The quintessential New York grocery chain said Friday it needs to raise more capital by April to meet its debt obligations with its 15 stores in the metro area experiencing “significant losses.”
The company — whose stock is also in danger of being delisted from the Nasdaq — lost $35.7 million in the quarter ended Dec. 27 after losing more than $300 million over the past five years.
Revenue declined by 7 percent to $191.6 million from a year earlier, a regulatory filing revealed on Friday.
Fairway is counting on new stores to drive its growth, but conceded in the filing that “our current limited cash resources and significant leverage will adversely affect our ability to open new stores.”
The company went public in 2013 after decades of being owned and managed by the Glickberg family. Former CEO Howard Glickberg remains on the board.
The IPO was meant to jump-start an ambitious expansion plan led by Sterling Investment Partners, which wanted to expand into other regions of the country. Instead, the business, known for its fresh produce and high-quality prepared foods, is facing a possible bankruptcy.
WASHINGTON, D.C. – Rep. Scott Garrett (NJ-05) issued the following statement after voting for H.R. 3762, the Restoring Americans’ Healthcare Freedom Reconciliation Act, Objections of the President Notwithstanding:
“Today I voted to override the president’s veto of the ObamaCare repeal bill because Washington bureaucrats have no place standing between hardworking families and their health care choices. ObamaCare forces American families out of their insurance, skyrockets the cost of care, and stifles the ability of businesses to create jobs. I will continue to fight for families and their right to make their own health care decisions.”
In October Garrett pushed for the Healthcare Freedom Reconciliation Act , “The last thing New Jersey families need is an unaccountable Washington bureaucrat driving a wedge between them and their doctors or limiting their access to quality health care. Today I supported the Restoring Americans’ Healthcare Freedom Reconciliation Act because Americans deserve the repeal of ObamaCare’s most onerous and costly mandates, and they deserve to be put back in charge of their own health care choices.”
Despite the media hype the disaster that is Obamacare has been well documented . Here are just a few real examples off of social media posts .
“A gentlemen Im friends with was paying 300 a month for insurance on a family of 4. Now because of Obamacare It went to 700 a month and now cant afford it and dropped it and doesnt have it, when he filed taxes was fined 900 dollars because he was unable to provide for his family paying a total of 8400 a year for insurance, kinda seems that they want working people to pay for their family , as well as another family that wont work , an if they dont they pay a fine. Does anybody remember what our great politicians said about this program ? All lies ” David H”I said it two years ago and I will say it again, Obamacare is an epic fail for this country. I couldn’t afford insurance 2 years ago and things have increased since then. My girls insurance premiums have doubled and their deductibles have tripled. Not only that this plan that is supposed to be “AFFORDABLE” covers NOTHING…NOTHING until my deductible is met. I pay full price for doctors visits, x-rays, medication, specialist until the deductible is met. So basically I am required to pay the premium and pay for everything on top of it. Honestly I just need to quit working, reduce my income by 1/2 and get all this stuff for free. Health care is affordable if your rich or if your poor. The people in the middle that are grinding it out every day get screwed….again.” Jake C
” I was getting FREE MEDS from Johnson & Johnson because I have a life threatening Pancreas Condition. As soon as ObamaCare kicked in first my Doctor was changed to one I dont know and who does not even have my medical records. I had to fight and 3 times they tried to change my Doctor to one who is 25 miles away. I REFUSED EACH TIME! Then Obamacare stopped me from getting my Pancreas pills and I was told I had to take different pills which did not work causing me great stomach pain. With Obamacare you dont get the best meds you get the cheapest ones possible and many times they have side effects or dont work. I have had to fight the effects of ObamaCare many times. I went to the Senior Citizen Center when I became 65 and they helped me find a Health Care provider who will supply my Pancreas pills. Out of 50 available only 1 would pay for my meds. I READ OBAMACAREBEFORE IT WAS MADE A ILLEGAL LAW. I knew what is contained. I tried to tell others and they would not listen. I had to wait 3 years for the people to find out themselves. ObamaCare is CRAP! The only ones being helped are those who had previous medical conditions and those who could not afford health care coverage. So 20 % are being helped by ObamaCareand 80% are paying the huge price.” Mary M
see more real feedback : https://mychal-massie.com/premium/speak-out-your-obamacare/
URGENT – WINTER WEATHER MESSAGE
NATIONAL WEATHER SERVICE NEW YORK NY
721 AM EST MON FEB 8 2016
…HEAVY SNOW ACROSS CENTRAL AND EASTERN SECTIONS OF LONG ISLAND
AND SOUTHERN CONNECTICUT TODAY…
…WINTER WEATHER ADVISORY REMAINS IN EFFECT UNTIL 6 PM EST THIS
EVENING…
* LOCATIONS…NEW YORK CITY AND THE NORTHERN AND WESTERN SUBURBS.
