RIP Franchises of our youths

[cranefly]

I think I wandered into this place a couple times years ago.  It's next to Costco just off Rengstorff, and we see it every time we go to Costco.

Don't know if this qualifies as a franchise of your youth (I grew up in Indiana, after all), but it makes even me sad to see it go.
Lee’s Comics closing, victim of the coronavirus shutdown

Lee Hester holds up a photo of him with Marvel Comics creator Stan Lee. Post photo.

https://padailypost.com/2020/03/26/lees-...-shutdown/

[Drunk Monk]

Report: 110-year-old Berkeley Farms closes for good
By Amy Graff, SFGATE
 Published 11:10 am PDT, Wednesday, April 1, 2020

• 
  

Photo: Google Maps

Berkeley Farms was founded in 1910 by French immigrants John and Mary Sabatte and will be closing at the end of April 2020 by its parent company Dallas-based Dean Foods.

A 110-year-old dairy producer in Hayward is shutting operations.
Berkeley Farms was founded in 1910 by French immigrants John and Mary Sabatte and will be closing at the end of April by its parent company Dallas-based Dean Foods, according to KTVU.
Dean Foods purchased Berkeley Farms in 1998. Before the sale, the dairy brand and milk producer was considered the largest independent dairy products company in Northern California.
Dean Foods told KTVU that the company had hoped "to sell the business in order for daily operations and employment to continue there," but there has been a lack of interest. As a result, several hundred East Bay employees will lose their jobs.
In a statement issued Tuesday, Dean Foods said California-based Producers Dairy purchased the Berkeley Farms trademark.
Dean Foods was struggling long before the COVID-19 crisis began impacting the U.S. economy this year. The food and beverage company filed for Chapter 11 bankruptcy protection in November 2019. At the time, Dean Foods said Americans were drinking less milk and turning to alternative products such as almond and soy milk, according to the San Jose Mercury News.

SFGATE reached out to Dean Foods for comment and will update the story if we hear back.
Amy Graff is a digital editor for SFGATE. Email her at agraff@sfgate.com.

I really have no opinion on their product, but I remember their brand.

[Greg]

Cows? In Berkeley?

I drank a lot of their milk in my youth.

[Drunk Monk]

Cows? In Berkeley?

I drank a lot of their milk in my youth.

Was this the brand that you poured on someone's head?

[Greg]

Rootbeer, my friend, Mug Rootbeer.

[Dr. Ivor Yeti]

Mugged. At least it wasn’t syrup...

[Drunk Monk]

Rootbeer, my friend, Mug Rootbeer.

What's behind me, doesn't concern me.

Mugged. At least it wasn’t syrup...

[Drunk Monk]

Coming soon to a theater near you...

AMC’s Credit Rating Downgraded by S&P With Recovery Unlikely

“We do not believe AMC has sufficient sources of liquidity to cover its expected negative cash flows past mid-summer,” S&P analysts wrote
Trey Williams | April 2, 2020 @ 4:34 PM

