Sunday, January 25, 2009

Lafayette firm snaps up state ESOP aid

Some interesting business news from The Indianapolis Business Journal: Lafayette firm snaps up state ESOP aid:

"Lafayette-based Radian Research Inc. is the first participant in a state initiative that helps companies become employee-owned.

Radian received $3.6 million in financing yesterday from the state to make the transition. State Treasurer Richard Mourdock created a program that has $50 million available to companies."
Especially on a day with these kind of headlines:

Pendleton sign of the times: “The economy won”

According to Town Manager Doug McGee, the closure of one Pendleton shop is to be expected in the downtown’s destination strip.

What’s less acceptable, he said, is the wave of closures seen across Pendleton in the past three weeks.

In all, five Pendleton businesses have closed or announced that they are closing since Christmas. They are Twigs, Daisy J’s, Mud Puddlz, Tadpoles and Evey’s Home and Garden.

On Thursday, Daisy J’s was still open but had slashed its merchandise by 40 to 60 percent hoping to liquidate and walk away without too many losses.
GM, dealers to discuss closing shops
NEW ORLEANS -- General Motors Corp.'s dealers, who've privately been making decisions about whether to try to stay open in the suffering economy or just close shop, will get their chance to meet with the automaker this weekend about its plans to slash dealerships by nearly 30% over the next three years.

GM plans to hold closed-door meetings with its franchisees during the annual National Automobile Dealers Association convention -- the first since the automaker received approval of $13.4 billion in federal loans that call for the company to make changes to several areas of the business, including its dealer network.

"There's a concern," said John McEleney, a GM dealer from Clinton, Iowa, who is the incoming NADA chairman. "No matter what, there's going to be change."
Toyota might cut 1,000 jobs: report

TOKYO -- Toyota Motor Corp. is considering cutting more than 1,000 full-time jobs in North America and the United Kingdom to cope with faltering global demand, a news report said Friday.

The details of the job cuts will likely be finalized by the end of the month, said the Nikkei, Japan's top business daily, citing an unnamed senior company official. Japan's top automaker could slash more jobs in other regions if global auto sales continue to slump, the daily said.

Toyota spokesman Yuta Kaga declined to confirm the report, saying nothing had been decided.

Hit by the collapse in demand for cars, Toyota is expecting to incur its first operating loss in 70 years. The company on Tuesday tapped Akio Toyoda, grandson of the Japanese automaker's founder, as president, paying homage to its roots amid a deepening global downturn.
More cuts for Wabash National

Honda supplier lays off 100

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