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Corporate Restructuring

BUSINESS
January 28, 1994 | JAMES M. GOMEZ, TIMES STAFF WRITER
Struggling to cope with depressed world crude prices, Unocal Corp. said Thursday that it would shrink its Orange County work force by as much as 7% over the next six months. The international petroleum and chemical products giant said that "changing market conditions" have forced it to scale down its research and development facilities in Brea and Anaheim, a move that will eliminate between 50 and 100 jobs.
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BUSINESS
February 23, 1989 | From Associated Press
Sears, Roebuck & Co.'s plans to streamline its advertising budget is raising concerns among newspapers that count the nation's biggest retailer as a major source of revenue, industry leaders said Wednesday. Publishers are expressing uncertainty about the financial impact of the proposed changes by Sears, the nation's largest newspaper advertiser. But some newspaper executives who are negotiating with Sears say they believe the talks will produce agreements beneficial to both sides.
BUSINESS
February 9, 2001
Motley Fool Inc., which has prided itself on providing straightforward investment advice during the stock market boom of recent years, has laid off 115 workers, or roughly one-third of its work force, as part of a corporate restructuring. Founded in 1993 by brothers David and Tom Gardner, the privately held firm has strived to make investment advice entertaining, with the brothers often wearing jester's caps when appearing on television .
BUSINESS
September 10, 1991 | ERIC YOUNG, TIMES STAFF WRITER
Phillips Petroleum Co., following an industry trend to shed unprofitable holdings, said it hopes to raise $500 million from asset sales and boost cash flow under a three-point plan announced Monday. The program is expected to yield at least $500 million by 1993 and add more than $200 million annually in cash flow within the next two to three years, said C. J. Silas, Phillips chairman and chief executive.
BUSINESS
November 29, 1988 | Associated Press
Arthur Andersen & Co. announced plans Monday to put its consulting practice on an equal footing with its better-known accounting business in hopes of stemming a flow of defections to other consulting firms. "More equal is probably a good way to put it," said Duane R. Kullberg, managing partner and chief executive of Chicago-based Andersen, the largest U.S. accounting firm and a leader in information-management consulting.
BUSINESS
December 20, 1994 | AMY HARMON, TIMES STAFF WRITER
In what appeared to presage a round of layoffs and other spending cutbacks, Redwood City-based 3DO Co. on Monday announced a corporate restructuring that includes plans to "streamline its organization" and "reduce expenses through the elimination of redundant positions." The firm, which 15 months ago launched a souped-up video game player aimed at entrenching itself as a new consumer electronics standard, said it had sold 500,000 of the machines thus far worldwide.
BUSINESS
May 15, 1991 | JAMES S. GRANELLI, TIMES STAFF WRITER
West Coast Bancorp, a multibank holding company, has promoted William J. Mylymok to president and chief operating officer as part of a corporate restructuring to centralize operations and, the firm hopes, put the company on track as a major regional banking concern. Mylymok, of Newport Beach, had been a corporate executive vice president as well as president and chief executive of the firm's Sunwest Bank unit in Tustin. James G.
BUSINESS
November 13, 1998 | From Times Staff and Wire Services
Meditrust Cos. announced a sweeping corporate restructuring and asset sale Thursday to help pay down its crushing debt load and boost its stock price, which has dropped 57% in the last year. The Needham Heights, Mass.-based real estate investment trust also acknowledged that it will sell the 64-year-old Santa Anita racetrack, but declined to reveal a buyer or price.
CALIFORNIA | LOCAL
November 8, 1995 | CARRIE R. LEANA, Carrie R. Leana is a business administration professor at the University of Pittsburgh's Katz Graduate School of Business and co-author of "Coping with Job Loss: How Individuals, Organizations and communities Respond to Layoffs" (Lexington, 1993)
The trouble with corporate restructuring is not simply that firms are overdoing it, cutting staff to the point of "corporate anorexia." Nor is it simply, as some critics charge, that greedy companies are fattening their profits at the expense of laid-off employees.
NEWS
January 24, 1998 | RALPH VARTABEDIAN, TIMES STAFF WRITER
In a sharp and unexpected blow to the Southern California aerospace industry, Raytheon Co. announced Friday that it will eliminate 5,200 jobs at facilities stretching from Santa Barbara to San Diego during the next two years. The brunt of the cuts will fall on the former Hughes Aircraft enclave in El Segundo, where several major buildings will be vacated, some manufacturing operations shipped out of state and 1,100 employees will lose their jobs. Layoffs will start next month.
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