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Corporate Restructuring

September 6, 1989 | From Associated Press
Grand Metropolitan PLC said Tuesday that it has signed an agreement to sell its interests in the William Hill and Mecca betting shops to Brent Walker PLC for about $1.06 billion. The agreement, which had been widely anticipated, is subject to approval by shareholders of Brent Walker, a British leisure industry company, and clearance by Britain's Office of Fair Trading.
July 23, 1992
Amoco Corp. said it lost $478 million in the second quarter, due to a huge $805-million charge for a corporate restructuring and job cuts. The loss, equal to 96 cents a share, contrasted with a profit of $238 million, or 48 cents, in the period last year. Amoco, the nation's fifth-largest oil company, announced this month that it would cut 8,500 jobs from its work force of about 54,000 in the next 18 months. It said the cuts were necessary because of a slide in U.S.
February 5, 1997 | Times Staff and Wire Reports
It was hauled across the seven seas, borne into battle by Civil War soldiers and crumbled into an ocean of chowder. Now hardtack, a hard rectangular biscuit about as tasty as a rucksack, has been saved from the corporate cost cutters at Nabisco. Nine months after baking its last Crown Pilot Crackers, Nabisco is bringing back the 205-year-old product under pressure from New Englanders. About 3,500 people wrote or called Nabisco in protest after it stopped making the crackers in May.
December 23, 1988 | Associated Press
Interco Inc. announced that as part of its corporate restructuring plan, the Florsheim Shoe Co. division will close plants in Paducah, Ky., and Hermann, Mo. The company said the Paducah plant will close Feb. 10, and the Hermann plant will close Feb. 24. The moves will result in direct cost savings of more than $2 million annually, Interco said. A total of 650 jobs will be affected, a spokesman said, as production from the plants is reassigned to Florsheim's remaining four domestic plants.
August 14, 2000 | From Associated Press
The Hyundai Group said Sunday that founder Chung Ju Yung will sell a 6.1% stake in Hyundai Motor by the end of the year as part of its restructuring effort. Hyundai will use the money, expected to be about $200 million, to buy three-year corporate bonds issued by ailing Hyundai Engineering & Construction Co. "We sincerely apologize for causing concerns to the people and stockholders," Kim Jae Soo, head of Hyundai's corporate restructuring committee, said at a news conference.
October 22, 1987 | DOUGLAS FRANTZ, Times Staff Writer
In a major restructuring aimed at shedding weak assets and improving its position as a consumer-oriented regional banking company, First Interstate Bancorp on Wednesday announced plans to sell $6 billion to $7 billion in assets and eliminate 1,000 jobs, most in Southern California.
December 9, 1999
The Japanese economy is slumping again despite massive injections of government funds. But the shadow of recession can be turned back by continued corporate restructuring. The government should encourage this corporate reform through such measures as new tax laws because it offers a better prospect for sustained growth than repeated priming of the economic pump. After two quarters of increased gross domestic product, the economy posted a sharp drop in the third quarter.
Schafer Bros. furniture was just another small manufacturer that couldn't make it through the hard times. In January of last year, the 52-year-old Orange County company--victim to higher overhead and lower sales--closed its doors. Two months later, on the night before the company's equipment was sold at auction, former salesperson Janette Fling walked through the huge, quiet warehouse, looking at the rolls of leather and woodworking equipment tagged for sale.
IBM made it official Friday, naming as its chairman Louis V. Gerstner Jr. in the enormous gamble that the first outsider in the company's 79-year history can reverse the steep decline of what was once America's preeminent corporation. Confirming days of speculation, IBM said Gerstner, 51, the head of RJR Nabisco Holdings, will become IBM's chairman and chief executive on April 1. Few managers have accepted a greater challenge.
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