Following a tumultuous year of declining sales as a result of its emissions-cheating scandal, today Volkswagen agreed to cut 30,000 jobs at the core VW, roughly 5% of its global salesforce of 624,000. After months of intense talks, labor and management agreed on a package to balance cost-cutting with investment as the auto industry shifts away from traditional combustion engines and adapts to car-sharing services and self-driving technologies.
The strategy adopted by Sears Holdings Corp (SHLD) to fund its liquidity needs and create value for its shareholders doesn’t seem to be raising investors’ sentiments any more. Sears has been continuing with its strategy to close downs stores for quite some time now.
The Competition and Markets Authority (CMA) faced sharp criticism from consumer groups and challenger banks after it announced a package of retail banking reforms that it was claimed leave too much power in the hands of the high-street giants reports The Telegraph.
Richard Lloyd, executive director of Which?, branded the inquiry “weak” and claimed it will “leave it to consumers to change uncompetitive markets” as he called for reform to the CMA itself.
“Buy local” is a common refrain in grocery store aisles and at farmers markets, and now construction companies are chiming in, as an industry group sounds the alarm over the bundling of light rail transit lines into a “mega-project” they say will exclude smaller Ontario firms and cost taxpayers an extra $500 million.
In hopes of reducing the impact of Obamacare, Olive Garden and Red Lobster are reducing hours and studying the impact.
Right now, this is just a small test, involving only four stores. However, if large chains are testing in that direction, no doubt other companies are doing the same. I also suspect smaller chains have already shifted to that model completely.