US-based Apogee Enterprises Inc. said it plans to close 40 of its automotive glass stores and cut more than 50 jobs in an effort to reduce costs by at least US$ 10 million a year.
The Minneapolis, M…
US-based Apogee Enterprises Inc. said it plans to close 40 of its automotive glass stores and cut more than 50 jobs in an effort to reduce costs by at least US$ 10 million a year. The Minneapolis, Minnesota glassmaker cited competitive pricing pressures in its US$ 380-million-a-year automotive glass business for the cuts. It expects a loss from the operations for the fourth quarter of fiscal year 2000, ending February 26. For all of fiscal 2000, Apogee said, earnings from continuing operations are expected to break even, compared with earnings of 71 cents a diluted share a year earlier. The 40 stores to be closed by the end of fiscal 2001 are in addition to the 13 facilities already closed this fiscal year. The company said its stores currently number in the mid-300s. The job cuts affect 13% of automotive glass headquarters staff and 2% of field staff.