Extra time: Port strike still looms
Both sides of a West Coast labor dispute are entering extra time as the contract between the Pacific Maritime Association and the International Long Shore and Warehouse Union officially expired June 30.
As expected, both sides are negotiating in an effort to avoid the economic damage from a costly strike on the docks that, according to a recent study, could cost as much as $2.5 billion per day.
That arresting estimate comes from a new report conducted by National Retail Federation and the National Association of Manufacturers. “The National Impact of a West Coast Port Stoppage,” in its summary states: “If no new agreement between the ILWU and the PMA is reached and disruptions across 30 West Coast ports take place, the economic consequences would be significant and widespread.”
The report does the math and concludes:
• A 5-day strike scenario would reduce GDP by $9.4 billion;
• A 10-day closure would cost $21.2 billion; and
• A 20-day disruption would hurt to the tune of $49.9 billion.
Tile Shop takes on new CFO
Tile Shop has elected a new CFO, who will be joining the company from Best Buy, Inc. and replacing Timothy Clayton, who is leaving to pursue another opportunity.
Kirk Geadelmann, who was most recently serving as the corporate and international controller at Best Buy, will bring 23 years of experience to bear on his new role with Tile Shop. His skillset is specialized for financial and operational responsibilities within the retail industry, specifically in business planning, performance management, financial accounting and SEC reporting. He has also worked for BMC Manufacturing, Arthur Andersen, Allianz Insurance and Coopers & Lybrand.
“Kirk is a respected financial leader, and he will be a strong addition to our executive team,” said Robert Rucker, Tile Shop CEO. “Kirk has deep roots in finance and has a proven track record in the retail industry. In addition, Kirk’s prior experience working directly with our COO and auditors will enable him to quickly assimilate into the Company. We are excited that he has agreed to join The Tile Shop and are confident in his ability to oversee our financial affairs.”
Geadelmann will be transitioning into the role on August 12, 2014, with Clayton remaining on board for a short interim period to help hand over his responsibilities.