Thread: Goodyear To Close 92 Stores, Cut Jobs

Goodyear to Close 92 Stores, Cut Jobs
AP

AKRON, Ohio (Aug. 20 ) -Tire maker Goodyear Tire & Rubber Co. said Tuesday it will close 92 underperforming stores by the end of the year in a bid to boost profit in its U.S. operations.

The company said the locations are not producing "acceptable returns."
Goodyear said by closing those stores, it will be able to focus on locations with "the best long-terms potential."

The company added it will not announce the locations set to be closed until it has been able to communicate with the 500 full-time and 100 part-time employees who will be affected.

The closures will result in after-tax charges of about $30 million. About $15 million of those charges will be recorded in the third quarter, the company said.

Goodyear said shutting the stores will eliminate losses of about $9 million annually from the stores.

Goodyear shares fell 6 cents to $20.12 in electronic after-hours trading. During regular trading, the shares dropped 70 cents, or 3.4 percent, to close at $20.18.

http://money.aol.com/news/articles/_a/b ... 1200407768

Great..... I know we've had 2 strong grocery stores here go the route of knocking off 1/2 their registers and going to "do it yourself." No lower prices, just quite a few less jobs.

How sad. More American jobs lost. I wonder if Goodyear will pop up in other countries now.