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Facility Closures & Downsizings: Build-A-Bear Closing Up to 60 Stores

Also: UBS Cutting 10,000 Jobs; Navistar To Close TX Plant; Layoff 900; and 34 more Property Leads
October 30, 2012
Build-A-Bear Workshop Inc., an entertainment retailer, plans to close 50 to 60 stores in fiscal 2013 and 2014 to reach its optimal store count of 225 to 250 stores. These select store closures are expected to transfer approximately 20% of sales to other stores in the same markets.

At quarter end, the St. Louis, MO-based company operated 351 stores -- 283 traditional stores and 10 non-traditional stores in North America and 58 traditional stores in Europe.


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The company expects capital expenditures to be $18 million in fiscal 2012 to support the update and repositioning of stores as well as investment in infrastructure. In fiscal 2012, the company will close nine stores, including certain non-traditional locations, and remodel 14 stores, including five stores in its new design. The company will open five new stores across geographies including one store in its new design.

In the last three months, the company closed three stores across geographies.

For its third quarter ended Sept. 29, Build-A-Bear reported an 11.9% decrease in revenue from a year ago. It reported a net loss of $4.3 million.

"Clearly we are disappointed with the quarter's results. We were up against a difficult comparison from last year when product tied to the theatrical release of the Smurfs led to incremental traffic and transaction growth throughout the quarter. However, we made progress on our key strategies which build on the foundation for our future," said Maxine Clark, Build-A-Bear Workshop's "chief executive bear."


UBS Cutting 10,000 Jobs


UBS is accelerating its plans to cut costs by further sharpening its focus in investment banking by concentrating on its traditional strengths in advisory, research, equities, FX and precious metals and by exiting business lines, predominantly those in fixed income that have been rendered uneconomical by changes in regulation and market developments.

UBS will reduce costs significantly by cutting 10,000 employees. By 2015, UBS is likely to have a headcount of around 54,000.

Of those being let go, about 4,500 of them will be in London and 3,000 in the U.S. About 2,500 positions are being eliminated in Switzerland, where UBS is based, according to UBS.

About 5,500 of the layoffs will be in the back office and 2,000 will be in the front office including investment bankers. It is unclear where the rest of the cuts will be.

"The strong progress we have made over the last 12 months allows us to begin implementing this next phase of our strategy," said Sergio P. Ermotti UBS Group CEO." We are ahead of schedule in our plans to build additional capital strength and reduce both costs and risk-weighted assets."


Navistar To Close TX Plant; Layoff 900


Navistar International Corp. intends to close its Garland, TX, truck manufacturing operation as part of its efforts to reduce costs and optimize its manufacturing footprint.

Navistar intends to cease operations at the Garland facility by the first half of 2013.

"Closing a facility is always difficult because of its impact on the many great people who've been part of our company," said Troy Clarke, Navistar president and COO. "But the fact is that Navistar has too much manufacturing capacity in North America and we must take quick action to improve our business and position the company for long-term success."

The Garland facility currently employs approximately 900 salaried, hourly and third party temporary workers.

Truck volume now produced at Garland will transition to other North America operations that currently build similar models beginning in January 2013.

Once completed, the Garland closure is expected to reduce Navistar's operating costs by $25 million to $35 million annually.


Additional Facility Closures & Downsizings




Sheet1

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CompanyAddressCityStateClosure or LayoffNo. of LayoffsImpact Date

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Ricoh Americas115 Glastonbury Blvd.GlastonburyCTLayoff5711/29/2012

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Maxum Petroleum20 Horseneck LaneGreenwichCTClosure64Immediately

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SunStream Inc.The Resort at Marina Village, 5951 Silver King Blvd.Cape CoralFLUnknown20212/13/2012

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CCS Medical14255 49th St., N., Suite 301ClearwaterFLUnknown8212/3/2012

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Kmart Store4645 Blanding Blvd.JacksonvilleFLUnknown831/20/2013

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Van Ru Credit Corp.8550 Ulmerton Road., Suite 225LargoFLUnknown6612/31/2012

.

Kmart Store1000 Missouri Ave.LargoFLUnknown521/6/2013

.

Sears Holdings9405 W. Colonial DriveOcoeeFLUnknown871/23/2013

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PDM Bridge211 Comfort RoadPalatkaFLUnknown3612/10/2012

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Kmart Store4211 Mobile HighwayPensacolaFLUnknown691/20/2013

.

Transamerica Life Insurance570 Carillon PkwySt. PetersburgFLUnknown961/2/2013

.

US Foods, Inc.3031 N. Rocky Point Drive, W.TampaFLUnknown251/4/2013

.

United Space Alliance1102 John Glenn Blvd.TitusvilleFLUnknown30412/7/2012

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Amsted Rail Inc4831 Hohman Ave.HammondINLayoff9412/17/2012

.

Sinful Colors10721 Tucker St.BeltsvilleMDClosure1171/1/2013

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Human Genome Sciences14200 Shady Grove RoadRockvilleMDLayoff9712/15/2012

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TE Connectivity1187 Park PlaceShakopeeMNUnknown15011/14/2012

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Embassy Suites1701 E. 12th St.ClevelandOHClosure10812/10/2012

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Skillsoft5500 Glendon Court, Suite 200DublinOHClosure7512/5/2012

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Ryder6200 Commerce Center DriveGroveportOHClosure5712/17/2012

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Exel Inc.6700 Port RoadGroveportOHClosure1021/1/2013

.

Morton Salt5200 Headlands RoadPainesvilleOHLayoff4410/15/2012

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Elder-Beerman1475 Upper Valley PikeSpringfieldOHClosure401/13/2012

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M & M Restaurant Supply1015 New York Ave.ToledoOHClosure10512/9/2012

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Rubbermaid999 Akron RoadWoosterOHClosure6212/21/2012

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Boise White Paper1300 Kaster RoadSt. HelensORLayoff10612/31/2012

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Strayer University14200 Park Meadow DriveChantillyVAClosure6112/14/2012

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Money Mailer221 Progress WayFranklinVAClosure721/30/2013

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Kurz-Kasch1222 Seymour DriveSouth BostonVAClosure5912/14/2012

.

Draper Valley Holdings600 SW 7th St.RentonWALayoff6612/7/2012

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APS Healthcare300 N. Executive Drive, Suite 300BrookfieldWILayoff133Immediately

.

Allstate Insurance1850 Ludden DriveCross PlainsWIClosure21412/31/2012

.

Silgan ContainersN90 W14600 Commerce DriveMenomonee FallsWILayoff3812/1/2012

.

Milwaukee Wyndham4747 S. Howell Ave.MilwaukeeWIClosure13312/22/2012



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