Also: Tenn. Actions Could Close HRC Facilities across the Country; Going Black: Tully's Coffee Files Ch11; and more
FedEx Corp. announced programs targeting annual profitability improvement of $1.7 billion during the next three years.
In a keynote speech at FedEx Corp.'s 2012 Investors and Lenders Meeting, Frederick W. Smith, FedEx chairman, president and CEO, said a significant portion of the profitability improvement will come from cost reductions at FedEx Express and FedEx Services.
He added that the profit improvement initiatives, along with the combined strength of FedEx Ground and FedEx Freight, would put FedEx on track to achieving its financial goals.
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Smith said FedEx has many cost reduction activities under way and cited an improved information-technology function as one reason FedEx will be able to meet its goal of reducing costs.
"We are revamping the Express cost structure through a combination of cost reductions, efficiency improvements, and service repositioning," Smith said.
A lot of the FedEx Express cost reductions will come through improved air operations including flight reductions. However, the company is also targeting a 3% cost reduction in salaries.
The cuts could also include facility consolidations. For example, FedEx Express president and CEO noted that the company recently consolidated five facilities in Houston into two facilities.
While the majority of the cost improvements will come from Express and Services, FedEx Ground also announced its operations and network plans for the next five years. FedEx Ground plans to add three new hubs, expand another two and relocate one hub. The group also plans to relocate 165 FedEx Ground stations.
Additional, cost cuttings will come from elimination of non-essential work and implementing voluntary buyout programs.
Tenn. Actions Could Close HRC Facilities across the Country
Tennessee's attorney general has asked a Davidson County judge to shut down a popular hormone replacement company based in Nashville and with facilities across the Eastern U.S.
The state requested the temporary restraining order and also asked that a receiver to be appointed over the corporation, and for the corporation to be dissolved.
As part of that action, the Davidson County Circuit Court ordered HRC Medical Centers Inc. (HRC) to temporarily halt certain claims and contractual practices related to its "bio-identical" hormone replacement therapy (BHRT) known as Amor Vie.
Tennessee Attorney Bob Cooper filed suit against HRC for allegedly making unsubstantiated health claims and failing to advise consumers of possible risks and side effects associated with the therapy.
Tennessee-based HRC markets and sells BHRT, claiming in its advertisements that BHRT is a "safe alternative" to traditional hormone replacement therapy.
HRC operates facilities at the following locations.
· Charlotte Hormone Replacement Center, 10512 Park Road Suite 201, Charlotte, NC.
· St. Louis Hormone Replacement Center, 12609 Olive Blvd., Creve Coeur, MO.
· Detroit Hormone Replacement Center, 28345 Beck Rd, Wixom, MI.
· Hormone Replacement Therapy Dayton / Cincinnati, 6592 Sosna Dr., Fairfield, OH.
· Grand Rapids Hormone Replacement Center, 6151 28th St. Suite 20, Grand Rapids, MI.
· Atlanta Hormone Replacement Center, 2849 Overlook Pkwy SE Ste. 380, Overlook I., Atlanta, GA.
· Columbus Hormone Replacement Center, 5920 Wilcox Place, Suite: D, Dublin, OH.
· Richmond Hormone Replacement Center, 10120 West Broad St., Suite F, Glen Allen, VA.
· Glen Burnie Hormone Replacement Center, 808 Landmark Drive, Suite 116, Glen Burnie, MD.
· Greensboro Hormone Replacement Center, 7029 Albert Pick Rd, Suite 200, Greensboro, NC.
· Hormone Replacement Therapy Greenville, 301 Halton Rd, Suite A, Greenville, SC.
· Knoxville Hormone Replacement Center, 9123 Cross Park Dr, Ste 200, Knoxville, TN.
· Hormone Replacement Therapy Lexington, 2285 Executive Drive, Suite 100, Lexington, KY.
· Louisville Hormone Replacement Center, 4010 Dupont Circle, Suite: L28, Louisville, KY.
· Raleigh Hormone Replacement Center, 4201 Lake Boone Trail, Suite# 005, Raleigh, NC.
· Hormone Replacement Therapy Tampa, 1715 N Westshore Blvd., Suite 100, Tampa, FL.
Going Black: Tully's Coffee Files Ch11
TC Global Inc. doing business as Tully's Coffee filed for Chapter 11 bankruptcy reorganization this past week is seeking to reject 19 coffeehouse property leases effectively immediately.