* HAZARD TYPES…ACCUMULATING SNOW.
* ACCUMULATIONS…SNOW ACCUMULATION OF 2 TO 3 INCHES.
* WINDS…NORTH 10 TO 20 MPH WITH GUSTS UP TO 30 MPH.
* TEMPERATURES…IN THE LOWER 30S.
* TIMING…LIGHT SNOW WILL DEVELOP THIS MORNING…AND CONTINUE
INTO THE AFTERNOON.
* IMPACTS…HAZARDOUS TRAVEL CONDITIONS DUE TO SNOW COVERED
ROADS.
PRECAUTIONARY/PREPAREDNESS ACTIONS…
A WINTER WEATHER ADVISORY FOR SNOW MEANS THAT PERIODS OF SNOW
WILL CAUSE TRAVEL DIFFICULTIES. BE PREPARED FOR SLIPPERY ROADS
AND LIMITED VISIBILITIES…AND USE CAUTION WHILE DRIVING.
Ridgewood NJ, the purpose of the garage from the very beginning seems to have been to build a commuter garage for NJT and Bergen County in Ridgewood ,moving to make the Village a transit hub
The Village of Ridgewood (the “Village”) is undertaking the construction of an $11.7M parking deck on Hudson Street (the “Project”). There are two ways the Village can finance this Project over a 25 year period. First, the Village can issue its own General Obligation Bonds (the “Village Bonds”). Second, the Village can finance the project through the Bergen County Improvement Authority (the “BCIA”), which would issue County of Bergen Guaranteed Lease Revenue Bonds (the “BCIA Bonds”). In either event, the Village will be responsible to pay 100% of the debt service on whichever bonds are issued. (https://mods.ridgewoodnj.net/pdf/manager/hudson/20160129BCIAFin.pdf )
the choice :
Transaction Costs: The model includes up-front fixed costs of issuance of $162,500 for the BCIA Bonds vs. $92,500 for the Village Bonds. These costs include typical municipal bond transaction fees such as bond counsel, financial advisor, auditor, credit rating agency, printing, etc. In addition, the analysis assumes the underwriter’s discount would be essentially the same under either scenario. The BCIA Bonds also include the upfront authority financing fee of 12.5 basis points (“bps”) of total par amount of BCIA Bonds, the annual authority administration fee of 5 bps based on the annual outstanding par amount of the BCIA Bonds and an annual trustee fee of $1,000. (https://mods.ridgewoodnj.net/pdf/manager/hudson/20160129BCIAFin.pdf )
as per usually the most expensive for Village Taxpayers is the best choice .
Going to the BCIA , once the money is approved, it tends to appear almost instantaneously, accruing interest long before the project can even get started. That is a significant reason to reconsider this plan or ploy and an excellent reason, if it does happen, not to ask for a cent more than is needed. But losing control over the way commuter spaces are priced is a huge problem and there are undoubtedly more.
There will be approximately 320 car garage. 4 levels. The mayor said in the last meeting that 2 levels may be dedicated to commuters. That’s about 160 cars for commuters. We currently already have one level, which is mostly used by Ridgewood commuters. Lets say the second level is used by Bergen County commuters at no extra money compared to Ridgewood commuters. So, 2 levels are either used by out of Ridgewood commuters or commuters who are already using this lot today without the garage.
With remaining 2 levels, we will get 160 new spot, presumably for non commuters. Cost – 12.3 million in new bond, 500K bond has been already spent + 450k already spent on environmental studies in 2014 & 2015 on this lot. = 13.25M.
That’s 82,800 for every new parking spot created for CBD. This assumes that the project will not go over the budget. With the way this council and village manager are spending the money, this is highly unlikely to stay in the budget.
Ridgewood NJ, Not a single question about the reason why the Transportation Trust Fund needs more funding, not one. When it costs the state over $2 million per mile of state road, 3 TIMES more than the next highest state, then something is wrong. And the NJ gas tax is only part of the story. Add in toll road, bridge & tunnel charges, and commuter pass costs and NJ residents already pay some of the highest transportation-related taxes in the country. There’s no support for this until state road work is opened up to non-union labor, and a full review of administrative & excess costs is complete.
