Weyerhaeuser records loss, to cut 1,500 jobs
Forest products giant Weyerhaeuser saw losses of $96 million in the second quarter, swinging from net income of $32 million in the same period last year.
As part of an ongoing plan to reduce the company’s work force and focus on timberlands and wood products operations, Weyerhaeuser said it will cut 1,500 jobs, including approximately 1,000 jobs at the company’s Federal Way, Wash.-based headquarters. Some of the job cuts started this week, and will continue into 2009, the company said.
“We’ve started restructuring our corporate support staff to meet the needs of our more tightly focused company,” CEO Dan Fulton told investors at the company’s second-quarter earnings call. “As we move forward, we will continue to pursue other opportunities to streamline the organization.”
The job cuts come on the heels of the company’s sale of its containerboard packaging operations to International Paper, a deal that closed last week, and also its sale of the fine papers business to Domtar last year.
Hackett’s opens 10th location
Ogdensburg, N.Y.-based Hackett’s, a chain of department stores with full service hardware departments, opened its 10th location on Aug. 2 in Sackets Harbor, N.Y.
Hackett’s is one of the nation’s oldest retailers with roots dating back to 1830. Each store contains a full service True Value hardware department with traditional hardware, tools, plumbing, paint and electrical departments.
Other departments in the stores include men’s, women’s and children’s brand name apparel, athletic, casual and work footwear, home decor, gifts, seasonal merchandise and sporting goods.
The official grand opening, which includes door prize giveaways and other special promotions, is scheduled for Aug. 6 and will continue through the weekend.
“We were very pleased with the opening of the new location, and we received positive feedback from the customers that visited the store,” said Norm Garrelts, president of Hackett’s.
Third-quarter losses narrower at D.R. Horton
D.R. Horton recorded narrower — but still significant — losses in the third quarter. The home builder, one of the largest in the United States, lost $399.3 million in the period, compared with $823.8 million in losses in the same period last year.
The company took a $500 million charge for write-offs and folded land options contracts. In all, revenue from home and lot sales totaled $1.43 billion, down 43.9 percent from $2.55 billion in the same period.
“Although market conditions in the home-building industry remain challenging, we continue to focus on reducing our inventory and generating cash flow from operations,” said Donald R. Horton, chairman of the company’s board of directors, in a statement.
The company’s sales backlog of homes under contract as of June 30 was 8,281 homes, worth an estimated $1.9 billion. That’s significantly lower than the 15,801, worth around $4.4 billion, at the same time last year.
D.R. Horton has operations in 80 markets in 27 states.