January 31, 2015 |
Campbell Soup Co. has shuffled top executives and said it would "proceed on a reorganization of Campbell's corporate functions to deliver agile and effective support to the business divisions, and on a major project to reexamine and redesign the company's cost structure. " In its announcement Thursday, the Camden company, whose gross profit margin has steadily eroded in recent years, provided no specifics on targets for cutting costs. The reorganization, not the first in Campbell's recent history, reduced the company's divisions to three from four.
December 27, 2014 |
Like his fellow students at Conestoga High School in Tredyffrin Township, 14-year-old Warren Zhao was excited Tuesday to start a week and a half of vacation from school. But less than two hours after school let out, Zhao was combing through stacks of nonfiction books. He had volunteered to help the financially struggling Tredyffrin Public Library recover from flooding that hit the day after Thanksgiving. "I feel like it's my duty as a citizen of the community to help out as much as possible," said Zhao, who also volunteered on Sunday with fellow members of Boy Scout Troop Devon 50. "I came back because when I got here, I didn't think the flooding would be that bad. " Plumbing malfunctions caused part of the library to flood a month ago, destroying carpets and furniture, and damaging some shelves and drywall.
November 2, 2014 |
Ahead of a key hearing next week in the Trump Entertainment Resorts Inc. bankruptcy, unsecured creditors blasted the company's disclosure statement for its Chapter 11 reorganization plan as a "charade" that should not be approved by the judge. The company owns the Trump Taj Mahal and the closed Trump Plaza casino hotels in Atlantic City. The creditors said the plan is designed for the "sole purpose of preserving hundreds of million of dollars in tax attributes for the exclusive benefit of [Carl]
August 17, 2014 |
Philadelphia's largest and oldest bank plans to scrap what is left of its old depositor-owned, mutual-ownership scheme and sell shares now valued at more than $600 million to stock market investors. Beneficial Mutual Bancorp, the publicly traded company that owns Beneficial Bank and its 58 regional branches and $4 billion in loans and investments, announced late Thursday its plans to sell the 60 percent of its shares that are owned by its Beneficial Savings Bank Mutual Holding Company affiliate to the public.
May 14, 2014 |
Deer Meadows Retirement Community in Northeast Philadelphia, which filed for bankruptcy protection last month, is on track for a sale or reorganization that will allow it to keep operating, the nonprofit's chief executive, Lisa Sofia, said Monday. "The ultimate goal is for Deer Meadows to stay open, which it will," said Sofia, who assumed leadership of Deer Meadows in November 2011. That is when the continuing-care retirement community last made a bond payment. Deer Meadows, which has 491 residents and employs 369 workers, took on $28.38 million in bond debt in 1998 to build a new nursing home with space for 135 beds and then renovate the former nursing-home space into 78 personal-care units, bond offering documents said.
September 14, 2013 |
NEW YORK - A federal bankruptcy judge approved American Airlines' reorganization plan Thursday, including a merger with US Airways Group, conditional on the combination clearing an antitrust challenge by the Justice Department. Judge Sean H. Lane also struck down nearly $20 million in severance payments for Tom Horton, CEO of American's parent AMR Corp. Horton quickly agreed to the move. Lane said he found the arguments in favor of confirmation of American's plan to exit bankruptcy persuasive.
August 9, 2013 |
Independence Blue Cross plans to ask the Pennsylvania Insurance Department on Thursday for permission to reorganize its complicated corporate structure to allow the Philadelphia health insurer to adapt more quickly to changes in the market. "We're redesigning a 75-year-old structure that reflects our past, not our present or our future," said Daniel J. Hilferty, IBC's president and chief executive. "This redesign will give us a structure similar to our competitors and peers.
July 10, 2013 |
Waterloo Gardens is offering deep discounts as it prepares to close its last store, in Exton. The going-out-of-business sale at the 50-acre nursery and retail property follows last year's bankruptcy filing and the closing of the LeBoutillier family business's original Devon store. The bankruptcy followed Waterloo Gardens' ill-timed expansion to stores in Warminster and Wilmington in the late 2000s, just as the recession and the collapse of suburban housing development cut demand for landscaping services, flowers and ornamental trees, and new fountain systems, patio furniture, and other outdoor items.
January 11, 2013
The Chester County Board of Commissioners on Wednesday elected Ryan Costello as its chair and reelected Kathi Cozzone as vice chair. Commissioner Terence Farrell, chair last year on the three-member board, nominated both Costello and Cozzone. The votes were unanimous. Costello, a lawyer, was chairman of the Board of Supervisors in East Vincent Township from 2004 to 2007 and has been a county commissioner since 2011. Cozzone, an accountant who joined the Chester County Workforce Investment Board in 2012, has been a commissioner since 2008.