Before Trenton thinks about raising the Gas Tax we also need :
1) We need a full audit and full accounting of the Transportation Trust Fund 2) We need a full Audit and full accounting of all the “Stimulus ” spending in New Jersey 3) A guarantee that any money raise will ONLY GO TO ROAD TRANSPORTATION PROJECTS ! 4) A Full Audit of all the current sources of Financing the Transportation Trust Fund TTF
As if common knowledge that keeping more money in American’s pockets will pump more money into the economy isn’t enough, here are 5 more reasons not to raise the gas tax:
1. An increase in gas taxes will hurt middle-income Americans the most.Middle-income families make up roughly one-third of Americans. By increasing the gas tax, not only are you lessening the amount of money in their pockets, but the amount of money being pumped into the economy is being lessened too. It’s estimated that a 1 percent increase in gas prices takes $1 billion out of consumers’ pockets. That’s $1 billion dollars that could be spent on eating out, clothes, and leisure activities.
2. Raising the gas tax will likely encourage more non-highway related spending. Revenue from the tax would go to the HTF. One would think money from the HTF would be funding highways but instead, HTF funds have supported squirrel sanctuaries, landscaping, trail hikers and trolley riders. In fact spending on side projects has increased 38% since 2008 while spending on core highway projects has remained flat.
3. Raising the gas tax will not solve the real problem. The problem is that there is a funding deficit because the HTF is spending more money than they are bringing in. Currently the gas tax brings in around $34 billion annually, yet the federal government is spending roughly $50 billion each year. There is no solution in the “raise gas taxes” method. Tax proponents claim raising the tax would close the deficit and cover future, necessary funding from the HTF. However there is no guarantee for either of these things. More likely than not, this solution would only support and encourage more wasteful spending.
4. A gas tax hike will increase the price of consumer goods. The transportation of goods is primarily done via highways. Cars drive on highways and gas fuels cars. It’s a no-brainer that raising the gas tax will cost drivers more to fuel their way to deliver goods. Higher gas taxes, leading to higher gas prices will mean a higher cost on goods. This means increased financial pressure on middle to lower-income families if tax advocates get their way with this regressive increase in the gas tax.
5. Tax hikes have a negative impact on economic growth. As discussed, higher gas taxes mean higher gas prices which reduce the discretionary income of millions of Americans. Reductions in discretionary income often correspond with diminished economic growth. In fact, analysts at Goldman Sachs predict “lower gas prices could add as much as half a percentage point to GDP growth this year.” (https://www.atr.org/top-five-reasons-not-raise-gas-tax )
FEBRUARY 5, 2016, 7:00 PM LAST UPDATED: SATURDAY, FEBRUARY 6, 2016, 12:34 AM
BY CHRISTOPHER MAAG
STAFF WRITER |
THE RECORD
Both NJ Transit and its unions are preparing for a train shutdown on March 13 that would cripple the region’s transportation network, the sides confirmed on Friday. Threat of a strike by the unions or a lockout by NJ Transit is the latest escalation in a five-year dispute that leaves the two sides far apart on workers’ pay and health insurance benefits.
“Prepare yourself economically,” the New Jersey Transit Rail Coalition told its 4,200 members in a newsletter issued Friday. “At 12:01 a.m. on Sunday, March 13, every union on New Jersey Transit will strike if no agreement is reached.”
“NJ Transit is actively involved in developing a robust alternative service plan in the event the unions call a strike,” said Dennis Martin, NJ Transit’s interim executive director. “We are working with our regional partners, including NJDOT, to provide as much service as possible to our customers.”
A shutdown would make it incredibly difficult for people in New Jersey and New York City to travel and get to work, said David Peter Alan, chairman of the Lackawanna Coalition, a transit advocacy group.
“I think it’s very likely” that a strike will happen, Alan said. “It would be a disaster.”
FEBRUARY 3, 2016, 5:20 PM LAST UPDATED: WEDNESDAY, FEBRUARY 3, 2016, 6:12 PM
BY JOHN C. ENSSLIN
STATE HOUSE BUREAU |
THE RECORD
New Jersey’s Democratic legislative leaders said Wednesday they are close to working out a proposal to fix the state’s dwindling Transportation Trust Fund.
Senate President Steve Sweeney, D-Gloucester, and Assembly Speaker Vincent Prieto, D-Secaucus, each said they just have a few details to work out on a proposal to replenish the fund – which pays for improvements to the state’s roads and bridges – runs out of money by June 30. Neither offered details of their plan.
