Employment Services
Heidrick & Struggles International, Inc. Announces Restructuring; Sees Charges In Q4 2011
Heidrick & Struggles International, Inc. announced strategic initiatives and management changes designed to strengthen the Company and better position it for long-term success. The Company expects to realize approximately $20 million to $25 million in annualized savings from the strategic initiatives. Key elements of the strategic initiatives include: Reducing the company's global workforce by approximately 10%; Decreasing real estate expenses and support costs by consolidating or closing 13 of the Company's smaller locations across its global network, predominantly in the EMEA region (Europe and Middle East); and Strengthening the Company's regional operational management to complement its existing industry practices. The Company expects to record a one-time pre-tax restructuring charge of approximately $18 million during the 2011 fourth quarter related to its strategic initiatives. The charge primarily relates to employee termination costs, the majority of which will be paid in the 2011 fourth quarter, but a portion of the charge relates to the closing of several of its smaller offices. The Company expects to record a one-time pre-tax restructuring charge of approximately $18 million during the 2011 fourth quarter related to its strategic initiatives. The Company expects to partially offset the restructuring charge with savings that will be realized during the 2011 fourth quarter.
Savile Group Plc Announces Update Regarding 7 Days Limited
Savile Group Plc announced that following the resignation of Louise Palmer announced yesterday as a Director of the Company and as CEO of 7 Days Limited, the Board met to consider the future of its subsidiary, 7 Days Limited. The recent performance of 7 Days Limited has been very disappointing and its prospects remain uncertain. The Board considered various options, including injecting new capital and supporting the business under new leadership. However, given the subsidiary's current financial position, prospects and potential future liabilities, the Board concluded that it was not in the best interests of the Group to provide the projected working capital required going forward. As a result, the board of 7 Days Limited has resolved to appoint a liquidator. This is expected to have an impact on the preliminary results for the year ended June 30, 2011, which were due to be released this week, relating to the carrying value of 7 Day Limited. As a result, the release will be delayed and a further announcement will be made when practicable.
USG People NV To Lay Off 3,900 Staff and Close Down 34 Offices-DJ
Dow Jones reported that USG People NV will lay off 3,900 staff and close 34 of its 614 offices in the Netherlands. The measure should cut structural costs of the Company by EUR 27 million on an annual basis. In the second half of 2011 savings of EUR 11 million should be achieved. USG People budgeted EUR 16 million in the second quarter of 2011 for costs involved with closing down offices and laying off staff and EUR 3 million for the second half of 2011. As a part of the operation IT activities will be outsourced.
Markets
- Sectors
- U.S.
- Europe
- Asia
Sector Summary
| Energy |  +1.48% |
| Basic Materials | +0.79% |
| Industrials | +1.36% |
| Cyclical Goods & Services | +1.05% |
| Non-Cyclical Goods & Services | +0.33% |
| Financials | +1.07% |
| Healthcare | +0.42% |
| Technology | +1.13% |
| Telecoms | +0.65% |
| Utilities | +1.25% |
| DOW | 15,354.40 | +121.18 |
+0.80% |
| S&P 500 | 1,667.47 | +17.00 |
+1.03% |
| NASDAQ | 3,498.97 | +33.72 |
+0.97% |
| TR US Index | 151.30 | +1.53 |
+1.02% |
-0.63Analyst Research
| Report Title | Price |
|---|---|
|
Provider: Edison Investment Research
|
$10.00
|
|
Provider: Edison Investment Research
|
$10.00
|
|
Provider: GlobalData
|
$125.00
|
|
Provider: GlobalData
|
$125.00
|
|
Provider: Pechala's Reports
|
$15.00
|
NYSE and AMEX quotes delayed by at least 20 minutes. NASDAQ delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
