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Restructuring

BUSINESS
October 20, 2011 | By Mike Armstrong, Inquirer Staff Writer
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.
BUSINESS
July 27, 2011 | By David Sell, Inquirer Staff Writer
GlaxoSmithKline chief executive officer Andrew Witty said Tuesday that the pharmaceutical industry would contract in coming years and that the survivors would be the companies that solved the "equation" of how to squeeze the most profit from every pound or dollar spent on research and development. Financial markets are the driver of the change. "The market is signaling that it wants less - in total - spent on R&D, so the total amount of R&D will come down," Witty said from the London Stock Exchange during a conference call with reporters after the release of second-quarter earnings.
SPORTS
July 5, 2011
The Flyers will apparently have to restructure the five-year, $9 million contract they gave to free-agent forward Max Talbot on Friday. According to TSN, the Flyers violated the Collective Bargaining Agreement by reducing Talbot's salary by more than 50 percent between the third and fourth years - from $2.25 million to $1 million. Barry Hanrahan, the Flyers' assistant general manager, downplayed the matter and said no fine was forthcoming. "We haven't heard from the league," he said in a text message on Monday.
NEWS
May 24, 2011 | By Mark Fazlollah and Jennifer Lin, Inquirer Staff Writers
Philadelphia Housing Authority chief Michael P. Kelly says he expects to quickly enact a "fundamental restructuring" of the agency's nonprofit tenant organization to restore public confidence after allegations of misused funds. The organization - Tenant Support Services Inc. - is led by Asia Coney, who earns $108,000 a year, while living in public housing. Kelly said PHA would decide by June 30 whether to renew its $1.4 million contract with the tenant group for the third and final year.
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.
NEWS
January 26, 2011 | By Kristen A. Graham and Jeff Gammage, Inquirer Staff Writers
The Philadelphia School District will radically restructure 18 chronically failing schools in September, with changes in how each runs and who works there. Ten schools will be operated by the district, receiving a cash injection of at least $1 million each. An additional eight will be given to charter organizations. Most of the schools will see a change in principal and at least half of its teaching force, with all staffers forced to reapply for their jobs. School days and years will be longer.
NEWS
October 1, 2010 | By Miriam Hill, Inquirer Staff Writer
A major effort to overhaul the city tax code took a small step forward Thursday as City Council members Bill Green and Maria Quiñones Sánchez introduced a bill to restructure business taxes. Their proposal is expected to encounter vigorous debate, as Philadelphia's business community has yet to weigh in on whether it supports the bill. Green and Quiñones Sánchez say their bill would encourage more businesses to locate in Philadelphia. Their legislation would phase out the net-income portion of the business-privilege tax over five years from its current level of 6.45 percent.
NEWS
August 28, 2010 | By Jeff Shields, Inquirer Staff Writer
A shake-up in the Philadelphia Housing Authority's governing board could be in the works, as Mayor Nutter and City Controller Alan Butkovitz contemplate changes to seats held by current commissioners. In recent days, Nutter and Butkovitz have praised two of their respective board appointees - City Councilwoman Jannie L. Blackwell and regional AFL-CIO president Patrick J. Eiding - but in interviews, neither would commit to keeping them on the five-member board. The board has been assailed recently from all quarters for failing to detect settlements of sexual-harassment lawsuits against PHA Executive Director Carl R. Greene, now approaching $900,000, which board members have said they knew nothing about.
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.
NEWS
March 24, 2010 | By Dan Hardy INQUIRER STAFF WRITER
A proposed revision of the federal government's flagship effort to improve schools would ease the burden most of them face in trying to pass annual benchmark tests, compared with the current No Child Left Behind law. But the Obama administration's plan would impose stiff sanctions on a relatively small number of persistently low-achieving schools. Such schools, including some in Philadelphia, would be restructured. The Elementary and Secondary Education Act overhaul "blueprint," released earlier this month, has yet to be introduced as legislation; many details have not been completed.
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