Tuesday, March 4, 2014

Major Store Closures March 4 , 2012 - Radio shack announces major closures with 1,100 stores getting the ax ! Additional large closures and job cuts announced so far for March !

Job cuts /  Major Store closures......


Major closures ......



RadioShack Posts Massive Loss, Will Close 1,000 Stores

24/7 Wall St. 
By Paul Ausick26 minutes ago
RadioShack Corp. (RSH) reported fourth-quarter and full-year 2013 results before markets opened Tuesday. The electronics retailer posted an adjusted net earnings per share (EPS) loss of $1.29 on $935.4 million in revenue. In the same period a year ago, the company reported EPS of $0.07 on revenues of $1.17 billion. Fourth-quarter results also compare to the Thomson Reuters consensus estimates for an EPS loss of $0.14 and $1.12 billion in revenues.
For the full year, RadioShack posted an EPS loss of $3.04 on revenues of $3.43 billion, compared with a loss of $0.60 a share on $3.83 billion in revenues for 2012. The consensus estimates called for an EPS loss of $2.13 on revenues of $3.62 billion.
About the only good thing to say about RadioShack is that hardly anyone is paying attention to them anymore. So this announcement that the company will close up to 1,000 stores likely will be greeted with comments like, "Why did they wait so long?" and "I thought they closed all the stores years ago."
The company completed an $835 million financing package in December that RadioShack used to refinance existing debt and for other corporate purposes. The lenders maintained the right of consent over which stores the company closes. They probably want to make sure that RadioShack does in fact close the stores.
RadioShack did not offer guidance for the new fiscal year, but the Thomson Reuters consensus calls for a full-year EPS loss of $1.40 -- and that will certainly be adjusted further downward as the year goes on. The consensus revenue estimate calls for a total of $3.56 billion. For the first quarter, the current EPS estimate calls for a loss of $0.32 on revenues of $834.29 million.
The company's CEO said:
Our fourth quarter financial results were driven by a holiday season characterized by lower store traffic, intense promotional activity particularly in consumer electronics, a very soft mobility marketplace and a few operational issues. … Over the past few months, we have undertaken a comprehensive review of our portfolio from many angles -- location, area demographics, lease life and financial performance – in order to consolidate our store base into fewer locations while maintaining a strong presence in each market. The result of that review is our plan to close up to 1,100 underperforming stores. We will continue to have a strong, unmatched presence across the U.S. with over 4,000 stores including over 900 dealer franchise locations.
RadioShack shares traded down about 24% in the premarket Tuesday morning, at $2.08 in a 52-week range of $2.02 to $4.36. Thomson Reuters had a consensus analyst price target of $2.25 before the earnings report.

Bemis to close factory in Ohio

By John Schmid
March 3, 2014
Bemis Co., a Wisconsin-based manufacturer of packaging, on Monday said it will close one of its facilities in Ohio under a plan to streamline its operations.
The Bemis factory in Stow, Ohio employs 115 employees, posted 2013 sales of sales of approximately $45 million and manufactures solvent-based pressure sensitive packaging materials.
Headquartered in Neenah, Bemis reported 2013 net sales of $5.0 billion and is included in the S&P 500 stock index. Bemis is a major Wisconsin employer: over 4,000 of its 19,000 workers around the world are based in the state. It is a global supplier of packaging used by food, consumer products, healthcare and other industries.
Although manufacturing in the Ohio plant will cease in May, Stow, Ohio will remain the headquarters of the Bemis Pressure Sensitive Materials division.
In 2014, Bemis will record a pre-tax charge of $30 million related to the plant closure, including pension liabilities, employee severance and costs to help transition employees into new jobs. The plant dates back to 1959.


http://news.cincinnati.com/article/20140301/BIZ/303010040/


Women's fashion discount retailer Dots is closing all of its 360 stores around the country as it winds down its operations.
Glenwillow, Ohio-based Dots LLC filed for Chapter 11 bankruptcy protection Jan. 20. Advisory and restructuring firm Gordon Brothers Group won the bid to close stores in bankruptcy court.
Store closing sales will begin March 1 and will involve significant discounts on all merchandise, as well as store furniture, fixtures and equipment.
Dots has struggled against competition from both online retailers and other brick and mortar discount retailers that have greater resources and wider brand recognition, Gordon Brothers Group said in a news release Friday. Gordon Brothers said the chain has had decline in store traffic and unsuccessful changes in product pricing and marketing and a burdensome lease portfolio.
Store locations will remain open until all merchandise has been sold.
Dots has been in business for more than 25 years.








Job Cuts 

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