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Stock Market & Financial Investment News

News Breaks
April 25, 2014
08:33 EDTBIDSotheby's to mail letter to shareholders, again urges vote for director nominees
Sotheby's announced that it is mailing a letter to its shareholders in connection with the upcoming 2014 Annual Meeting, highlighting its beliefs that Sotheby's continues to deliver strong financial performance and superior value creation; Sotheby's preliminary results for Q1 demonstrate successful execution; Mr. Loeb has offered no strategy to create value and has made no case that change is warranted at Sotheby's; and Loeb's pattern of disruptive behavior has negatively impacted Sotheby's business and relationships.
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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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