Virginia
Businesses in the News
Cutbacks
and Closings
| Have
News to Report? |
For
the Record is
compiled from company releases, business
journals and newspaper reports from around
the state. If you have an item for these
listings:
• Mail it to:
For the Record
Virginia Business Magazine
P.O. Box 85333
Richmond, VA 23293
• E-mail it to ForTheRecord@va-business.com
• Fax it to (804)
649-6311 |
Webb Furniture Enterprises,
a Galax furniture manufacturer, announced plans
to lay off 151 of its 691 workers, effective June
28. The work force reduction will affect two of
the company’s four plants. The company attributed
the move to low-priced imports from China in the
bedroom furniture market. (04/29/04, The Roanoke
Times)
Capital One, a McLean-based
financial services company, announced plans
to reduce its work force by as much as 20 percent,
or 3,400 workers, over the next 18 months. Most
of the cuts are expected to impact the Richmond
area where over half of the company’s
employees work. In the past two years Capital
One reduced staff by 11 percent; the company’s
costs have been said to be as much as 20 percent
more than competitors Citibank and American
Express. (04/28/04, Richmond Times-Dispatch)
Tredegar Corp., a Richmond-based
manufacturer of plastic films and aluminum extrusions,
announced plans to close its Aurora, Ontario,
plant and transfer its business to other operations
in Ontario. The plant employs 110 people and is
scheduled to close by January 2005. The move is
expected to reduce operating costs by $2 million.
(04/14/04, Richmond Times-Dispatch)
Vaughan Furniture, a
furniture manufacturer headquartered in Galax,
plans to close its plant in Johnson City, Tenn.,
in June, resulting in the loss of 200 jobs.
Continued strength of imported furniture in
the U.S. market was cited for the move. (04/13/04,
The Roanoke Times)
DuPont, a chemical products
manufacturer, will reduce its Richmond-area
workforce by laying off 20 workers and through
the retirements of about 100 more employees.
The move comes as part of a companywide effort
to trim costs by $900 million by eliminating
3,950 jobs and closing a plant in Canada.
(04/13/04, Richmond Times-Dispatch)
