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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.
News For BID From The Last 14 Days
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November 24, 2014
14:17 EDTBIDSotheby's upgraded to Outperform from Perform at Williams Capital
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November 21, 2014
10:34 EDTBIDSotheby's gaps up, runs higher, as CEO Ruprecht steps down
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09:17 EDTBIDOn The Fly: Pre-market Movers
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07:20 EDTBIDSotheby's CEO change positive, says Stifel
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November 20, 2014
17:28 EDTBIDSotheby CEO William F. Ruprecht to step down
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November 19, 2014
12:25 EDTBIDChanos says risks are rising for Sotheby's, Bloomberg reports
Bloomberg cites comments made by Jim Chanos of Kynikos Associates at the Sohn London conference. Shares of Sotheby's are down 1.5% in afternoon trading.
November 12, 2014
10:39 EDTBIDSotheby's contemporary art results 'decent,' says Barrington
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November 11, 2014
06:23 EDTBIDSotheby's sells Mellon collection pieces for $158.7M, WSJ reports
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