Potlatch lays off 102
Lumber producer Potlatch said it has temporarily laid off 102 employees from its lumber and cedar operations in Lewiston, Idaho.
The company blamed the steep drop-off in sales in the housing market for the move. In all, the company employs about 3,500 people in Arkansas, Idaho, Minnesota and Wisconsin.
Earlier this year, Potlatch opted to close a lumberyard in Prescott, Ark., impacting 182 jobs at that facility.
The Spokane, Wash.-based company plans to release third-quarter financial results on Oct. 23.
Appeals court dismisses Home Depot classaction
Home Depot counted a victory in appellate court this week, following a decision by the 11th Circuit Court of Appeals to dismiss a two-year-old fraud class-action lawsuit.
The plaintiffs, all investors, had alleged that Home Depot executives were responsible for inflating its revenues artificially.
The primary plaintiff, the retirement board of Bucks County, Pa., alleged executives at Home Depot made misleading statements that improperly inflated financial results, and other violations under the Private Securities Litigation Reform Act of 1995.
The appellate court unanimously ruled that the class action did not meet the “stringent” requirements of the Reform Act.
Menards plans new store in Northern Illinois
Menards plans a new location in the town of New Lenox, Ill., part of a development that also features a Walmart store, a total 450,000-square-foot retail shopping center.
New Lenox, Ill. is located in the north central part of the state, just west of Joliet, Ill.
City officials welcomed the development at a recent groundbreaking event, saying it is a move that would help local economic development initiatives.
The Menards location is set to be a 240,000-square-foot “Mega Store.” Construction is expected to start on the site in spring of 2009, with an opening planned in 2010. Alongside that, a smaller 176,400-square-foot Wal-Mart Supercenter is planned.