November 1, 1988 |
The World's Largest Store put the World's Tallest Building up for sale yesterday, in recognition of the fact that, in these days of mega-mergers, nobody in the world is too big to be taken over. Sears, Roebuck & Co. announced plans to sell its 110-story headquarters building as part of a restructuring plan designed to strengthen the retail colossus against the possibility of yet another mega-merger. With the restructuring, Sears hopes to raise enough cash to buy back up to 10 percent of its own stock, about $1.7 billion worth.
January 24, 1989 |
The mood outside the Sears, Roebuck's distribution center on the corner of Roosevelt Boulevard and Langdon Street was one of confusion - and expectation. Workers said their fears were confirmed yesterday during a noon meeting between employees and management. "There had just been too many changes over the past three years," said Laura Reynolds, who works in the center's retail department. The company announced that the responsibility of the center's catalog division is to be shifted to Greensboro, N.C., and Columbus, Ohio, as part of the restructuring of the Philadelphia facility.
October 20, 2011 |
With its business in Europe struggling, Philadelphia-based Checkpoint Systems Inc. announced plans to expand a restructuring program to cut expenses and jobs. The maker of antitheft tags and devices for retail chains said its latest restructuring would affect 1,000 existing employees, or 17 percent of its global workforce, compared with a similar effort launched in 2009 that eliminated 204 positions. It was unclear how many of those cuts may fall on its small Center City headquarters or at its Thorofare operations, where about 250 are engaged in research and development, accounting, human resources, and other functions.
December 13, 1989 |
Camden's business administrator has proposed creating a separate department of finance to manage the city's budget and to address state concerns regarding the city's finances. At yesterday's City Council caucus, Business Administrator Patrick J. Keating submitted an ordinance that would restructure his Department of Administration and Finance. The measure would create a joint position of director of finance and chief financial officer - a $52,001 yearly post - and a position of municipal finance officer, a $51,750-a-year job. Council will vote on the ordinance at its first reading tomorrow at 6 p.m. City sources said Mayor Randy Primas planned to appoint Fred Ebanau, an official on loan from the state, to the top finance post.
August 12, 1993 |
Westmoreland Coal, the faltering Philadelphia energy company, has laid off its chief financial officer and several other top managers in an effort to stem its continuing losses. The company announced Monday that it had hired Francis Boyle, the former chief financial officer of El Paso Natural Gas Co., to replace Larry Zalkin, the chief financial officer, and John P. Lamond, the treasurer. Rosanna Weitzel, the company spokeswoman, would say only that Zalkin and Lamond "left the company.
April 11, 1995 |
The whole world is being downsized. A survey of top corporate executives in the world's leading industrial nations shows that 94 percent of them have put their companies through some form of reorganization, or downsizing, in the last two years, and 66 percent predict the pace of change will continue or accelerate in the years ahead. Nearly 2,000 leaders of Fortune 500-size companies in Canada, France, Germany, Japan, Great Britain and the United States were interviewed by Watson Wyatt Worldwide, the international consulting firm.
October 16, 1987 |
The parent of PSFS yesterday reported a staggering record loss of $379.6 million for the third quarter, and said the company's work force will be slashed by 14 percent as part of a restructuring plan aimed at restoring profitability. The restructuring will shrink the size of the nation's largest savings bank from $19.6 billion to $18 billion. With the announcement, PSFS became the second Philadelphia bank this year to dramatically chop its work force. The other bank, Mellon, is eliminating 650 positions.
April 22, 1988 |
Meritor Financial Group, the financially troubled parent company of PSFS, reported a $456,000 net loss for the first quarter of 1988, despite restructuring efforts and significant one-time gains from the sales of investment securities and a mortgage-banking subsidiary. Without those gains, Meritor's quarterly results would have been far worse. The company posted a $17.6 million loss from operations for the quarter. Meritor attributed the operating results largely to $7.7 million set aside to cover potential loan losses and previously announced losses from Meritor's investment in 1985 in a now-defunct firm that specialized in mortgage loans.
July 6, 1992 |
Shortly, Philadelphians will have to choose sides. And this has nothing to do with the pros and cons of Charles Barkley or Herschel Walker. It will be whether or not to support city workers. During the bloody labor wars of the early 1930s, Florence Reece, a coal miner's wife held hostage in her cabin by company thugs, tore a calendar off the wall and penned the famous labor song, "Which Side Are You On?" She was asking pretty much the same question we're facing on this eve of the expiration of the contracts of city workers.
December 18, 2003 |
The players union got in the middle of the proposed Alex Rodriguez trade yesterday, forcing the Red Sox and Rangers to seek another way to complete the blockbuster deal they already had agreed on. Boston and Texas said they settled on all the players involved in the trade. The Red Sox and A-Rod agreed to restructure the shortstop's contract, Rangers owner Tom Hicks said. But in a rare move, the union intervened and rejected an agreement between Boston and Rodriguez to restructure the shortstop's record $252 million contract, changes that were needed before Texas could send the AL MVP to the Red Sox for outfielder Manny Ramirez.