http://www.businessinsider.com/walmart-struggles-with-payroll-taxes-2013-2
Wal-Mart shares are tanking after the company's executives called February sales a "total disaster."
and....
http://www.zerohedge.com/news/2013-02-15/wal-mart-stock-drops-after-it-says-february-sales-total-disaster-worst-montly-start-
Submitted by Tyler Durden on 02/15/2013 14:11 -0500
Orbitz Worldwide laid off a substantial number of employees in the last few days as a way to throw more money into marketing its hotel business, and become more profitable.
The company declined to specify how many employees were fired.
A source outside the company pegs the number at 70, which would be more than 5 percent of the staff based on Orbitz’s reported 1,329 employees as of the end of 2011, the latest tally available. However, the source believes that the layoffs represented around 4 percent of the current staff.
In response to a query from Skift, Orbitz spokesperson Chris Chiames said:
“Along with other measures, we are making some targeted staffing adjustments related to 2013 business initiatives and efficiencies gained from the completion of projects like the global platform and the American Express ramp up.
“This involved eliminating some open positions as well as specific existing ones. We are also selectively hiring for positions related to new initiatives like the upcoming loyalty program launch.”
After trimming the number of schools that could be closed to 129, Mayor Rahm Emanuel's school administration has entered the latest and what is likely to be the most intense phase so far in trying to determine which schools should be shut.
Chicago Public Schools chief Barbara Byrd-Bennett is expected to pare the preliminary list, released Wednesday, before unveiling a final one at the end of March. She said administrators will determine which schools are saved in the coming weeks amid a final round of community meetings to hear arguments from parents, teachers and community groups about why their schools should stay open.
If a hearing Wednesday night in North Lawndale was any indication, CPS still has a long way to go to gain the public's trust.
"Our schools don't need to close," Dwayne Truss, vice chairman of CPS' Austin Community Action Council, said in front of hundreds of people packed inside a church auditorium in the West Side neighborhood. "CPS is perpetrating a myth that there's a budget crisis."
CPS initially said 330 of its schools are underenrolled, the chief criterion for closing. Members of a commission assembled to gather public input on the issue told CPS officials earlier this year that closing a large number of schools would create too much upheaval. The Tribune, citing sources, said the commission indicated a far smaller number should be closed than initially feared, possibly as few as 15.
CPS then started holding its own hearings and on Wednesday, while following many of the formal recommendations made by the Commission on School Utilization, said 129 schools still fit the criteria for closing.The new number and the latest round of hearings sets the stage for the administration to counter questions about the district's abilities to close a large number of schools and the need to do so.
For many who have already turned up to school closing meetings, this final round of hearings will be even more critical. School supporters must show how they plan to turn around academic performance and build enrollment, and also make the case for any security problems that would be created by closing their school.
"We are prepared now to move to the next level of conversation with our community and discuss a list of approximately 129 schools that still require further vetting and further conversation," Bryd-Bennett said. "We are going to take these 129 and continue to sift through these schools."
In the past, political clout has played a role in the district's final decisions. Already this year, several aldermen have spoken out on behalf of schools in their wards.
On the Near Northwest Side, for instance, the initial list of 330 underused schools included about six in the 1st Ward. Ald. Proco "Joe" Moreno helped organize local school council members, school administrators and parents to fight any closing. He also took that fight to leaders in City Hall and within CPS' bureaucracy. Nearly all of the schools in the ward were excluded from the list of 129."It is effort and it's organizing and not just showing up at meetings and yelling. Anybody can do that," Moreno said. "Those schools that proactively work before those meetings and explain what they are doing, what they need and that they are willing to accept new students, that's when politics works.
"My responsibility in this juncture was to focus on these schools," he said. "I had to work on the inside, with CPS and with City Hall, and with my schools on the outside."
Most of the schools on the list of 129 are on the West, South and Southwest sides, many in impoverished neighborhoods that saw significant population loss over the last decade. Largely spared were the North and Northwest sides.
In all, more than 43,000 students attend those 129 schools on the preliminary list, according to CPS records.
The area with the most schools on the list is a CPS network (the district groups its schools in 14 networks) that runs roughly from Madison Street south to 71st Street and from the lake to State Street. The preliminary list includes 24 schools in that area.
The Englewood-Gresham network has the second-largest number, 19, while the Austin-North Lawndale network where Wednesday night's meeting was held still has 16 schools on the list.
