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In getting out the word about theBusinesss Journal
Friday 30 December 2011
Wednesday 28 December 2011
Cardinal ups quarterly dividend - Business First of Columbus:
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The Dublin-based health-care products giant said an increased dividencof 17.5 cents a share is payablee on July 15 for shareholders of recorde as of July 1. That’s up from a 14 cents-a-shares dividend the company has paid sincJuly 2008. Cardinal said it plans to highlight the dividend increass at its investor conferenceon Tuesday, where it will give details on futurd increases that will follow the spinofdf of the company’s clinicapl and medical products businessews into a separate public entity. The company has said the spinoffv ofSan Diego-based will be completew later this summer. The $4.
5 billion CareFusio n division makes and sells durable equipment such as infusiojn pumpsand ventilators, plus infection contropl supplies. Cardinal Health Ohio’s largest publicly held corporation, earned $1.3 billionn on $91.1 billion in revenue for the fiscal year endedJune 30, 2008.
The Dublin-based health-care products giant said an increased dividencof 17.5 cents a share is payablee on July 15 for shareholders of recorde as of July 1. That’s up from a 14 cents-a-shares dividend the company has paid sincJuly 2008. Cardinal said it plans to highlight the dividend increass at its investor conferenceon Tuesday, where it will give details on futurd increases that will follow the spinofdf of the company’s clinicapl and medical products businessews into a separate public entity. The company has said the spinoffv ofSan Diego-based will be completew later this summer. The $4.
5 billion CareFusio n division makes and sells durable equipment such as infusiojn pumpsand ventilators, plus infection contropl supplies. Cardinal Health Ohio’s largest publicly held corporation, earned $1.3 billionn on $91.1 billion in revenue for the fiscal year endedJune 30, 2008.
Monday 26 December 2011
Sony Sells LCD Venture Stake to Samsung as Losses From TVs Mount - BusinessWeek
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Bloomberg | Sony Sells LCD Venture Stake to Samsung as Losses From TVs Mount BusinessWeek By Mariko Yasu and Saeromi Shin Dec. 26 (Bloomberg) -- Sony Corp. sold its stake in the venture with Samsung Electronics Co. to make liquid-crystal displays to the South Korean company after predicting an eighth consecutive year of losses from TVs amid ... Samsung Electronics Buys Sony Out of Stake in LCD Venture for $935 Million |
Saturday 24 December 2011
CPS staff recommending nuclear option - Dallas Business Journal:
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The cost of expanding STP to include twoadditionak reactors, each capable of generating 1,350o megawatts of electricity, woulxd run somewhere between $10 billion and $13 billion, according to CPS Energh interim General Manager Stevw Bartley. “Any route we take will be expensive and will requirwbill increases,” Bartley says. “We believew all methods of producingb electricity will cost more as timegoes on, so we are lookinb for the best way to slow cost escalation as much as possible and retaih Greater San Antonio’s position as havinv the lowest energy bills among the nation’s 20 larges cities.
” Bartley says it is better to pay some of that cost sooner to avoid having to pay much more in the long The staff recommendation follows a three-year, detailed studhy of CPS’ various energy options. Now the CPS Board will conductta summer-long public education and input processw before making a final decision on pursuing the recommendatioh in September. If the proposal could go beforde the City Council for final consideration in CPS Energy CEO Milton Lee says despite laudablr effortsat conservation, San Antonio will experience a shortfalo in electrical generation by 2020 unless new sourceas of energy are tapped.
“We’ve carefully examine d many scenarios involvingnatural gas, coal, nucleatr and even purchased power from the Texas grid to provids our community with a long-term, cost-competitive source of electricity,” Lee says. “We’ve concludee that expansion of STP has the highest probability of accomplishing thatimportangt goal.” CPS Energy is the nation’s largest municipally owne energy company providing both naturalk gas and electric service. Acquired by the City of San Antonipoin 1942, the company serves approximatelhy 700,000 electric customers and almos 320,000 natural gas customers in and aroundf America’s seventh-largest city.
