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Stock Market & Financial Investment News

News Breaks
March 28, 2014
16:46 EDTBIDThird Point urges Sotheby's stockholders to vote for Third Point board nominees
Third Point's Daniel Loeb wrote in a letter to Sotheby's stockholders, "We urge you to elect the Third Point nominees to the company’s board because we believe that election of new members to the board would be beneficial to the company and its stockholders. We believe that the Third Point nominees will bring to the board necessary and valuable experience in corporate restructuring, optimizing capital allocation, cultivating relationships with luxury customers, and unlocking value for stockholders."
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July 18, 2014
14:29 EDTBIDSotheby's board approves restructuring plan, sees $13M related charge in Q3
Sotheby's disclosed in a regulatory filing that on July 16, 2014 the executive committee of the company's board of directors approved a restructuring plan principally impacting Sotheby's operations in the United States and the United Kingdom. The restructuring plan is the result of a strategic review conducted by management and will result in the reallocation of resources to collecting categories and regions with the highest growth opportunity in the future. The restructuring plan is expected to result in employee-related restructuring charges in the range of approximately $13M recognized in Q3 and the corresponding headcount reductions are expected to be fully implemented by the end of 2014. "Sotheby’s will provide specific guidance on the anticipated cost savings in due course; upon full implementation, management expects a net benefit to Sotheby’s cost base as a result of this restructuring plan and resource reallocation," the company said.
06:39 EDTBIDSotheby's planning to lay off 'modest' number of global workforce, WSJ reports
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