Getty Images

S&P Global on Thursday downgraded its credit rating for AMC Entertainment to CCC- from B, which takes the company from “Highly speculative” to “Default imminent, with little prospect for recovery.”
AMC has been rocked as a result of the novel coronavirus pandemic, which has forced all movie theaters to close and Hollywood studios to either push film releases past the pivotal summer months or take them off the slate for 2020 altogether.
“While there is a high degree of uncertainty about the rate of the coronavirus’ spread and when the pandemic will peak, some government authorities estimate that the peak will occur between June and August,” S&P analysts wrote in a note on Thursday. “We expect AMC Entertainment Holdings Inc.’s (AMC) theaters will remain closed beyond June due to the impact of the global coronavirus pandemic. We do not believe AMC has sufficient sources of liquidity to cover its expected negative cash flows past mid-summer, and we believe the company will likely breach its 6x net senior secured leverage covenant when tested on Sept. 30, 2020, absent a waiver from its lenders.”
AMC is the nation’s largest cinema chain, and it’s drowning in debt. The company reported a $5 billion-plus deficit at the end of 2019 and losses of $149 million for the year (after recording a $110 million profit in 2018).
During the company’s most recent fourth-quarter conference call, AMC CEO Adam Aron said that he and other top executives had agreed to cut their salaries and bonuses for three years in exchange for stock that would only vest if the share price doubles.
Last week, S&P had already knocked AMC’s credit outlook to negative from stable. Having a solid credit footing, especially now is important for companies as a means to raise cash to help float their businesses during the shutdown.
AMC also furloughed 600 corporate employees last week, including CEO Adam Aron.
“Even after significantly lowering its fixed costs and capital spending requirements, we only expect the company’s liquidity sources to last through mid-summer and are revising our assessment of AMC’s liquidity to weak” analysts wrote. “The company will likely pursue incremental financing through the CARES act or its lenders, but it is unclear when or if it will be able to secure additional liquidity.
“While unlikely, we could raise the rating if AMC were able to secure additional liquidity without further burdening its capital structure and if we expected the company would be able to generate substantial cash flow in 2021,” they continued. “This would likely require conclusive knowledge about the length of the theater closures and a view that the box office would return to normalized levels in 2021.”
AMC spent millions to build up its A-List service, an alternative to the now-defunct MoviePass that has lured 900,000 subscribers since its June 2018 launch but only turned a profit in the most recent fourth quarter.
In recent years, the company has also gone on an acquisition spree, buying Odeon and UCI Cinemas Holdings along with Carmike Cinemas in 2016, and Nordic Cinema Group in 2017.
For a while, AMC had a financial parachute from Chinese conglomerate Dalian Wanda, which acquired a majority stake in 2012. But in 2018 Wanda scaled down its position in the theater chain as Chinese regulators incentivized companies to cut back on their foreign holdings. AMC then turned to private equity firm Silver Lake, closing a $600 million investment in September 2018.
Not only has the spread of the coronavirus led to the closure of AMC and its rivals’ theaters, but it threatens to upend studios’ theatrical and business models. Studios have delayed productions and pushed release dates, and worse, some have decided to squeeze the theatrical window between an in-theater and video-on-demand home releases on titles like Warner Bros.’ “Birds of Prey” and Universal’s “Trolls World Tour.”
The writing’s been on the wall so long in fact that in October AMC entered the home entertainment business, launching a video-on-demand service that will be available to members of its AMC Stubs customer loyalty program.
There are many questions that remain unanswerable, including how long the shutdown will last — and how quickly consumers will return to cinemas even if the pandemic subsides.

[Greg]

Or coming never to a theater near you.

[Drunk Monk]

Here's another.  

I did a lot of work with Cirque - specifically KA.  Those companies that were teetering just won't survive, which makes me wonder how much TC was teetering.  

