Also: Libbey Re-Signs HQ Lease, Cuts Staff; Piccadilly Restaurants Files Ch.11; and more
Energizer Holdings Inc. is looking to energize its operating model by cutting costs.
The St. Louis-based battery manufacturer's plans include the following.
· Manufacturing facility rationalization, including support infrastructure, in the Household Products division;
· Reduction of the global workforce; and
· Reduction in overhead spending.
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Energizer expects to achieve gross annualized pre-tax cost savings of $175 million to $200 million.
The company has not provided details of the downsizings, saying that those will come in its initial financial outlook for 2013 during the fiscal fourth quarter earnings call in November.
Libbey Re-Signs HQ Lease, Then Cuts Staff
After it signed a 15-year lease for new corporate headquarters, Libbey Inc. announced an additional reduction-in-force of its U.S. salaried staff, bringing the total planned reduction, including those announced in July 2012, to approximately 9% of its global managerial, professional and administrative workforce.
As part of its strategic plan to increase efficiency the company also announced modifications to its retirement benefits for its U.S. salaried associates. Libbey will freeze company contributions to its cash balance pension plan for U.S. salaried associates as of January 1, 2013.
Last month, Libbey signed a 15-year lease to keep its global corporate headquarters at Edison Plaza in downtown Toledo, OH.
The State of Ohio awarded Libbey a $1 million economic development grant for capital improvements and a $200,000 grant to enable Libbey to provide additional workforce training.
Libbey has also extended its lease with the City of Toledo for its Libbey Glass Factory Outlet store at the Erie Street Market and its lease with CAD Properties for its Libbey Glass Showroom at 335 N. St. Clair.
Piccadilly Restaurants Files Chapter 11
After debt restructuring talks broke down with its lender, Atalaya Capital Management, a New York-based vulture fund, Piccadilly Restaurants LLC filed for Chapter 11 bankruptcy reorganization.
Piccadilly learned of an aggressive legal maneuver by Atalaya against the company. In response to the action, Piccadilly filed Chapter 11 to protect its value.
Thomas J. Sandeman, CEO of the Baton Rouge, LA-based Piccadilly Restaurants, noted that the filing was unexpected but unavoidable due to the litigation on the part of Atalaya.
A commitment for debtor in possession financing of up to $5 million has already been put in place, providing the company with liquidity.
While the current recession has negatively affected operations and cash flow, the company continues to produce positive EBITDA results and within the last year has doubled sales of its food service division, Sandeman said.
Piccadilly Restaurants has nearly 80 restaurants and over 70 food service operations and employs 3,500 people.
|Company||Address||City||State||Closure or Layoff||No. of Workers Impacted||Impact Date|
|Wellpoint @ Empire Blue Cross Provider Services||11 Corp Woods Blvd.||Albany||NY||Closure||72||12/8/2012|
|Delfingen||11 Railroad Ave.||Arcade||NY||Closure||37||12/1/2012|
|Badger Technologies||5829 County Road 41||Farmington||NY||Closure||95||8/13/2012|
|United Technologies Corp.||950 Danby Road, Suite 100||Ithaca||NY||Closure||78||12/21/2012|
|Baker Victory Services-Intermediate Care Facility||790 Ridge Road||Lackawanna||NY||Closure||143||10/31/2012|
|Northrop Grumman Systems||65 Marcus Drive||Melville||NY||Closure||44||11/30/2012|
|Wellpoint @ Empire Blue Cross and Blue Shield||85 Crystal Run Road||Middletown||NY||Closure||36||12/8/2012|
|Saks Incorporated-Food and Beverage Services||611 Fifth Ave.||New York||NY||Closure||85||10/6/2012|
|Paragon Systems||At The Statue of Liberty and Battery Park||New York||NY||Closure||76||10/1/2012|
|Buckley Radio/Buckley Broadcasting/WOR||111 Broadway, 3rd Floor||New York||NY||Closure||73||11/11/2012|
|TPG Contract Services operating at the Moda Restaurant||135 W. 52nd St.||New York||NY||Closure||38||10/17/2012|
|The 152 Operating LLC/Tad's Steaks||152 W. 34th St.||New York||NY||Closure||28||11/2/2012|
|152 W 34 Inc., Pizza Hut/Tim Horton's||152 W. 34th Street||New York||NY||Closure||22||11/2/2012|
|Seedco||915 Broadway||New York||NY||Closure||15||12/15/2012|
|American Resort Management at the Holiday Inn Rochester Airport||911 Brooks Ave.||Rochester||NY||Closure||135||10/24/2012|
|SkillSoft Corp. / Element K Corp.||500 Canal View Blvd.||Rochester||NY||Layoff||115||1/31/2013|
|Tapecon Inc.||10 Latta Road||Rochester||NY||Closure||29||11/29/2012|
|Matrix Medical Network Community Care Health Network||50 Charles Lindberg Blvd.||Uniondale||NY||Layoff||48||11/2/2012|
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