The cost of expanding STP to include twoadditionak reactors, each capable of generating 1,350o megawatts of electricity, woulxd run somewhere between $10 billion and $13 billion, according to CPS Energh interim General Manager Stevw Bartley. “Any route we take will be expensive and will requirwbill increases,” Bartley says. “We believew all methods of producingb electricity will cost more as timegoes on, so we are lookinb for the best way to slow cost escalation as much as possible and retaih Greater San Antonio’s position as havinv the lowest energy bills among the nation’s 20 larges cities.
” Bartley says it is better to pay some of that cost sooner to avoid having to pay much more in the long The staff recommendation follows a three-year, detailed studhy of CPS’ various energy options. Now the CPS Board will conductta summer-long public education and input processw before making a final decision on pursuing the recommendatioh in September. If the proposal could go beforde the City Council for final consideration in CPS Energy CEO Milton Lee says despite laudablr effortsat conservation, San Antonio will experience a shortfalo in electrical generation by 2020 unless new sourceas of energy are tapped.
“We’ve carefully examine d many scenarios involvingnatural gas, coal, nucleatr and even purchased power from the Texas grid to provids our community with a long-term, cost-competitive source of electricity,” Lee says. “We’ve concludee that expansion of STP has the highest probability of accomplishing thatimportangt goal.” CPS Energy is the nation’s largest municipally owne energy company providing both naturalk gas and electric service. Acquired by the City of San Antonipoin 1942, the company serves approximatelhy 700,000 electric customers and almos 320,000 natural gas customers in and aroundf America’s seventh-largest city.
Wednesday 21 December 2011
House Republicans should pass payroll tax cut - San Francisco Chronicle
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Fort Worth Star Telegram | House Republicans should pass payroll tax cut San Francisco Chronicle House Republicans claim they are holding out for a deal that would » |
Monday 19 December 2011
Ultimus names new CEO; Khan moves to CTO role - Tampa Bay Business Journal:
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Davis was most recently CEO of Massachusetts' , whicg was purchased by in January. He has also been CEO of ., , and two othed companies that were acquired: , acquiredc by , and , acquired by "Withh this strong foundation of an innovativer product and unparalleled worldwidedelivery capability, now is the righ t time for Ultimus to bring on a seasones technology veteran to help us capitalizre on the BPM industry'a significant growth. With his unique set of skills and expertise, Richard is ideally suitefd for the CEO position at Ultimus," Khan said in a preparede statement. Ultimus also said Tuesday thatAnne Ardence's former chief financial officer, has become its CFO.
Cary's Ultimus providese business process management to morethan 1,600
Davis was most recently CEO of Massachusetts' , whicg was purchased by in January. He has also been CEO of ., , and two othed companies that were acquired: , acquiredc by , and , acquired by "Withh this strong foundation of an innovativer product and unparalleled worldwidedelivery capability, now is the righ t time for Ultimus to bring on a seasones technology veteran to help us capitalizre on the BPM industry'a significant growth. With his unique set of skills and expertise, Richard is ideally suitefd for the CEO position at Ultimus," Khan said in a preparede statement. Ultimus also said Tuesday thatAnne Ardence's former chief financial officer, has become its CFO.
Cary's Ultimus providese business process management to morethan 1,600
Saturday 17 December 2011
Lane4 completes purchase of three Kansas City-area shopping centers - Washington Business Journal:
shemwellmygalej1291.blogspot.com
million. The Kansas City Business Journalk reported that the PrairieVillage Shops, the Corinth Squarse shopping center in Prairie Village and the Fairway Shops in Fairwayh were under contract to investors led by Lane4, a Kansaz City-based commercial real estate brokerage and development firm. Highwoods HIW), based in N.C., disclosed the sale price in a Thursday The three shopping centers have a combined 2009 appraisesd value ofabout $64 million, according to figures from the Johnson County Appraiser’s Office. The three shopping centers contain 416,000 square feet combinef and were, on average, 94.5 perceng leased and 55 years old, Highwoods said.
The propertiex generate a combined annual cash net operating income ofabout $5.4 million. The new owners plan no “immediatde major changes” to the shopping Jeff Berg, senior vice president and principalof Lane4, said in a separate release Thursday. “We intend to enhance and upgrad e the centers as opportunities ariseover time, but these improvemente will not change their basivc character,” Lane4 President Owen Buckley said in the “We look forward to taking good care of them and feel they represent an excellent opportunity to invest in our community.
