Citing changes in the way consumers shop, department store giant Macy’s announced Thursday that it plans to shut 14 stores in an effort to increase its focus in online shopping. [More]
With the future uncertain, or at the very least, pretty different from normal, for Chrysler and GM, does it make sense to buy a car from one of these companies? How doe s the restructuring affect you as a potential new car owner? Consumer Reports Online Auto Crisis Center has the answers to six questions every Chrysler and GM car owner will want to know before signing on the line which is dotted.
Mark Calisi, 47, who owns Eagle Auto-Mall in Riverhead, New York, says he was “devastated” to learn that his dealership would be closed. He said Chrysler accounts for a third of his business, which also sells Volvo, Mazda and Kia, and that on Thursday he had to sack 30 of his 100 employees.
You Starbucks haters out there can rejoice, because the company just posted its first quarterly loss EVAR “of $6.7 million, or 1 cent per share, compared with a year-earlier net profit of $158.3 million, or 21 cents per share.” Store closures and restructuring are to blame, as well as the fact that nobody can afford anything anymore. [Reuters]
Wilson’s Leather is closing half of their stores and firing 1,000 people. [Wall Street Journal]
Militia-funding banana company Chiquita has announced a big restructuring plan that will eliminate 160 management jobs, including 21% of the top three tiers of management, for a savings of $60-80 million dollars in 2008. The company says it will use the savings to pay down debt. It doesn’t mention, however, that last month it was fined $25 million for financially supporting both left- and right-wing paramilitary groups in Colombia from 1997 to 2004.