But the two Democrats sparred with their Republican counterparts before an audience of several dozen mayors over the timing of such legislation.
Sweeney and Prieto said first they want to hash out a deal with Governor Christie – something they said has not yet happened – rather that pass a measure that he will veto.
“I don’t think anybody is going to go for something knowing the governor is not going to sign it,” Sweeney said during a panel discussion during the New Jersey League of Municipalities’ annual Mayors’ Legislative Day.
URGENT – WINTER WEATHER MESSAGE
NATIONAL WEATHER SERVICE NEW YORK NY
341 AM EST FRI FEB 5 2016
…COASTAL LOW BRINGING SNOW TO REGION INTO THIS AFTERNOON…
…WINTER WEATHER ADVISORY REMAINS IN EFFECT UNTIL NOON EST
TODAY…
* LOCATIONS…NORTHEASTERN NEW JERSEY…THE LOWER HUDSON VALLEY…AND
NEW YORK CITY.
* HAZARD TYPES…MODERATE SNOW AND REDUCED VISIBILITIES.
* ACCUMULATIONS…SNOW ACCUMULATION OF 3 TO 5 INCHES.
* WINDS…NORTH 10 TO 20 MPH WITH GUSTS UP TO 30 MPH.
* VISIBILITIES…ONE QUARTER TO ONE HALF MILE AT TIMES.
* TEMPERATURES…IN THE MID 30S.
* TIMING…RAIN AND SNOW WILL CHANGE TO ALL SNOW BY DAYBREAK. SNOW
WILL CONTINUES INTO EARLY THIS AFTERNOON.
* IMPACTS…HAZARDOUS TRAVEL DUE TO SNOW AND REDUCED
VISIBILITIES.
PRECAUTIONARY/PREPAREDNESS ACTIONS…
A WINTER WEATHER ADVISORY MEANS THAT PERIODS OF SNOW WILL CAUSE
TRAVEL DIFFICULTIES. BE PREPARED FOR SLIPPERY ROADS AND LIMITED
VISIBILITIES…AND USE CAUTION WHILE DRIVING.
Ridgewood draws county financing support for downtown parking garage construction
FEBRUARY 4, 2016, 7:26 PM LAST UPDATED: THURSDAY, FEBRUARY 4, 2016, 9:15 PM
BY STEVE JANOSKI
STAFF WRITER |
THE RECORD
RIDGEWOOD — Plans to have county money fund construction of a municipal parking garage on Hudson Street took a step forward Thursday after the Bergen County Improvement Authority agreed to bond for the project.
The unanimous vote was taken after nearly two hours of commentary from village residents that, at times, mirrored those at recent Village Council meetings — business owners and local officials spoke in favor of the 325-car garage, while various residents concerned with its size, scope and aesthetics spoke against it.
But BCIA commissioners reiterated that the board provides financing, not judgment, on an individual project’s merits. That, they said, was best handled at the local level.
“We offer conduit financing,” Commissioner Philip Wilson said afterwards. “They need to go back and talk some more — but it doesn’t have to do with this board.”
The five-member BCIA now will apply to have the state Local Finance Board consider the project of about $11.9 million in cost and give an opinion on its finances. That hearing is set for March 9.
Meanwhile, the Village Council will vote next Wednesday on whether to adopt its agreement with the BCIA.
Discussions about building a parking garage in Ridgewood goes back decades. Local officials hope its construction will ease longstanding parking concerns in the village’s often-cramped downtown.
The BCIA’s action likely will be seen as a victory for Ridgewood Mayor Paul Aronsohn, who has moved the parking deck proposal forward despite vocal opposition from some residents. After Thursday’s meeting, Aronsohn said it was a “good moment for the village.”
FEBRUARY 3, 2016, 4:58 PM LAST UPDATED: THURSDAY, FEBRUARY 4, 2016, 7:57 AM
BY JOHN SEASLY
STAFF WRITER |
THE RECORD
Six young men have been arrested in connection with a string of armed robberies of gas stations and convenience stores throughout Bergen County, the acting county prosecutor announced on Wednesday.
The robberies happened between March 2014 and January. In one of the holdups, a gunman shot a gas station attendant with a 9-millimeter handgun and two other robberies involved “brutal assaults,” said Gurbir Grewal, the acting Bergen County prosecutor.
The prosecutor’s Special Investigations Squad began looking into the robberies in April 2014. Between March and June of that year, a pattern began to emerge as six Delta Gas Stations in five towns were targeted.