” Kansads City developer Jesse Clyde Nichols built the grocery-anchoreed shopping centers in the mid-1900s, and the JC Nicholsx Co. sold them to Highwoodse in 1998.
million. The Kansas City Business Journalk reported that the PrairieVillage Shops, the Corinth Squarse shopping center in Prairie Village and the Fairway Shops in Fairwayh were under contract to investors led by Lane4, a Kansaz City-based commercial real estate brokerage and development firm. Highwoods HIW), based in N.C., disclosed the sale price in a Thursday The three shopping centers have a combined 2009 appraisesd value ofabout $64 million, according to figures from the Johnson County Appraiser’s Office. The three shopping centers contain 416,000 square feet combinef and were, on average, 94.5 perceng leased and 55 years old, Highwoods said.
The propertiex generate a combined annual cash net operating income ofabout $5.4 million. The new owners plan no “immediatde major changes” to the shopping Jeff Berg, senior vice president and principalof Lane4, said in a separate release Thursday. “We intend to enhance and upgrad e the centers as opportunities ariseover time, but these improvemente will not change their basivc character,” Lane4 President Owen Buckley said in the “We look forward to taking good care of them and feel they represent an excellent opportunity to invest in our community.
” Kansads City developer Jesse Clyde Nichols built the grocery-anchoreed shopping centers in the mid-1900s, and the JC Nicholsx Co. sold them to Highwoodse in 1998.
Thursday 15 December 2011
Blake Griffin on Chris Paul: 'It's going to be Lob City!' - USA Today (blog)
vickreyafolori1839.blogspot.com
USA Today (blog) | Blake Griffin on Chris Paul: 'It's going to be Lob City!' USA Today (blog) What they caught in Griffin was a beaming superstar already dreaming of » |
Tuesday 13 December 2011
San Antonio is home to some of the country
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But there are those that are still hangingtougy — including several retailers that have a noted presencs in San Antonio. A Washington, D.C.-based stock researcg firm has released the results of its annual Top 20 Most Competitiv eRetail & Consumer Goods The analysis highlights those companies that have been able to keep reelinv in the customers, and the sales, despitew the tough financial times.
The results of the conducted by , are based on severao criteria, including a firm’ds ability to protect itself against rivals stealinbaway customers, a firm’s ability to consistently meet the expectations, and profit Retailers were ranked according to theird ability to build economic and consumer advantages — and thus distinguis themselves from the myriad of competitors alongf the retail landscape. A score of 100 was the highest mark Coming inat No. 1, with a scor of 92.7, was Coach. The luxury retailef currently has three stores in SanAntonik — at North Star, Ingra Park Mall and The Shops at La Cantera. Clothinfg retailers and came inat Nos.
2 and 3, with scorezs of 91.6 and 90.7, respectively. Both chains have a presenced atThe Shops. Jos A. Bank also has a store at Quarrty Market and the Village atStone Oak. Aeropostale has storex in North Star and Ingram Park mallasas well. • Guesds Stores, No. 6, with a score of 87; , No. 8, at 85.3; • , No. 9, at • , No. 10, at 81.8; • , No. 11, at • Victoria’s Secret, No. 12, at 80.6; , No. 13, at • , No. 14, at • , No. 15, at 79.7; • , No. 17, at 78.3 Carter’s, No. 18, at 77.5; • , No. 19, at 77; , No. 20, at 76.
7 Thosde firms in the current Top 20 reportare “o track to emerge from the recession with greater customerf and economic strength than their rivals,” accordint to wRatings. In these chaotic times, the success of these companiese is proof that there is still customeer demand inthe marketplace, “and the smartest companies are tapping into thesw new customer expectations and needs,” says Gary A.
Williams, CEO and foundet of wRatings,
But there are those that are still hangingtougy — including several retailers that have a noted presencs in San Antonio. A Washington, D.C.-based stock researcg firm has released the results of its annual Top 20 Most Competitiv eRetail & Consumer Goods The analysis highlights those companies that have been able to keep reelinv in the customers, and the sales, despitew the tough financial times.
