JOHANNESBURG – Steinhoff International said yesterday that it had appointed Richard Heis as chief restructuring officer for the group as the troubled South African retailer wrestled with the fallout from an accounting scandal. Steinhoff, whose more than 40 brands include Britains Poundland, revealed accounting irregularities in December, causing an 85% fall in its share price…
BANGKOK — Japanese electronics maker NEC used to be a global chip power. It also used to be a major supplier of personal computers and cellphones to Japanese companies and consumers. But its heyday was decades ago. In late January, the company announced it was paring 3,000 jobs as part of a midterm business plan.…
(Reuters) – U.S. industrial conglomerate General Electric (GE.N) has reached a deal to sell parts of its overseas lighting business to a company controlled by former executive Joerg Bauer for an undisclosed amount. Bauer most recently served as President of GE Hungary where GE Lightings Europe, Middle East, Africa and Turkey business is headquartered, the…
Video PlayerClose BEIJING, Feb. 15 (Xinhua) — China will continue to prioritize job creation when seeking economic transformation toward high-quality development in 2018, according to an official with the National Development and Reform Commission. Job pressure remains strong this year as some 8.2 million college graduates are expected to enter the job market while 9.7…
(RTTNews) – TreeHouse Foods, Inc. (THS) outlined its TreeHouse 2020, the company’s restructuring program, for the calendar year 2018: the partial closure of Dothan, Alabama expected in the second quarter of 2018; the final phase of closure of the Battle Creek, Michigan facility announced on January 31, 2018; the closure of the Visalia, California facility…
WA streetwear retail chain Live Clothings stores will be closed over the next month with the loss of about 90 jobs following failed efforts to save the business. However, the insolvency experts managing the failed 24-year-old business have emphasised they are still open to offers for all or parts of Live from interested parties. Live…
(BusinessDesk) – Carpet maker Cavalier Corp [NZX:CAV] reported an improved first-half net profit on better margins, after restructuring the business to reduce costs and introduce a more efficient manufacturing system. Net profit rose to $1 million, or 1.5 cents per share, in the six months ended Dec. 31, from $31,000 in the prior period. Revenue fell to $75.3 million from…
John McGrath, the salesman who founded the first ASX-listed real estate agency, will tomorrow take back control of the company bearing his name, hoping to reverse a slide in revenue and profits. Revenue at ASX-listed real estate agency McGrath fell 23% to $51.6 million for the half year to December. The company posted a lost…
Walmart is cutting some department manager positions at lower volume stores. Many of the workers impacted by the cuts will be placed in other jobs at Walmart, including other management positions, Walmart said Walmart said last month it was removing 3,500 salaried co-managers and adding 1,700 lower-paid assistant store managers. Walmart also announced in January…
Gregory Meyer in New York February 14, 2018 Bunge has revealed an exceptionally weak finish to 2017, with results that will intensify questions over the future of the 200-year-old global agricultural trading house as an independent company. It buys crops from farmers for processing into ingredients and feeds, or for bulk shipment to customers around…