CPS critics said the preliminary list is still too large to be meaningful and that the district's promise to trim it before March 31 is only a tactic to make the final number seem reasonable.
"They started out with such a far-fetched, exaggerated list of schools, many of which are nowhere near underutilized," said Wendy Katten, co-founder of the parent group Raise Your Hand. "They might appear to be looking like they're listening, but they're not. They have not done a thorough and substantive assessment of these schools."
http://www.insideindianabusiness.com/newsitem.asp?ID=57941
of Nexsan, of Thousand Oaks, Calif., for $120 million, Zeller added.
A Scary Reality About Wal-Mart's Customers: They're Broke
| ||||||
“Have you ever had one of those weeks where your best-prepared plans weren’t good enough to accomplish everything you set out to do?” Wal-Mart exec Cameron Geiger wrote in one of the emails reported by Renee Dudley at Bloomberg.
“Well, we just had one of those weeks here at Walmart U.S. Where are all the customers? And where’s their money?” Geiger asked.
Wal-Mart is facing a scary reality: the ailing finances of its core customers, Brian Sozzi, chief equities analyst at NBG Productions, told us.
"Wal-Mart shoppers are the barometer of the U.S. consumer, and these emails reflect common sense about customers," Sozzi told us. "The consumer isn't mentally or physically ready to spend on discretionary inventory and there's no reason to be optimistic."
"The fundamental health of Wal-Mart's customer is concerning," Sozzi said.
The numbers Wal-Mart reported at earnings reveal a troubling trend. Traffic is nearly flat from a year ago, and Sam's Club executives said that customers aren't shopping as much.
The Wal-Mart executives blamed the hike in payroll taxes and a delay in tax returns for why customers aren't shopping, according to Dudley's story.
"When a payroll-tax break expired Dec. 31, Americans began paying 2 percentage points more in Social Security taxes on their first $113,700 in wages," Dudley reported. "For a person making $40,000 a year, that is about $15 a week."
Wal-Mart CEO Mike Duke told Women's Wear Daily last year that his customers weren't confident in the economy.
“They are middle-class Americans and those aspiring to join the middle class,” Duke said. “Our customers are working hard to adapt to the ‘new normal,’ but their confidence is still very fragile. They are shopping for Christmas now and they don’t need uncertainty over a tax increase.”
and....
http://www.zerohedge.com/news/2013-02-15/wal-mart-stock-drops-after-it-says-february-sales-total-disaster-worst-montly-start-
Wal-Mart Says February Sales "Total Disaster", Worst Monthly Start Since 2006; Stock Drops
Wal-Mart shares are plunging as the firm reports a 'total disaster' in its February sales.Bloomberg obtained internal emails that note:
"In case you haven’t seen a sales report these days, February MTD sales are a total disaster,” Jerry Murray, Wal-Mart’s vice president of finance and logistics, said in a Feb. 12 e-mail to other executives, referring to month-to-date sales. “The worst start to a month I have seen in my ~7 years with the company.... That points to our competitive landscape, which means everyone is suffering and probably worse than we are”
It gets better:“We have to fight against the tougher economic environmentto earn a bigger share of a smaller consumer spending pie"Obviously in WMT speak, "tougher" is what Obama would call "much better and rapidly improving."Things must not be serious over in Bentonville for this much truth to suddenly hit the tape.One senior executive summed it up perfectly - “Well, we just had one of those weeks here at Walmart U.S. Where are all the customers? And where’s their money?” The company notes the end of the payroll tax cut by Obama and asks "We need to stop the stupid."
How odd: why is WMT focused on such trivial anachronisms as "money": can't it just boost its multiple by promising 2022 sales will be stupendously marvelously humongous. It works for every other hollowed shell of a firm, gutted by Bernanke's central planning.Perhaps, just perhaps, some reality will finally come back to the market as a result of this disclosure.
and what does it say when the Washington Post takes a massive ax to its business side .........
http://www.politico.com/blogs/media/2013/02/washington-post-layoffs-axed-157143.html
Washington Post layoffs: 40+ axed
The Washington Post has laid off at least 40 employees on the business side, including its mobile department, sources tell POLITICO.
The layoffs, first reported by FishbowlDC, which put the number at 54, come as the Post tries to restructure amid ongoing declines in advertising and circulation. Layoffs were made by department, with staffers in each department being informed separately. The Post's editorial side was not affected, sources said.
