default.

Philadelphia unemployment rate drops
The jobs market is looking up in Philadelhia. The unemployment rate in September dropped to 8.4% from 9.1% in August - That's a huge drop and even lower than last year when unemployment was at 8.6%. The jobs outlook does get brighter. Companies added 110,000 workers in October. The big jobs report from the U.S. labor department comes out this Friday when economists expect a similar gain

Walmart launching "Super Saturday"
Walmart doesn't want you to wait until Black Friday to start your holiday shopping. The king of Black Friday doorbuster sales is now promising a "Super Saturday" event this weekend with price cuts on electronics and kitchen items. Plus there will be balloons, activities, and free cupcakes for kids! It's all part of an effort to lure shoppers in early, ahead of those Black Friday midnight sales that Target, Macy's and Kohl's just announced. Walmart also offering customers who sign up on Facebook or walmart.com a sneak peek of day-after-Thanksgiving sale prices.

Syms & Filene's Basement To Close
Two major discount retail chains will close up shop. The parent company of Filene's Basement, Syms, which also operates stores under that name filed for bankruptcy protection. The company's CEO cited increased competition from department stores. All Syms and Filene's Basement stores will undergo liquidation -- and that will run through January.


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