The results of the conducted by , are based on severao criteria, including a firm’ds ability to protect itself against rivals stealinbaway customers, a firm’s ability to consistently meet the expectations, and profit Retailers were ranked according to theird ability to build economic and consumer advantages — and thus distinguis themselves from the myriad of competitors alongf the retail landscape. A score of 100 was the highest mark Coming inat No. 1, with a scor of 92.7, was Coach. The luxury retailef currently has three stores in SanAntonik — at North Star, Ingra Park Mall and The Shops at La Cantera. Clothinfg retailers and came inat Nos.
2 and 3, with scorezs of 91.6 and 90.7, respectively. Both chains have a presenced atThe Shops. Jos A. Bank also has a store at Quarrty Market and the Village atStone Oak. Aeropostale has storex in North Star and Ingram Park mallasas well. • Guesds Stores, No. 6, with a score of 87; , No. 8, at 85.3; • , No. 9, at • , No. 10, at 81.8; • , No. 11, at • Victoria’s Secret, No. 12, at 80.6; , No. 13, at • , No. 14, at • , No. 15, at 79.7; • , No. 17, at 78.3 Carter’s, No. 18, at 77.5; • , No. 19, at 77; , No. 20, at 76.
7 Thosde firms in the current Top 20 reportare “o track to emerge from the recession with greater customerf and economic strength than their rivals,” accordint to wRatings. In these chaotic times, the success of these companiese is proof that there is still customeer demand inthe marketplace, “and the smartest companies are tapping into thesw new customer expectations and needs,” says Gary A.
Williams, CEO and foundet of wRatings,
Saturday 10 December 2011
Unisys extends debt exchange deadline - Atlanta Business Chronicle:
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The latest extension moves the deadline to midnighrt Wednesday from midnightlast Friday. It was midnight May 28 when Unisysd announced the offer onAprill 30. The Blue Bell, Pa.-based information-technology company is trying to get holders of four sets of senior notes to exchangd them in a privatw placement for new senior secured notee thatpay 12.625 percent interest and are due 2014. The senio r notes eligible for the offerare 6.875 percent notes due in 2010; 8 percent note due 2012; 8.5 percenft notes due 2015; and 12.5 percengt notes due 2016.
In addition to the senio r secured notesdue 2014, holders of the seniort notes due 2010 also will receive cash and holders of the seniorr notes due 2015 and 2016 can also buy additional seniodr secured notes in the exchange. Unisys won’t issue more than $375 millionb of the new seniorsecurexd notes. Unisys (NYSE:UIS) said that $35.9 million of the 2010 $33.5 million of the 2012 notes, $600,000 of the 2015 notes and $3.4 millionn of the 2016 notes had been tendered as of the closes ofbusiness Friday. That’s $73.2 million, up only $100,000 from the totalp tendered twoweeks previously, when Unisyz last extended the offer.
The company said it and its representativex are continuing to talk to representativexs of senior note holders regardingthe offering.
The latest extension moves the deadline to midnighrt Wednesday from midnightlast Friday. It was midnight May 28 when Unisysd announced the offer onAprill 30. The Blue Bell, Pa.-based information-technology company is trying to get holders of four sets of senior notes to exchangd them in a privatw placement for new senior secured notee thatpay 12.625 percent interest and are due 2014. The senio r notes eligible for the offerare 6.875 percent notes due in 2010; 8 percent note due 2012; 8.5 percenft notes due 2015; and 12.5 percengt notes due 2016.
In addition to the senio r secured notesdue 2014, holders of the seniort notes due 2010 also will receive cash and holders of the seniorr notes due 2015 and 2016 can also buy additional seniodr secured notes in the exchange. Unisys won’t issue more than $375 millionb of the new seniorsecurexd notes. Unisys (NYSE:UIS) said that $35.9 million of the 2010 $33.5 million of the 2012 notes, $600,000 of the 2015 notes and $3.4 millionn of the 2016 notes had been tendered as of the closes ofbusiness Friday. That’s $73.2 million, up only $100,000 from the totalp tendered twoweeks previously, when Unisyz last extended the offer.
The company said it and its representativex are continuing to talk to representativexs of senior note holders regardingthe offering.
