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Capital One will shed 2, 000 jobs to cut costs
By Times staff and wires
Published June 28, 2007
CHARLOTTE, N.C. - Capital One Corp. said Wednesday it expects to eliminate about 2, 000 jobs, or a little more than 6 percent of its work force, throughout the company as part of a cost-cutting program to save $700-million by 2009. The McLean, Va., credit card and banking company expects to incur $300-million of pretax charges for the restructuring, including $90-million this quarter and $200-million in 2007. These charges are expected to reduce after-tax profit by 15 cents per share this quarter, and 33 cents per share in 2007. Guitar Center takes $1.9B offer
WESTLAKE VILLAGE, Calif. - Guitar Center Inc., the largest U.S. musical instrument retailer, said Wednesday its board had accepted a $1.9-billion cash buyout offer from a private-equity firm. The deal with affiliates of Bain Capital Partners LLC came amid speculation that a buyout was in the works. Guitar Center had hired investment bank Goldman Sachs & Co. to explore a sale or auction. Guitar Center operates stores in Clearwater and Tampa. AIG sells its stake in Tampa tower
TAMPA - Insurance giant AIG sold its stake in 100 North Tampa, the 42-story downtown skyscraper that's the tallest on Florida's west coast. Documents filed with Hillsborough County show the buyer as Prisa 100 North Tampa LLC. The corporation lists its managing member as Plaza IV Associates, the partnership that built the skyscraper. No sales price was listed. Tech forum names new CEO, president
TAMPA - Amy Norman will be the CEO and president of the Tampa Bay Technology Forum effective Sunday. Norman, 29, is the chief operating officer and vice president. She succeeds Andy Hafer, who will direct the Emerging Companies Academy, a TBTF initiative for entrepreneurs. Microsoft suit reaches to Florida
REDMOND, Wash. - Microsoft Corp. sued 23 software distributors in California and Florida that it accused of selling pirated copies of Microsoft Windows and Office programs. Headed for the hoosegow
NEW YORK - A federal judge on Wednesday ordered Adelphia cable TV company founder John Rigas and his son, Timothy Rigas, to report to prison Aug. 13, nearly three years after they were convicted in one of the largest corporate frauds in U.S. history
[Last modified June 27, 2007, 23:08:48]
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