Bankruptcy Looms Large for Beloved Cirque du Soleil

Las Vegas fixture Cirque du Soleil is in a world of financial hurt, and closure of all its shows due to the coronavirus—44 productions in all—is likely to lead to the company filing for bankruptcy protection.
Moody’s credit rating service recently downgraded Cirque du Soleil’s rating to “Ca” (Moody’s second lowest rating) meaning Cirque is already in default on its loans, or soon will be. Moody’s has also said Cirque has “limited prospects for a tenable capital structure” following a stretch of what’s expected to be steep losses in 2020.
Cirque du Soleil is rumored to be more than $900 million in debt.
In late March 2020, the company abruptly laid off 4,679 people, or about 95% of its employees.
The “Sun Circus” is experiencing a partial eclipse.
The awkward fact is Cirque was in trouble prior to the coronavirus outbreak.
The culprit? Leveraged loans.
A leveraged loan is one given to companies with a lot of existing debt or a poor credit history. Leveraged loans have a higher interest rate than typical loans.
Insiders share Cirque began to lose its way with ownership and leadership changes following the sale of the company in 2015 to three investment groups, including TPG Capital, for $1.5 billion. Those risky leveraged loans made the sale possible.
The company’s founder, Guy Laliberte sold 90% of Cirque in 2015 for $1.5 billion, then sold his remaining stake in Feb. 2020.
The new owners reportedly pivoted Cirque toward being an analytics-driven culture, which is pretty much the best way to suck the souls from creative people. You know, the ones who made Cirque the entertainment juggernaut it had become.
Beyond taking on risky loans, Cirque’s leadership made a number of expensive decisions, leading to a string of massive losses.
The company is rumored to have lost $30 million its touring shows in China, $20 million on its NFL Experience in New York City and a whopping $70 million on the disastrous “R.U.N.” at Luxor in Las Vegas. “R.U.N.” closed on March 8, 2020, after just a few months. Read more.
We feel just terrible about this graphic. Which apparently didn’t keep us from sharing it. Do you know this blog at all?
In an attempt to cover its losses, Cirque reportedly cut marketing and creative budgets, which hurt attendance. As a result, the company raised ticket prices and feed, which further hurt attendance.
All eyes are on Cirque’s CEO Daniel Lamarre. Lamarre is the one who unceremoniously fired pretty much everyone at Cirque via video in March.
Jumping ship just before the fecal matter hit the fan was the company’s COO, Jonathan Tetrault.
Hear more about Cirque’s financial straights, and leveraged loans, on the Wall Street Journal podcast.
What does this mean for Cirque’s shows in Las Vegas? As with so many things right now, it’s “fluid.”
It seems likely theaters and other venues where crowds gather won’t open until after casinos and hotels do. That’s going to put additional pressure on Cirque du Soleil.
Cirque is no doubt scrutinizing its shows to determine which, if any, might need to go. We’ve talked to Cirque du Soleil insiders and hear the company’s touring shows may not come back, at least in the foreseeable future.
Of its Las Vegas shows, sources say “Zumanity,” “Love” and “Ka” are candidates for the chopping block.
We are not making this up.
Cirque du Soleil has become so intertwined with Las Vegas, it’s painful to hear about the company’s financial struggles.
From what we understand, Cirque’s ticket sales are still respectable. The company makes about $120 million a year in Vegas alone, and average occupancy sits at about 70% from what we’re told.
It’s worth noting several of the Cirque productions in Las Vegas are decades old. For example, “Mystere” at TI is nearly 30 years old.
For the sake of its artists and technicians, and the myriad individuals and companies dependent upon Cirque du Soleil, we hope Cirque can find a way to return to its roots, and a stronger financial footing, once again.
Las Vegas wouldn’t be Las Vegas without Cirque du Soleil.

[Dr. Ivor Yeti]

I remember John Wichman at ACWLPFB saying that small businesses were run on a cycle of small business loans. I know that VFG was funded by loans from Will until Year 5, I think.

[thatguy]

Wow, AMC was just putting the finishing touches on a new theater by Murphy St in Sunnyvale (new the old T&C Center). It's about 1.5 miles from my office, closer than the Mercado and in the hoeward bound direction. I was seriously considering thier "Stubs" promo where you get to watch N (I forget the #, something like 3 per week) movies for a flat monthly rate.

--tg

[Drunk Monk]

now this one - this will break my heart.

Iconic San Francisco bookstore closed by coronavirus may never reopen
City Lights published the seminal poem "Howl" by Allen Ginsberg and became a gathering place for bohemians, but, like many small businesses, it is struggling.