Thursday 8 December 2011
Air Transport, Regent dodge bullet as Nasdaq puts off $1 price rule - Business Courier of Cincinnati:
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With stock prices plunging in the fourth a fewlocal companies’ stocks have plummeted below $1. That violates one of the rulesx for being listedon Nasdaq. But they have gotten a temporaryg reprieve. The tanking market caused Nasdaq to extends in late December its suspensio n of the rule that stockz maintain a per share price of atleast $1 for 30 consecutivse days. Its latest suspension runs throughy April20 (the original one, issuede in October, ran until Jan. 19). But and woulf have four months to get their pricer steadilyabove $1. So they don’ty face a delisting issue based on stock price until August. Air Transport’s stock closed Dec. 29 at 19 centws a share.
Regent’s closed at 9 Both have a long wayto go. But at leasyt Nasdaq is giving them has also fallen wellbelowq $1, trading at 30 cents. But it’s in the midsf of selling its 19 bank branches and some loansto . It will try to wind up its affairw by selling itsproblem loans. Its deal with CenterBanl was initially supposed to be completed by That hasn’t happened, and no one from eithefr side will say when the deal will be If it doesn’t get Peoples is on its own trying to meet Nasdaqw criteria. Why does a Nasdaqa listing matter? It makes stockse available to a larger groupof investors. That can lift the stocko price.
A lot of institutions won’t invest in stocksx that aren’t listed on a market. The listiny requirements give a baseline forfinanciapl strength, liquidity and corporate governance, said Joe Payne, Air Transport’sw general counsel. “It increases the market in your Payne said. “You want to have the largestt possible stable of potential Stock in AirTransport Services, the Wilmington-based parent of , ran agrounds earlier this year when delivery service – its largest customer – said it would pull out of its U.S. deliver y business. But CFO Quint Turner pointed out the company is still profitable and its equity isabovr $1 per share.
“Naturally, we’df like to get our stocmk price up,” Turner said. “But it’s difficultr right now. Where we’re trading is largelg driven by theDHL news.” It keeps tryint to diversify its customer base to drive up the stock prics again. It still has time. Any significang impact of the Nasdaq rule is likelu at leasta year-and-a-half off, said Regent CFO Tony Regent and Air Transport will have about four months after the Nasdaq temporary rulez suspension ends to get their price abovew $1. At that point, they could be knockex down to a lower level on Nasda q withlittle impact.
After six more they could be completely delistedfrom Regent’s board could consider a reverse stock spli to lift the stock price, Vasconcellos More problematic for Regent is the Nasdaq’xs $35 million market cap minimum. That rule, too, is on But once it’s back, a reversse split wouldn’t help. “We stilol have a lengthy amountof time,” Vasconcellods said. If a company does get it’s a huge deal, said Doug a partner at Cincinnatio law firm who deals in securities was delisted earlierthis year. Its stockm is mired around 10 centsa share.
“To be relegatee to over-the-counter or the Pink Sheets (alternative tradinfg markets) is as close to a nail in the coffibn as you can Roberts said. “It’s nearly impossible to get enoughg interest in the stockif you’re not listec on an exchange.”
With stock prices plunging in the fourth a fewlocal companies’ stocks have plummeted below $1. That violates one of the rulesx for being listedon Nasdaq. But they have gotten a temporaryg reprieve. The tanking market caused Nasdaq to extends in late December its suspensio n of the rule that stockz maintain a per share price of atleast $1 for 30 consecutivse days. Its latest suspension runs throughy April20 (the original one, issuede in October, ran until Jan. 19). But and woulf have four months to get their pricer steadilyabove $1. So they don’ty face a delisting issue based on stock price until August. Air Transport’s stock closed Dec. 29 at 19 centws a share.
Regent’s closed at 9 Both have a long wayto go. But at leasyt Nasdaq is giving them has also fallen wellbelowq $1, trading at 30 cents. But it’s in the midsf of selling its 19 bank branches and some loansto . It will try to wind up its affairw by selling itsproblem loans. Its deal with CenterBanl was initially supposed to be completed by That hasn’t happened, and no one from eithefr side will say when the deal will be If it doesn’t get Peoples is on its own trying to meet Nasdaqw criteria. Why does a Nasdaqa listing matter? It makes stockse available to a larger groupof investors. That can lift the stocko price.
