Study: Consumers Don’t Plan to Spend Rebates
Backing Ridge, N.J. Although there was hope consumers could help boost the economy by spending their tax rebates, a new survey by Lightspeed Research revealed that more than 50% of U.S. consumers plan to use their proposed tax rebates primarily to pay down debt, rather than spend it.
Only 20% of consumers said they will spend the majority of any tax rebates they receive, according to the nationwide survey.
Of those who plan to use their rebates to pay down debt, 80% plan to pay down their credit-card debt, while 7% intend to pay down their mortgage balances.
Even those consumers without financial troubles, according to the survey, are more likely to save the money than spend it.
Stage Stores says Peebles evp to retire
HOUSTON Stage Stores today announced that Dennis Abramczyk, evp and coo of its Peebles Division, will be retiring after approximately nine years with the company. He will continue to serve in his position until a replacement is found.
Jim Scarborough, chairman and ceo, commented, “We want to thank Dennis for his contributions and service to our company, and we wish him well as he begins this new phase of his life. We will immediately begin a search for his successor, and we are pleased that Dennis will be staying on until the conclusion of our search process, as this will ensure a smooth and orderly transition.”
Home Depot to cut 500 HQ jobs
ATLANTA Home Depot is cutting 500 jobs at its headquarters. According to reports the cuts make up 10% of the 5,000 employees who work at the headquarters.
The cuts are partly due to the struggling U.S. economy, which has hurt market conditions, reports said. Employees were notified of the eliminations today, they will be paid through April 4.
Home Depot reported fiscal 2007 third quarter consolidated net earnings of $1.1 billion, or 60 cents per diluted share, compared with $1.5 billion, or 73 cents per diluted share, in the same period in fiscal 2006.