City Lights Booksellers & Publishers in San Francisco.Google
April 9, 2020, 7:02 PM PDT
By Alicia Victoria Lozano
A legendary San Francisco bookstore that gave voice to the Beat Generation may be forced to close its doors permanently as California's sweeping coronavirus response takes its toll on small businesses.
City Lights Booksellers & Publishers was closed March 16, around the same time Gov. Gavin Newsom directed all nonessential businesses shuttered to prevent the virus from spreading. Online orders aren't being processed, either, to try to protect employees, said longtime publisher and CEO Elaine Katzenberger, and as a result, no money is coming in.
On Thursday, Katzenberger launched a fundraising campaign to keep the business afloat. The money would go toward paying the full salaries and benefits of City Lights' 20 employees, she said.
"Our legacy looms large, but we're a small business like any other," Katzenberger said. "It just became obvious that we had to do it."
The GoFundMe campaign had raised nearly $60,000 of its $300,000 goal by Thursday evening.
Founded in 1953 by two friends, college professor Peter D. Martin and the poet Lawrence Ferlinghetti, City Lights became a cultural institution for San Francisco's bohemians and literati. It was the nation's first bookstore to exclusively sell paperbacks, many of which skewed toward progressive politics and modern literature.
In 1956, City Lights published the seminal poem "Howl" by Allen Ginsberg, whose works defined the zeitgeist of what would later be called the Beat Generation. His collection of poetry unapologetically described drug use and sex. It was seized by customs officials and San Francisco police and became the subject of a lengthy obscenity trial.
"Howl & Other Poems," which became one of the most influential literary works ever published, is associated with such equally subversive titles as Jack Kerouac's "On the Road" and William S. Burroughs' "Naked Lunch." Not coincidentally, City Lights is near Jack Kerouac Alley in San Francisco's North Beach neighborhood.
"Our role has been the same — we're there to embody a set of ideals and a point of view," Katzenberger said. "It's a place for aspirations."
Katzenberger started at City Lights 33 years ago. She had never imagined working at a bookstore, but she immediately fell in love with the store and its mission to disrupt political and social norms, she said. Katzenberger maintains a close friendship with Ferlinghetti, who celebrated his 101st birthday last month in San Francisco.
"Working at City Lights was a cultural education all the time, and it still is," she said.
News of the store's financial troubles rippled through social media. The best-selling author Neil Gaiman and the radio host Peter Sagal shared City Lights' fundraising campaign and urged people to contribute if possible.

[/url]Peter Sagal

✔@petersagal





I made sure to pay a pligrimage on my first ever trip to SF in 1988. I stop by every time I can, in any visit. If I can't, I try to at least run or walk by it, to comfort myself it's still there. We can't lose them too. https://twitter.com/CityLightsBooks/status/1248338098083090432 …
City Lights Books

✔@CityLightsBooks

A steady beacon, our store is there whenever we need a place to feel at home with our fellow humans, their ideas and aspirations, their curiosities and their wild dreams of a new beginning. At this time, we must humbly ask for your support. https://www.gofundme.com/f/aeany-keep-ci...ooks-alive …


143
1:38 PM - Apr 9, 2020
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[url=https://twitter.com/petersagal/status/1248349587057901569]



Katzenberger said she is both humbled and energized by the outpouring of support.
"The amount of people giving $5 and $10 is so moving," she said. "We've been around a long time, and people do care."
[b]CORRECTION[/b] (April 10, 2020, 12:05 a.m. ET): An earlier version of this article misspelled the last name of the author of "Howl." He was Allen Ginsberg, not Ginsburg.

[Dr. Ivor Yeti]

My least favorite non-chain bookstore. Cramped rooms, unhelpful, snooty staff.

Feh.

[Drunk Monk]

I guess it's too cramped for yetis.  

I luv this store.  I have so many fond memories of hanging out there back when I lived in SF.  In those SF days, I went to Chinatown like every other week and the go-to places were here and Eastwind.  The last time I was there was over the holidays and I found half a dozen titles that I'd not seen before and jotted down for later reference.  Their philosophy, religion and Asian culture sections are on point.  

I almost never talk to book staff at bookstores.  I did too much of that in my 20s.  Heck, I married a bookstore person.