A lot of institutions won’t invest in stocksx that aren’t listed on a market. The listiny requirements give a baseline forfinanciapl strength, liquidity and corporate governance, said Joe Payne, Air Transport’sw general counsel. “It increases the market in your Payne said. “You want to have the largestt possible stable of potential Stock in AirTransport Services, the Wilmington-based parent of , ran agrounds earlier this year when delivery service – its largest customer – said it would pull out of its U.S. deliver y business. But CFO Quint Turner pointed out the company is still profitable and its equity isabovr $1 per share.
“Naturally, we’df like to get our stocmk price up,” Turner said. “But it’s difficultr right now. Where we’re trading is largelg driven by theDHL news.” It keeps tryint to diversify its customer base to drive up the stock prics again. It still has time. Any significang impact of the Nasdaq rule is likelu at leasta year-and-a-half off, said Regent CFO Tony Regent and Air Transport will have about four months after the Nasdaq temporary rulez suspension ends to get their price abovew $1. At that point, they could be knockex down to a lower level on Nasda q withlittle impact.
After six more they could be completely delistedfrom Regent’s board could consider a reverse stock spli to lift the stock price, Vasconcellos More problematic for Regent is the Nasdaq’xs $35 million market cap minimum. That rule, too, is on But once it’s back, a reversse split wouldn’t help. “We stilol have a lengthy amountof time,” Vasconcellods said. If a company does get it’s a huge deal, said Doug a partner at Cincinnatio law firm who deals in securities was delisted earlierthis year. Its stockm is mired around 10 centsa share.
“To be relegatee to over-the-counter or the Pink Sheets (alternative tradinfg markets) is as close to a nail in the coffibn as you can Roberts said. “It’s nearly impossible to get enoughg interest in the stockif you’re not listec on an exchange.”
Tuesday 6 December 2011
Former Dallas executive named Grant Thornton CEO - Dallas Business Journal:
ucenyt.wordpress.com
Chipman, who has been with Grant Thornto n for28 years, is replacing Edwarfd Nusbaum, who has been chosen to take over the role of CEO at Grantg Thornton's parent company, Grant Thornton International Ltd. Chipman will officiallhy assume his new dutieson Jan. 1, when Nusbaum stepsa into his new role. Chicago-based Grant Thorntoj has 51 offices nationwidedand 6,000 employees. Chipman has already held executive positions withinthe company, previously serving as the U.S. Central Region managing partner from 2003to 2006. Chipman also servedr as managing partner for the Dallas offic e from 2000 to 2003 andwas U.S.
managinyg partner of global services and worldwide director of International Business Centeres from 1998to 2000. “I look forwared to leading GrantThorntonm LLP,” said Chipman. “I will dedicate myselfd to taking action on a numbedof fronts, including continuin Grant Thornton’s tradition of providing strong leadershi to the accounting profession and speakingt out on issues of importance. I will also continus our focus on providing the Grant Thornton Experience for our peopleand clients, and expanding our global servicde capabilities and corporate social responsibility agenda.
”
Chipman, who has been with Grant Thornto n for28 years, is replacing Edwarfd Nusbaum, who has been chosen to take over the role of CEO at Grantg Thornton's parent company, Grant Thornton International Ltd. Chipman will officiallhy assume his new dutieson Jan. 1, when Nusbaum stepsa into his new role. Chicago-based Grant Thorntoj has 51 offices nationwidedand 6,000 employees. Chipman has already held executive positions withinthe company, previously serving as the U.S. Central Region managing partner from 2003to 2006. Chipman also servedr as managing partner for the Dallas offic e from 2000 to 2003 andwas U.S.
managinyg partner of global services and worldwide director of International Business Centeres from 1998to 2000. “I look forwared to leading GrantThorntonm LLP,” said Chipman. “I will dedicate myselfd to taking action on a numbedof fronts, including continuin Grant Thornton’s tradition of providing strong leadershi to the accounting profession and speakingt out on issues of importance. I will also continus our focus on providing the Grant Thornton Experience for our peopleand clients, and expanding our global servicde capabilities and corporate social responsibility agenda.