Sources said that Post management, including publisher Katharine Weymouth and chief information officer Shailesh Prakash, believed the Post needed to cut staff in order to better position itself for the future.
Washington Post spokesperson Kris Coratti declined to comment.
The news comes just weeks after The New York Times underwent a round of buyouts, which saw the departure of some high-level editors and the reassignment of others. In both cases, sources at the Post and the Times said, the newspapers were pairing down to tighten up and run more streamlined, lower-cost operations.
Earlier this month, the Post also announced that it is considering selling its downtown headquarters and moving to a new location.
"The goal, Weymouth said at the time, is to “give us a more modern, bright, open and efficient building that better supports and advances our mission into the future.”
and whether we talk bakeries , tech , financial , public sector jobs.... you just see lots of job cuts and closings
http://www.hometownlife.com/article/20130214/NEWS10/302140624/Awrey-lays-off-about-200-auction-looms-next-week?odyssey=mod|newswell|text|Royal%20Oak|s
Approximately 200
employees have lost their jobs at Awrey Bakeries.
employees have lost their jobs at Awrey Bakeries.
Nearly 160 union employees were notified over the last several days with letters that the company was terminating their employment with the bakery, according to a former company employee. They and 47 nonbargaining members were expected to lose their jobs, according to an initial letter sent to employees in November.
“As of Feb. 9th, we were all terminated,” said Brian Corrigan, a union steward for United Distributive Workers, Council 30, the union representing about 160 employees, and a 30-year employee. “Friday (Feb. 8) was our last day. Some got their letters Friday, I got mine in the mail today (Tuesday).” Only a few employees were working this week in maintenance, presumably to prepare for the auction, Corrigan said.
Corrigan, a Garden City resident who worked in general utility, said the letter indicated their employment was terminated “due to economic conditions.” It was hoped by employees that the company could be sold to possibly stave off the layoffs. The letter indicated that no buyer was available, Corrigan said.
The company is proceeding with an auction of equipment on Feb. 20 and 21. The auction will be conducted by Rabin Worldwide at Embassy Suites Hotel, 19525 Victor Parkway, and online atwww.rabin.com. Members of the public can inspect the equipment on Feb. 18 and 19 at the Awrey plant at 12301 Farmington Road.
Employees were first notified in November that their employment was in peril. Bob Wallace, president and CEO of Awrey Bakeries, notified employees that the company anticipated that it would be forced to permanently close its Livonia facility, The letter indicated that the employment of 157 bargaining unit and 47 nonbargaining unit employees would end between Jan. 27 and Feb. 9.
For the last few weeks, a sign reading “Giant Sale Limited Time Only” has been draped over the Awrey retail store sign in front of the building on Farmington Road. On Tuesday, that store appeared to be open, but only a handful of cars were parked behind the building in the employee parking lot.
Awrey, a 102-year-old company, moved to Livonia from Detroit in 1967. Awrey Bakeries got its start in 1910 in the home of Fletcher and Elizabeth Awrey, who were living in Detroit after moving from Canada.
Awrey Bakeries baked and created a number of different items, including cakes, cookies, Danish pastries, doughnuts and croissants, which were used by restaurants, hotels, schools, hospitals and other institutional customers.
Awrey has faced its share of economic struggles in recent years.
The Awrey family no longer owns the company, which was sold in 2005 to Hilco Equity of Chicago and Monomoy Capital to help the company emerge from Chapter 11 bankruptcy. In June 2009, Awrey's purchased Athens Elegant Dessert in Noblesville, Ind., which specialized in the company's cheesecake and high-end desserts.
As the company faced more financial problems in May 2012, the union voted, 97-38, to accept a $1 cut in members' hourly wage at that time and a second 85-cent cut in September. The union agreed to a previous wage cut eight years earlier.
Wallace has not commented on the company's financial problems, nor returned phone calls. The Awrey website was inaccessible on Wednesday,
While the closure plans continue, the company is also talking to a potential buyer, even in these late hours, according to Dan West, president of the Livonia Chamber of Commerce. “Awrey's continues to negotiate the sale of the company,” West said. “The company continues to operate and sell products.”
Mayor Jack Kirksey acknowledged that the employees were terminated. “I was obviously saddened by it and continued to be saddened by what was happening at Awrey's in recent months,” Kirksey said. “There's a sense of finality to it, that your job is gone.