In each case, a gunman asked the gas station attendant for change for a $20 or a $50 bill, and as the attendant counted the change, the gunman pulled out a handgun and demanded the money, Grewal said.
On May 12, 2014 in Teaneck, an assailant pistol-whipped an attendant. On June 9 that year in Ridgefield Park, the gunman shot the attendant in the chest with a 9-millimeter handgun, then reached into his pocket and took the money, Grewal said. The attendant underwent surgery at Hackensack University Medical Center and survived.
In November 2015, in a joint investigation of two Lodi robberies by local police and the Special Investigations Squad, police identified David Thomas Jr., 21, of Lodi, as the gunman responsible for the Lodi robberies as well as those throughout Bergen County in 2014, Grewal said.
Paramus NJ, A high speed overnight police pursuit that began in Paramus ended when the fleeing driver crashed into a concrete divider on Route 17 northbound in Waldwick. The crash occurred just after 1 AM on Thursday, 02/04 near the on ramp to Route 17 northbound from East Prospect Street, Waldwick. Police officers from Waldwick, HoHoKus, and Ridgewood assisted Paramus officers at the scene.
At least one (1) individual was taken into custody. No police officers were injured in the chase. However, an ambulance was dispatched to the scene and it transported a crash victim, believed to have been the crashed vehicle’s driver, to the Bergen Regional Medical Center. A police officer was observed riding in the back of the ambulance with the victim. A flatbed tow truck removed the wrecked car from the roadway. Two (2) lanes of Route 17 northbound were shut while the investigation and debris clean up took place.
Eleven cities in New Jersey, and two counties, have a higher proportion of young children with dangerous lead levels than Flint, Mich., does, according to New Jersey and Michigan statistics cited by a community advocacy group. Ben Horowitz, NJ.comRead more
BCIA votes today at 1pm. If you have not already sent them an email, please send them an email. Our council members are so close to bond it within Ridgewood. We should keep the control of the garage and not bond it through BCIA.
This link can auto-populate an email form for you to edit and send. Don’t forget to sign your name in the email.
FEBRUARY 3, 2016, 9:11 AM LAST UPDATED: WEDNESDAY, FEBRUARY 3, 2016, 9:12 AM
BY ABBOTT KOLOFF AND STEFANIE DAZIO
STAFF WRITERS |
THE RECORD
A 25-year-old Somerset County woman who survived a jump off the George Washington Bridge Wednesday evening was rescued in the Hudson River by a Rutherford volunteer firefighter with his personal boat.
A witness saw the woman, whose name was not released, jump off the bridge around 5 p.m. Wednesday, Port Authority spokesman Joe Pentangelo said. Her car was found on Fort Washington Avenue in Manhattan.
She was conscious when she arrived at Mount Sinai St. Luke’s Hospital, Pentangelo said. The boat’s name is the Michael P. Murphy, he said.
Scott Koen, 58, said he happened to be on the river helping a volunteer group search for the body of a Rockland County man who recently jumped from the bridge when a member of his crew saw the woman fall into the river.
Koen said he jumped into the water to tie a rope around her so that she could be hauled aboard his boat, a 46-foot buoy tender. She had told him that she was unable to climb a ladder onto the boat.
Real estate agent and Soap Star Terri Peck seeks Freeholder bid as BCRO Extends Filing Deadline for Candidates
February 3,2016
staff of the Ridgewood blog
Hackensack Nj, Bergen County Republican Organization (BCRO) Chairman Bob Yudin has confirmed that the county organization has extended the filing deadline for candidates who wish to be considered by the county convention and run for Freeholder. The deadline normally, February 1 has been extended to midnight on March 1.The filing change will extend the deadline for all county open offices including freeholder, sheriff, county clerk and surrogate.
Yudin made the decision or some say was forced to make the decision to extend the deadline following a depressing few weeks for the County GOP. First there was last month’s high profile defection of Bergen County Sheriff Michael Saudino switching parties to pursue reelection as a Democrat and then Freeholder John Felice announced that he would not be pursuing reelection.
According to the BCRO, seven Republican candidates have registered to run for freeholder so far including incumbent Maura DeNicola. Other freeholder candidates include former freeholder John Driscoll, former congressional/assembly candidate Dierdre Paul, Closter councilman Robert DiDio and real estate agent and Soap Star Terri Peck.
The BCRO convention will be on March 15. and will select two out of the remaining six candidates to join DeNicola on the ballot for Felice’s seat and to challenge Democrat Tom Sullivan.
