ComparisonEngines

I’ll have to look at the numbers a bit more.
-Techcrunch article (includes Bezos’ video)
-Tony Hsieh’s email to employees. Here’s an snippet:

We realized that Amazon’s resources, technology, and operational experience had the potential to greatly accelerate our growth so that we could grow the Zappos brand and culture even faster. On the flip side, through the process Amazon realized that it really was the case that our culture is the platform that enables us to deliver the Zappos experience to our customers. Jeff Bezos (CEO of Amazon) made it clear that he had a great deal of respect for our culture and that Amazon would look to protect it.

I’m a little in shock. Just catching the news that Alan Rimm-Kaufman passed away over the weekend.

I really liked Alan. I think everyone did. I originally met him in early 2006, just as he was wrapping up work with the NRF on standard data exchange formats. He helped me out a ton over the years, and I’ll miss discussing metrics oriented marketing and swapping biz ideas with him at random industry events.

In lieu of flowers, the family requests that donations be made to the Alan Rimm-Kaufman Legacy Fund, CBI Preschool, 501 East Jefferson Street, Charlottesville, VA, 22902, and that individuals consider joining the national bone marrow registry at http://www.marrow.org.

-Alan Rimm-Kaufman (1968 – 2009): a Tribute
-Alan Rimm-Kaufman Passes Away After Courageous Bout With Leukemia
-A Community Loses One of its Own

As if there weren’t already enough problems, if CIT goes into bankruptcy protection, it could spell more doom and gloom for thousands of small and medium sized businesses and their suppliers this holiday shopping season.

CIT provides factoring for hundreds of thousands of retailers. Even with my fancy economics degree, I don’t remember covering factoring, so we’ll take the definition from Wikipedia:

“Factoring is a financial transaction whereby a business sells its accounts receivable (i.e., invoices) to a third party (called a factor) at a discount in exchange for immediate money with which to finance continued business. Factoring differs from a bank loan in three main ways. First, the emphasis is on the value of the receivables (essentially a financial asset)[1], not the firm’s credit worthiness. Secondly, factoring is not a loan – it is the purchase of a financial asset (the receivable). Finally, a bank loan involves two parties whereas factoring involves three.”

Or as the NYTimes puts it:

“When small and midsize suppliers ship goods to retailers, they are not paid right away. Yet they need cash to continue producing merchandise. Factors provide the suppliers money until the retailers pay, which can take 30 to 90 days. Factors also guarantee suppliers that they will get paid, even if a retailer to whom they shipped goes bankrupt.”

Make sure to check out the following articles for more info:
NYTimes – CIT Says It Won’t Get More U.S. Aid
FT – Troubled CIT calls for $2bn infusion
And I think Bloomberg summed it up best with: “If CIT were to fail, a chain reaction would be set off that could very well leave retailers with a shortage of merchandise during the crucial holiday season this fall,” Tracy Mullin, president of the National Retail Federation, said in a July 15 statement. “That cannot be allowed to happen at a time when retailers are already struggling to survive the national recession.”

Another day, another retailer closes it’s (online and bricks ‘n mortar) doors. 700 employees. 56 stores.