“It's just something sad that the gavel is coming down and you hear Friday that your company is closing. Even when that happened, you had hoped to hear that somebody came along and bought the company on Monday.” While that hasn't happened, Kirksey said the city will continue to work to assist the company “to see if an 11th-hour company could be found.”
Kirksey said a new company “may absorb part of the employee group, but not necessarily all of them.”
After Corrigan received the first letter in November, Awrey laid him off, then called him back to work just before Christmas. He said production continued to supply Baskin Robbins, one of Awrey's clients, with items like sheet cakes and brownies.
“We've been on a roller coaster for two or three years now,” Corrigan said. “It sucks. Excuse my French, but that's how I feel right now. We have a lot of good people who work there who know how to do their jobs. The management team they had didn't know how to run the place.
“We worked with them to keep the place open. Toward the end, they put no capital in it to give us supplies to run the bakery. They just let it go.” Corrigan was asked if he was referencing Wallace or the company that purchased Awrey, but he would not elaborate.
Corrigan said he heard a rumor that a company was interested in purchasing Awrey. “They're telling us that they have a buyer, they have somebody interested,” Corrigan said. “There was a little bit of talk this last Friday.” With the recent employee terminations after employees gave concessions, Corrigan was not optimistic at this point.
Corrigan will look for another job. “It's time for a new change and a new beginning to go out and find a job,” Corrigan said. “I'll still keep in touch with co-workers and my friends.”
http://www.nbcnews.com/travel/travelkit/orbitz-conducts-layoffs-broad-cost-reduction-efforts-1C8391076
The company declined to specify how many employees were fired.
A source outside the company pegs the number at 70, which would be more than 5 percent of the staff based on Orbitz’s reported 1,329 employees as of the end of 2011, the latest tally available. However, the source believes that the layoffs represented around 4 percent of the current staff.
In response to a query from Skift, Orbitz spokesperson Chris Chiames said:
“Along with other measures, we are making some targeted staffing adjustments related to 2013 business initiatives and efficiencies gained from the completion of projects like the global platform and the American Express ramp up.
“This involved eliminating some open positions as well as specific existing ones. We are also selectively hiring for positions related to new initiatives like the upcoming loyalty program launch.”
The source indicates that the layoffs took in hotel marketing managers in California and Hawaii, although the layoffs are undoubtedly broader-based than staff in the hotel business.
Orbitz officials didn’t specifically mention layoffs during the company’s fourth quarter earnings conference call on Thursday, but CEO Barney Harford told analysts:
Now that we have all our businesses on the current platform and have launched American Express, we’ve been able to achieve some targeted cost reductions that will lead to cost of sales and SG&A leverage.These cost reductions position us well to achieve strong bottom line performance, while at the same time, being able to step up our marketing investments to drive further acceleration in hotel room night growth. This is particularly important, given the increasing competitive intensity in the online travel space.
For the fourth quarter, Orbitz Worldwide’s net loss widened to $314.6 million, from a loss of $46.5 million a year earlier. Revenue rose 7.1% to $189.7 million.
http://www.chicagotribune.com/news/local/breaking/chi-129-on-new-chicago-schools-closing-list-20130213,0,6621050.story
Anxiety grows as CPS releases preliminary school closings list
- 2594
Chicago Public Schools chief Barbara Byrd-Bennett is expected to pare the preliminary list, released Wednesday, before unveiling a final one at the end of March. She said administrators will determine which schools are saved in the coming weeks amid a final round of community meetings to hear arguments from parents, teachers and community groups about why their schools should stay open.
"Our schools don't need to close," Dwayne Truss, vice chairman of CPS' Austin Community Action Council, said in front of hundreds of people packed inside a church auditorium in the West Side neighborhood. "CPS is perpetrating a myth that there's a budget crisis."
CPS initially said 330 of its schools are underenrolled, the chief criterion for closing. Members of a commission assembled to gather public input on the issue told CPS officials earlier this year that closing a large number of schools would create too much upheaval. The Tribune, citing sources, said the commission indicated a far smaller number should be closed than initially feared, possibly as few as 15.
CPS then started holding its own hearings and on Wednesday, while following many of the formal recommendations made by the Commission on School Utilization, said 129 schools still fit the criteria for closing.The new number and the latest round of hearings sets the stage for the administration to counter questions about the district's abilities to close a large number of schools and the need to do so.
