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Restructuring

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BUSINESS
November 2, 1995 | By Susan Warner, INQUIRER STAFF WRITER
Foamex International Inc., the Linwood, Delaware County, manufacturer of foam for industry and consumers, yesterday said it had launched a restructuring and hired an investment banker to evaluate whether to sell businesses and how to reduce debt. The company said it would close 10 of its 56 plants in 1996, four by the first quarter. It did not say how many employees would be affected or what plants would close. Foamex said it would consider the sale of its automotive-carpet, trim and textiles businesses and its home-comfort-products subsidiary.
BUSINESS
October 6, 1992 | By Julia C. Martinez, INQUIRER STAFF WRITER
Westmoreland Coal Co. announced yesterday that it would restructure its Virginia mining operations and cut an unspecified number of workers there because of continuing heavy financial losses. The Philadelphia coal producer also said it hoped to cut overall mining costs and develop new, lower-cost mines. The Virginia coal division has had huge losses in recent years. Through August, the division lost about $4.5 million. In 1991, the division lost $12 million. Westmoreland has attributed the losses to geological and equipment problems that have reduced output at the Holton and Bullitt mines.
BUSINESS
March 31, 1998 | by Paul Davies, Daily News Staff Writer
Peco Energy employees will learn the full details today of a major restructuring plan that is expected to result in cost savings - and hundreds of layoffs. The restructuring plan is part of a six-month review conducted by the company in an attempt to become more competitive now that deregulation is ending Peco's electric service monopoly. The plan targets Peco's local distribution company - the regulated part of the business that includes electric lines, poles and meters. About half of Peco's 7,200 employees work for the local distribution company.
BUSINESS
January 30, 1990 | By Andrea Knox, Inquirer Staff Writer
After Six Inc., the Philadelphia formal-wear maker, has completed a financial restructuring plan and brought in a new chief executive as it attempts to recover from the damage of an expensive management buyout. "I'm very excited that we have been able to restructure and go forward," president and chairman Robert C. Rudofker said yesterday. The company declined to give details of its restructuring, other than to say that it had obtained a $30 million line of credit from the CIT Group/ Business Credit Inc. in New York.
NEWS
April 3, 1994 | By Wendy Greenberg, INQUIRER CORRESPONDENT
The questions have been asked time and time again: How long should the school day be? What can be done about violence in schools? How should a school's curriculum change with the times? Of what value is testing? Now some answers may be forthcoming in a report on school restructuring to be developed by eight principals from across the United States, including David S. Hottenstein, principal of Hatboro-Horsham High School. The national commission will work with Ernest Boyer, president of the Carnegie Foundation for the Advancement of Teaching, in conjunction with the National Association of Secondary School Principals.
NEWS
April 24, 2012 | BY KRISTEN A. GRAHAM, Inquirer Staff Writer
T HE Philadelphia School District will massively restructure itself in the coming months, fundamentally altering the way it is organized and run - and possibly closing 40 low-performing, underused schools next year as it shifts many more students to charter schools. The district faces a $218 million shortfall for the coming school year, more than previously stated and subject to rise if Mayor Nutter's proposed city tax plan does not materialize. Pressing academic and safety problems, "and the fact that, financially, we cannot continue in the present form of organization and operations that we have right now," require the district to change its basic structure, Chief Recovery Officer Thomas Knudsen said Monday.
BUSINESS
April 14, 2011 | By Elena Becatoros, Associated Press
ATHENS, Greece - Greece's finance minister on Wednesday ruled out any restructuring of his country's crippling debt burden but warned that even more budget cutbacks were needed to achieve EU targets. Greece avoided bankruptcy last year with a $160 billion rescue package from its European partners and the International Monetary Fund. In return, the government slashed pensions and civil service salaries while hiking taxes and retirement ages. Many analysts believe Greece will eventually have to restructure its debt, regardless of whether it implements all the reforms it promised.
BUSINESS
July 20, 1994 | By Susan Warner, INQUIRER STAFF WRITER
Scott Paper Co. yesterday reported improved earnings that the company said were early results of its latest corporate restructuring, which is to be completed by the end of this year. Albert J. Dunlap, Scott's new chairman, said earnings were up in the company's core tissue businesses, outweighing lower sales and prices in Europe and lower earnings of S.D. Warren, Scott's printing and publishing papers subsidiary. "I am encouraged by the increase in our earnings this quarter because my primary focus has been on my four-part program for Scott, rather than near- term earnings," Dunlap said.
BUSINESS
October 19, 1994 | By Susan Warner, INQUIRER STAFF WRITER
Last year's major restructuring at SPS Technologies and new strength in the automotive industry have brought a second quarter of sales and earnings growth for the Jenkintown industrial-fastener company. Last year, the company reduced its headquarters staff from 167 to 26, fired 200 nondirect employees and sold off its corporate jet. In the process, SPS took $32.4 million in restructuring charges. The company expects to complete the sale of its 155-acre former headquarters in Newtown Township, Bucks County to Holy Family College in December.
NEWS
June 18, 2010
The Crossroads School, a private school in Paoli for students with learning disabilities, will not operate during the 2010-11 academic year due to declining enrollment and economic concerns, officials said Tuesday. Valley Forge Educational Services, a nonprofit that operates Crossroads, said it plans to restructure the school and resume operations for 2011-12. The school, which has operated for 32 years, educates children between the ages of 4 and 15. Sixty-six students were enrolled in the last academic year.
