Hope you didn't make the big mistake of taking Michael Bloomberg's investment advice yesterday! The mayor singled out three companies, telling reporters that General Electric, Macy's and Saks were all "irreplaceable brands" and were undervalued in the current market. But with the exception of GE, which is about where…

Macy's announced plans earlier this week to lay off 7,000 workers as well as cut back on employees' retirement benefits. Last month, the struggling retail chain said it would shutter 11 of its 850 stores in the U.S. But the cutbacks don't appear to be impinging on company chief Terry Lundgren's jet-set lifestyle.…

• Fashion Week will move from Bryant Park to Lincoln Center beginning next year. [NYT]
• Former frenemies Rachel Zoe and Nicole Richie kissed and made up at a party in LA last week. The hugfest went down in front of a cameraman filming footage for Zoe's reality show, though, so a bit of skepticism may be in order. […

• Can Michelle Obama single-handedly save America's fashion industry? Here's hoping! [NYT]
• Following the horrific holiday season, Macy's says it plans to close 11 stores in nine states. [AP]
• Communist chic is in. And just in time for the collapse of the capitalist system, too! [NYT]
• William Rast, the brand…

So yes, today is Black Friday, the day when big stores roll out big, one-day-only bargains in the hopes of setting a high sales bar for the all-important Holiday Season (Christmas! And, to a much lesser extent, Chanukkah!) Good savings are especially urgent this year, with the economy in the crapper and everyone…

Rolling Stone, America's most frustrating magazine (yay, Matt Taibbi; boo, excruciating music coverage) has been having some trouble selling ads lately. So to help revitalize its "iconic and revolutionary brand," the magazine has slapped some of its classic covers on t-shirts. They're for sale at Macy's for $36…

Macy's is closing nine stores in six Midwestern states, the department store giant said today. Don't worry, the legendary flagship Manhattan store and the crowds it draws will continue to plague every New Yorker trying to traverse Herald Square during the holidays. Or rush hour. Or lunchtime. Or in the rain. Or when…

Eavesdropping on the gays is the surest way to find out what products and people are hot and what are not. This summer, Rod Townsend will record the gays in and around their natural environment of Fire Island and report back. All dialogue 100% verbatim.

The other day, we learned that "flashing and groping have long been problems in New York." You don't say! Of the 556 arrests for public lewdness in 2006, there were 29 made on the subway as part of a sting operation called Operation Exposure. (Hee!) But perhaps cops should consider expanding it to the city's mid-range…