For many who have already turned up to school closing meetings, this final round of hearings will be even more critical. School supporters must show how they plan to turn around academic performance and build enrollment, and also make the case for any security problems that would be created by closing their school.
"We are prepared now to move to the next level of conversation with our community and discuss a list of approximately 129 schools that still require further vetting and further conversation," Bryd-Bennett said. "We are going to take these 129 and continue to sift through these schools."
In the past, political clout has played a role in the district's final decisions. Already this year, several aldermen have spoken out on behalf of schools in their wards.
On the Near Northwest Side, for instance, the initial list of 330 underused schools included about six in the 1st Ward. Ald. Proco "Joe" Moreno helped organize local school council members, school administrators and parents to fight any closing. He also took that fight to leaders in City Hall and within CPS' bureaucracy. Nearly all of the schools in the ward were excluded from the list of 129."It is effort and it's organizing and not just showing up at meetings and yelling. Anybody can do that," Moreno said. "Those schools that proactively work before those meetings and explain what they are doing, what they need and that they are willing to accept new students, that's when politics works.
"My responsibility in this juncture was to focus on these schools," he said. "I had to work on the inside, with CPS and with City Hall, and with my schools on the outside."
Most of the schools on the list of 129 are on the West, South and Southwest sides, many in impoverished neighborhoods that saw significant population loss over the last decade. Largely spared were the North and Northwest sides.
In all, more than 43,000 students attend those 129 schools on the preliminary list, according to CPS records.
The area with the most schools on the list is a CPS network (the district groups its schools in 14 networks) that runs roughly from Madison Street south to 71st Street and from the lake to State Street. The preliminary list includes 24 schools in that area.
The Englewood-Gresham network has the second-largest number, 19, while the Austin-North Lawndale network where Wednesday night's meeting was held still has 16 schools on the list.
CPS critics said the preliminary list is still too large to be meaningful and that the district's promise to trim it before March 31 is only a tactic to make the final number seem reasonable.
"They started out with such a far-fetched, exaggerated list of schools, many of which are nowhere near underutilized," said Wendy Katten, co-founder of the parent group Raise Your Hand. "They might appear to be looking like they're listening, but they're not. They have not done a thorough and substantive assessment of these schools."
and....
http://centralny.ynn.com/content/top_stories/638695/utica-city-school-district-proposes-cutting-88-jobs/
Utica City School District proposes cutting 88 jobs
The Utica City Schools Superintendent announced an additional 88 job cuts with his budget presentation Tuesday. That would bring the total jobs lost in the district to nearly 240 in the past two years. YNN's Andrew Sorensen tells us more about the district's continued efforts to remedy their financial problems.
UTICA, N.Y. -- Utica's proposed new budget is the second tough budget in as many years.
"I'm devastated. I guess that's the best way I can put it," Utica City School District Superintendent Bruce Karam said.
Karam could only describe the budget he proposed to the board of education Tuesday with one word: Painful.
"So a lot of time and effort went into this, but am I happy with it? No," Karam said.
"So a lot of time and effort went into this, but am I happy with it? No," Karam said.
He doesn't have a lot to be happy about with a $5.5 million deficit.
"We cut 150 positions last year. We're looking at an estimated 88 positions cut this year," he said.
Including 54 teachers on top of last year's 84.
"It's going to hurt our educational programming," Karam said. "It's going to definitely hinder instruction. You're going to look at larger class sizes."
As high as 34 at one elementary school.
On the positive side, they were able to keep it to a two percent tax increase, but it could have been better without their unexpected expenses.
"Which is the charter school. It's going to be $1.7 million that now we have to come up and fund," Board of Education President Christopher Salatino said.
Salatino said there is a remedy.
"If the state education department or the governor would just provide us with the funding that, according to their own formulas, would give us significant additional funding, we would be fine," he said.
"If the state education department or the governor would just provide us with the funding that, according to their own formulas, would give us significant additional funding, we would be fine," he said.
There is another small silver lining in this budget and that's that, unlike last year, there aren't significant program cuts, but that win may only be temporary.
When asked if he saw cuts to programs or teachers next year, Karam said, "I hate to speculate because it's so far off. But there's a likelihood."
The board says they'll try to find savings to save teachers in between now and the public vote in May, but that doesn't seem likely.
