The company is also leaning on its multi-year restructuring program, 'Beauty Reimagined', to offset part of the blow. The plan, which carries an estimated price tag of $1.2 billion to $1.6 billion, combines sweeping cost cuts with a reorganization of brands and regions and a net reduction of 5,800 to 7,000 jobs, or up to about 11% of the workforce, by 2027.
The charges announced today largely reflect the cost of overestimating the pace of the energy transition that distanced us from many car buyers' real-world needs, means and desires. They also reflect the impact of previous poor operational execution, the effects of which are being progressively addressed by our new team. The company said that the charges include cash payments of 6.5bn, to be paid out over the next four years.
The company, which employs 78 people, continues to trade during the examinership process. East Coast Bakehouse said it intends to protect jobs and customer relationships. Examinership protects a business from its creditors for a limited period while it tries to put in place a rescue plan. "This has been a difficult decision, but we believe examinership offers the most constructive route to securing the future of the business," said Mr Carey.
Gerstner ran IBM from 1993 to 2002, arriving at a time when the company was under severe pressure, and its future was in doubt. IBM was losing money, the tech industry was shifting rapidly, and there was widespread expectation that the company would be broken up. Instead, Gerstner chose to keep IBM together. He pushed the company to organize around customer needs rather than internal divisions, helping reposition IBM as a provider of integrated technology and services for large enterprises. That decision became central to IBM's recovery and renewed relevance.
Chegg said it will remain a standalone public company after a year-long strategic review conducted with Goldman Sachs. The company plans to cut roughly 45% of its global workforce-about 388 roles-as part of an effort to streamline operations and refocus on skilling and workplace learning. Management expects the restructuring to reduce 2026 non-GAAP expenses by about $100-110 million, with one-time charges of $15-19 million, mostly tied to severance payments.
But now, according to a motion and an affidavit filed in U.S. Bankruptcy Court in New York, Spirit management and AerCap have resolved their disagreements and placed the airline on a clearer path toward restructuring its finances and slimming down its fleet. As part of the deal, AerCap would deliver an unspecified cash infusion to Spirit. The amount of cash involved is unknown as the figure is blacked out in the court filings, which are heavily redacted for competitive reasons.
The last few years have seen a slew of bankruptcies at popular restaurant chains, but the industry downturn is also spreading to some smaller upscale concepts. Popular chain restaurants that went bankrupt in the past year have included Bucca Di Beppo, TGI Fridays, and Red Lobster, and even chains that haven't gone bankrupt, like Denny's and Applebee's, have been closing stores. There is no one cause for the whole industry; a perfect storm of rising costs and the disruption of the pandemic has made keeping sit-down restaurants open harder than ever, and those trends also came for the vegan chain Planta.
Health and beauty retailer Bodycare is facing administration, putting over 100 stores across the UK and 1,500 jobs at risk. It is anticipated that the retailer, which was established over 50 years ago on a Lancashire market stall, will appoint administrators from Interpath Advisory as early as Friday. Bodycare, which specialises in offering skincare, cosmetics, toiletries, and fragrances, has over 1,500 employees and operates over 100 outlets nationwide.
The restructuring aims to create an integrated administrative framework for addressing California's housing and homelessness challenges, aligning programs with transportation, climate, and health policies.