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NEWS
January 26, 2016 | By DAVID O'REILLY, Staff Writer
THE ARCHDIOCESE of Philadelphia announced Sunday that it will consolidate four Port Richmond parishes over the next 18 months. In June, Our Lady Help of Christians parish, at Allegheny Avenue and Gaul Street, will merge into Nativity of the Blessed Virgin Mary parish at Allegheny Avenue and Belgrade Street. By June of 2017, Nativity will enter into a partnership with Mother of Divine Grace parish, at East Thompson and East Monmouth Street, and St. George parish at 2700 E. Venango Ave. Under the partnership arrangement, each parish will remain open but all will be served by one pastor, one staff, and one pastoral council.
BUSINESS
November 12, 2015 | By Andrew Maykuth, Inquirer Staff Writer
The interim chief executive of embattled Radnor oil producer Penn Virginia Corp. told investment analysts Tuesday that the company has suspended a search for a new CEO until it completes restructuring the company. "We just felt there was too much noise going on trying to bring somebody in now," said Edward B. Cloues, the chairman of Penn Virginia, who stepped in after chief executive H. Baird Whitehead announced his retirement Oct. 26. Cloues described the company's leaders as energized and optimistic.
BUSINESS
September 8, 2015 | By Harold Brubaker, Inquirer Staff Writer
A group of Philadelphia civic and business leaders on Labor Day released a report projecting 79,000 new jobs in the city over the next decade if politicians agree to a major revamp of the city's tax structure. The study, commissioned by the Philadelphia Growth Coalition, is the latest volley in an effort to build support for a change to the Pennsylvania Constitution that would allow the city to tax commercial real estate at a higher rate than residential property. The current tax rate of 1.4 percent applies to all real estate.
SPORTS
March 20, 2015 | By Jeff McLane, Inquirer Staff Writer
The Eagles and Connor Barwin agreed to restructure the remaining four years of his contract, an NFL source said. While the particulars of the restructuring were not immediately known, Barwin's $7 million salary-cap number for 2015 was not lowered. The Eagles guaranteed all of Barwin's 2015 salary ($6.4 million) and $3 million of his 2016 salary ($6 million), the source said. "I'm not going anywhere!" Barwin said on Twitter. The outside linebacker is slated to earn $7 million in 2017 and $8.5 million in 2018.
NEWS
January 19, 2015 | By Susan Snyder, Angela Couloumbis, and Jonathan Tamari, Inquirer Staff Writers
After two years of criticism, and facing a trial that could have shone a spotlight on its internal deliberations, the NCAA on Friday agreed to restructure the sanctions on Pennsylvania State University and restore the 111 victories it stripped from Joe Paterno's record after the Jerry Sandusky child sex-abuse scandal. The deal, approved in separate meetings by Penn State trustees and the NCAA board of governors, keeps the $60 million fine intact, but allows the university and state to spend it on child protection services in Pennsylvania.
BUSINESS
December 5, 2014 | By David Sell, Inquirer Staff Writer
The drugmaker GlaxoSmithKline said Wednesday that it would cut hundreds of jobs in the United States, with the Philadelphia region gaining and losing positions, as it begins a three-year process of eliminating $1.57 billion in annual expenses. London-based GSK will significantly reduce its research and development operation in North Carolina's Research Triangle Park, moving some of those positions and people to facilities in Upper Merion and Upper Providence, Montgomery County. However, some Philadelphia-area employees in commercial divisions will be laid off, with departures starting early in 2015.
NEWS
September 26, 2014 | By Chris Hepp, Inquirer Staff Writer
City Council President Darrell L. Clarke says he will lay out a proposal Thursday to radically restructure how the city manages planning, development and construction in Philadelphia. His proposal calls for a City Charter amendment to create a cabinet-level Department of Planning and Development that would oversee and coordinate functions now handled by seven unrelated agencies, boards and commissions, including the Planning Commission, the Historical Commission, the Department of Licenses and Inspections, and the Housing Authority.
BUSINESS
August 30, 2014 | By Linda Loyd, Inquirer Staff Writer
Bad times keep coming for Malaysia Airlines, the majority-government-owned carrier that lost airplanes in two tragedies this year. With a heavy financial hit expected in the second half of the year, the airline said Thursday that it lost $95 million in the second quarter, ended June 30, compared with a loss of $58 million in the same period last year. After the mysterious disappearance of Flight 370 in March with 239 passengers and crew members on board, the carrier's revenues decreased by 5 percent, to $1.1 billion.
NEWS
January 18, 2014 | By Jessica Parks, Inquirer Staff Writer
ELKINS PARK The Creekside Co-Op in Elkins Park has eliminated employee health insurance and outsourced its payroll, sparking some consternation among employees of the struggling community-owned grocery. Some employees said morale dropped in mid-December when they were told they would have to find their own health insurance, and were ordered to fill out "new hire" paperwork that included a detailed medical history and waivers for random drug tests. Jeff Rotter, president of the co-op board, said the moves were necessary because, a year after opening, the store still isn't profitable, and costs for worker compensation and employee health insurance were going to rise significantly.
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