Utica's superintendent says they are in talks with the state to fix their funding issues. They're also waiting for the outcome of a lawsuit between small city school districts and New York State.
and tech companies too....
http://www.in.gov/dwd/files/WARN_SencientFlavorsIndianapolis020713.pdf
From Sensient Technologies Corp. Earnings Report
The Company is initiating a broad strategic and restructuring plan in the first quarter of 2013. One component of the plan will focus on relocating the Flavors & Fragrances Group headquarters, technical groups, and North American management to Chicago. The relocation of the Flavors & Fragrances Group headquarters will give the Company better access to its customers, improve its access to food industry talent, improve access to worldwide air service and allow it to showcase its broad product portfolio in a state-of-the-art facility. The Company expects to incur personnel and moving related costs between $12 million and $14 million over the next 12 to 18 months as a result of this relocation. This plan does not anticipate the relocation of the Indianapolis production site.
The second component of the plan will generate operating efficiencies throughout the Company. The plan will reduce headcount and consolidate several facilities throughout Europe and North America. The Company expects to reduce its global headcount by more than 200 employees, and consolidate several manufacturing sites during the next twelve months. These changes will not impact the Company's sales coverage, and will result in a more efficient utilization of our human and capital resources. We expect to incur approximately $10 million in one-time personnel related costs and $8 million of one-time non-cash costs related to the write-down of assets and other costs during the next twelve months. The Company expects to reduce its annual operating costs by about $10 million as a result of these changes.
http://www.twincities.com/business/ci_22580295/imation-sell-memorex-and-xtrememac-businesses?source=rss
Imation to sell Memorex, XtremeMac businesses, lay off 20% of workforce
Posted: 02/13/2013 12:01:00 AM CST
Updated: 02/13/2013 09:39:26 PM CST
It's not live. It's Memorex. And Imation Corp., which bought the once-iconic magnetic tape brand seven years ago in an attempt to find a home in consumer electronics, is now selling it.
Oakdale-based Imation will sell its Memorex and XtremeMac consumer electronics businesses, the company said Wednesday, Feb. 13, as it reported mounting losses for its fourth quarter, most of which were tied to noncash write-downs for the value of its Memorex and TDK Life on Record consumer businesses.
To get costs under control, the company plans to lay off 20 percent of its workforce in the first half of 2013, CEO Mark Lucas told analysts Wednesday. He said he was making aggressive moves as part of an ongoing effort to refocus the company back on making data-storage media, especially on removable hard drives and encryption-protected drives that carry larger margins and growth potential than fading media such as CDs and DVDs.
"We truly are creating a new company," Lucas told Wall Street.
Shares of Imation closed up about 1 percent, to $3.86.
The number of workers to lose their jobs has yet to be worked out, but the company had 1,080 employees at the end of 2012, including about 350 at its headquarters in Oakdale, Chief Financial Officer Paul Zeller said.
Some of the job losses probably will come from the sales of Memorex and XtremeMac, but it's hard to tell how many at this point, Zeller said.
The company added about 200 employees Jan. 1 when it closed on the acquisition
Imation bought Memorex in 2006 for $330 million and TDK the following year for $300 million. Both were brands with wildly loyal followings in the 1970s. The company acquired XtremeMac, a maker of accessories for Apple products, in 2008 for $9 million.
Though long in the tooth, Memorex nonetheless was considered a strong brand, still known for its 1970s commercials featuring singer Ella Fitzgerald that famously asked, "Is it live? Or is it Memorex?" Videos of those commercials can be seen on YouTube.
But the consumer electronics makeover never took. And for the fourth quarter ended Dec. 31, Imation revenue fell 12.6 percent, to $299.1 million.
The company lost $310.2 million, with the biggest hit coming from a noncash write-off of $260.5 million for intangible assets -- namely the brands -- of both Memorex and TDK, Zeller said.
The company will keep its TDK Life on Record business, because it still enjoys strong sales of its products in Japan and Europe, Lucas said.
Zeller said the company has been talking to potential buyers of Memorex and XtremeMac but would not name any of them. Sales of both, however, are expected by the end of June, he said.
Eric Martinuzzi, an analyst with Minneapolis-based Lake Street Capital Markets, said he thinks it is likely that some other maker of products such as CDs or DVDs might target Memorex, while Apple accessory makers could do the same for XtremeMac.
Imation appears to be making the right moves, he said, but it's got to hurry.
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