Tully's currently operates 48 retail coffee locations. The leases it proposes to reject are associated with locations that it determined were unprofitable. The leases for rejection are as follows
· Address Location Monthly Rent
· 4036 E. Madison Avenue Seattle, WA $4,475.00 plus CAMs
· Columbia Center, 701 Fifth Ave Seattle, WA $1,840.50
· 1401 4th Avenue Seattle, WA $14,417.95 plus CAMs
· 13100 NE 70th Place Kirkland, WA $3,990.00 plus CAMs
· 2100 North 45th Street Seattle, WA $3,563.94
· 8862 161st Ave NE Redmond, WA $8,304.50 plus CAMs
· 14481 Woodinville Redmond Rd. Woodinville, WA $5,481.00 plus CAMs
· 16349 NE 74th Place, Redmond Town Square Redmond, WA $4,500.00 plus CAMs
· 2312 North 30th Street Tacoma, WA $1,597.17 plus CAMs
· 1427 Pacific Avenue Tacoma, WA $1,431.00 plus CAMs
· 824 East Pike Street Seattle, WA $4,250.00 plus CAMs
· 4800 Jackson Rd. Port Orchard, WA $2,400.00 plus CAMs
· 4700 University Way NE Seattle, WA $4,316.00 plus CAMs
· 601 Sun Valley Road Ketchum, ID $7,216.41 plus CAMs
· 919 Cole Street San Francisco, CA $7,923.85
· 50 Post Street San Francisco, CA $3,857.37 plus CAMs
· 2 Embarcadero Center San Francisco, CA $6,132.00 plus CAMs
· 425 Market Street San Francisco, CA $3,817.00
· 2150 Shattuck Ave. Berkeley, CA $6,899.67 plus CAMs
Closures & Layoffs
|Company||Address||Closure or Layoff||Total Layoff Number||Impact Date|
|Arbor E&T (dba ResCare Workforce Services)||25 Elm Place, Brooklyn, NY||Closure||227||12/21/2012|
|Prospect Park Residence Home Healthcare||1 Prospect Park West, Brooklyn, NY||Closure||74||12/31/2012|
|Arbor E&T (dba ResCare Workforce Services)||151 Lawrence St., 4th Floor, Brooklyn, NY||Layoff||Unknown||12/21/2012|
|Capital One||One HSBC Center, Buffalo, NY||Closure||61||4Q 2012|
|Interface Sealing Solutions||9794 Bridge St., Croghan, NY||Closure||31||12/31/2012|
|SML Acquisition||4 Warehouse Lane, Elmsford, NY||Closure||188||12/31/2012|
|General Motors LLC (Fuel Cell Propulsion Research and Development/Engineering)||10-11 Carriage St., Honeoye Falls, NY||Closure||214||2/28/2013|
|Schweizer Aircraft Corp. (d/b/a Sikorsky Military Completions Center)||74 Kahler Road North; North - 17 Aviation Drive; 200 Westinghouse Circle, Horseheads, NY||Closure||573||12/31/2012|
|Loews Regency Hotel||540 Park Ave. at 61st Street, New York, NY||Closure||350||1/1/2013|
|Union Settlement Home Care||174 E. 104th St., New York, NY||Closure||367||12/10/2012|
|Pathmark||227 Cherry St., New York, NY||Closure||179||12/28/2012|
|ICD - International Center for the Disabled||340 East 24th St., New York, NY||Closure||78||12/31/2012|
|1286 RR Operating Inc. (Nathan's/Haagen Dazs/KFC/Tim Horton's (Food Court))||1286 Broadway, New York, NY||Closure||66||1/6/2013|
|Parsons Brinckerhoff||One Penn Plaza, New York, NY||Layoff||146||4/19/2013|
|Credit Suisse Securities (USA) LLC||One Madison Ave. and Eleven Madison Ave. (one site), New York, NY||Layoff||78||Immediately|
|Champion Photochemistry||Building 48 Door M, Eastman Business Park, 1669 Lake Ave., Rochester, NY||Layoff||63||Immediately|
|Pfizer||64 Maple S., Rouses Point, NY||Closure||36||12/31/2013|
|Saks Fifth Avenue||9722 Great Hills Road, Austin, TX||Closure||64||2/2/2013|
|SVTC Technologies||2706 Montopolis Drive, Austin, TX||Closure||105||11/17/2012|
|Kay and Associates Inc - Sikorsky Aerospace||380 Taxiway Bravo, Beeville, TX||Closure||45||9/30/2012|
|Cubic Applications||5665 Transmountain Drive, El Paso, TX||Layoff||496||11/30/2012|
|Exide Technologies||7471 S. Fifth St., Frisco, TX||Layoff||120||11/30/2012|
|Compucom||9702 Bissonnett, Suite 250, Houston, TX||Layoff||61||10/31/2012|
|Randstad-Capgemini Facility||1301 E. Red River, Victoria, TX||Closure||225||10/31/2012|
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