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Stock Market & Financial Investment News

News Breaks
April 2, 2014
08:12 EDTBIDSotheby's urges shareholders to vote for company director slate
Sotheby's announced a letter to shareholders in connection with the company's 2014 Annual Meeting of Shareholders, which will be held on May 6, urging shareholders to vote for the company's 12 director nominees. In the letter the company stated: "We believe your Board of Directors has the skills and expertise necessary to continue Sotheby's track record of success. Your Board is independent, active, engaged and focused on further increasing shareholder value. In contrast, we believe the interests of Sotheby's shareholders would be compromised if Third Point LLC is successful in replacing any of the members of your Board with any of its hand-picked nominees."
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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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