One grocery chain in the region feels its can make more money if it lower the prices of some popular items. The Giant Eagle supermarkets are launching a new effort the chain says will result in twenty million dollars in annual savings for its customers. The company has announced a price rollback on a wide range of popular chicken and ground beef products. Company official say the price cuts average about seventeen percent on the items covered by the program. By cutting the prices, the company hopes to see a significant boost in sales on items purchased by more than eighty percent of their customers. ...............................
Eddie Bauer holdings has filed for Chapter Eleven Bankruptcy protection. That makes this once popular retailers the latest casualty of the recession. The company reports a first quarter loss of more than 44 million dollars. The Wall Street Journal reports that the Company is likely to be acquired by a private equity firm as part of the bankruptcy case. The company has 370 retail outlets and more than seven thousand employees.
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Prices at the pump are taking a toll on plenty of consumers. According to Triple "A" , gas prices have gone up every days since April 29'th. Gas prices in this country have now surged past the two fifty a gallon mark and show no signs of letting up. Economists are warning that the sudden jump in gas prices are one more burden on the large number of unemployed. Pump prices are expected to continued to rise because the per barrel price of oil has more than doubled since December recently topping the seventy dollar mark.