NEW YORK (TheStreet) – Casual-dining restaurant chain Ruby Tuesday issued a press release last week meant to show investors that the company is taking steps to turn itself around, but what it told me is that theroad to recovery may be a long one.
Coming on the heels of worse-than-expected results for its fiscal first quarter and then the sudden resignations of the company’s chairman and a key vice president, plus a downgrade of its debt by Moody’s deeper into junk territory, the press release gave more details about the cost-cutting initiatives Ruby Tuesday is undertaking in attempts to right its ship.
In its efforts to cut $6 million from its selling, general and administrative costs beginning in 2015, the company is reviewing its cost structure. The first move will be the elimination of 50 jobs at its Maryville, Tenn., restaurant support center. Next, the restaurant chain will hire a consulting firm to help it cut cost of goods sold and other restaurant operating costs.
Map of Pennsylvania highlighting Lackawanna County (Photo credit: Wikipedia)
Lackawanna County is eliminating four more positions, bringing to 28 the number of county jobs slashed over the past two months to help balance the 2013 budget.
Cutting the four positions will save $184,837 in salaries and benefits next year, according to figures provided by the commissioners’ office.
Chief of staff Maria Elkins said Thursday the latest cuts include the elimination of a secretary’s position in the Department of Human Resources, which will result in a layoff.
Two vacant positions will also be cut, effective at the end of the year, she said. They are an accountant position in the treasurer’s office and a clerk position in the clerk of judicial records office.
Editor’s note: Kudos to Jason Bobst for trying to lead by example and forgoing a raise in 2012.
POTTSTOWN, Pa. — In a year that police officers saw a 3 percent salary increase and borough workers 2.1 percent, some borough managers and supervisors are enjoying pay increases as high as 14 percent, including a 10 percent raise for a supervisor recently convicted of drunk driving.
A review of management staff wages for 2012 shows a wide disparity in the raises provided to the non-union staff.
The information was provided to The Mercury through a Right-to-Know request made by former code enforcement director Jeff Smith.
According to the information provided by the borough, the highest increase — 14.2 percent — went to grants coordinator Erica Weekley.
Although Merck had a higher than anticipated second-quarter profit, stocks are down 2 percent and a new round of job eliminations is planned that could cut as many as 13,000 from the workforce.
Since 2009, Merck eliminated 12,500 positions but only reduced headcount by 6,000. The latest round of cuts would bring the total number of jobs eliminated by Merck to 30,000, since 2009. The workforce will drop from 91,000 (July 2011) to about 80,000. The job cuts are to be completed by 2015.
Merck makes Singulair, Januvia and Janumet (their three top-selling drugs). Singulair’s patent is expiring next year which will cut profits as generics hit the market. Adjusted earnings for Merck came to $2.95 billion, up 9 percent over last year. Revenue was $12.15 billion, up seven percent over analyst’s projections.
Time will tell what this means for the Lansdale plant.