”
Sunday 4 December 2011
Phase I infrastructure complete for Esperanza at Paseo - Naples Daily News
zyluzugizovota.blogspot.com
Phase I infrastructure complete for Esperanza at Paseo Naples Daily News Stock Development has completed infrastructure work on the first phase of Esperanza, a neighborhood of twin villas and single-family homes within Paseo, the 2011 Lee BIA Community of the Year. Accessed via an entry bridge directly across from Paseo's ... |
Friday 2 December 2011
Abercrombie shutting struggling Ruehl chain - Pittsburgh Business Times:
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The New Albany-based apparel merchant said Wednesday it willshut Ruehl’ 29 stores and direct-to-consumer operations and will be “substantially complete” with the efforr by the end of next January. The decisionm comes a month after Abercrombie took a deep strategic look at the which targets young adults with clothesand accessories. whose only Ohio store is at Easton Town generated a pretax operating lossof $58 millionn last year. The chain regularly was Abercrombie’s weakest sales performef at stores open at leastya year. Ruehl’s same-store sales were off 33 percengin May. Abercrombie earnex $272.3 million on $3.
54 billion in revenue last “It has been a difficultt decision toclose Ruehl, a brand we continue to believe could have been successfuk in different circumstances,” CEO Michael Jeffried said in a statement. “However, given the currentf economic environment, we believe it is in the best interestws of the company to focus its effortsd and resources on the growthj opportunities afforded by ourothe brands, particularly internationally.
” The companhy didn’t disclose the effects on the chain’e work force, nor did it indicate the number of jobs tied to The review of Ruehl, whicy opened in 2004, cost the company about $51 milliojn in impairment charges in its first quarter. Abercrombie expectws to book about $65 million in pretax chargese through the rest of the fiscal year as it windesdown Ruehl. The company Wednesday also said it amended a credir agreement to excludesome Ruehl-related charge from requirements under its covenant with the lende and reduced its available credit to $350 million from $450 million.
Jeffriesa said the company is confidenyt is has sufficient cash on handbut “wd believe it is prudent to make these in light of the recession-batteresd retail environment and the one-time Ruehpl costs. In addition to the 29 Ruehl Abercrombie runs 350 flagshipo stores and 733 others underthe Abercrombie, Hollister Co. and Gill y Hicks nameplates.
The New Albany-based apparel merchant said Wednesday it willshut Ruehl’ 29 stores and direct-to-consumer operations and will be “substantially complete” with the efforr by the end of next January. The decisionm comes a month after Abercrombie took a deep strategic look at the which targets young adults with clothesand accessories. whose only Ohio store is at Easton Town generated a pretax operating lossof $58 millionn last year. The chain regularly was Abercrombie’s weakest sales performef at stores open at leastya year. Ruehl’s same-store sales were off 33 percengin May. Abercrombie earnex $272.3 million on $3.
54 billion in revenue last “It has been a difficultt decision toclose Ruehl, a brand we continue to believe could have been successfuk in different circumstances,” CEO Michael Jeffried said in a statement. “However, given the currentf economic environment, we believe it is in the best interestws of the company to focus its effortsd and resources on the growthj opportunities afforded by ourothe brands, particularly internationally.
” The companhy didn’t disclose the effects on the chain’e work force, nor did it indicate the number of jobs tied to The review of Ruehl, whicy opened in 2004, cost the company about $51 milliojn in impairment charges in its first quarter. Abercrombie expectws to book about $65 million in pretax chargese through the rest of the fiscal year as it windesdown Ruehl. The company Wednesday also said it amended a credir agreement to excludesome Ruehl-related charge from requirements under its covenant with the lende and reduced its available credit to $350 million from $450 million.
Jeffriesa said the company is confidenyt is has sufficient cash on handbut “wd believe it is prudent to make these in light of the recession-batteresd retail environment and the one-time Ruehpl costs. In addition to the 29 Ruehl Abercrombie runs 350 flagshipo stores and 733 others underthe Abercrombie, Hollister Co. and Gill y Hicks nameplates.
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