Bankrupt Mallinckrodt may still be expected to help shoulder nuclear cleanup costs
ST. LOUIS — Two sets of nuclear waste complaints against Mallinckrodt have been thrown into question in a two-week span, while the company restructures in bankruptcy court.Facing a wave of lawsuits and a $1.6 billion settlement stemming from its role in the national opioid crisis, the company with deep St. Louis roots filed for protection from creditors on Monday.While industry analysts have focused on Mallinckrodt’s future as a drugmaker, the company also faces potential liabilities for work a predecessor company, St. Louis-based Mallinckrodt Chemical Works, performed decades ago, when it pro...
St. Louis Post-Dispatch
Can canned tuna giant Bumble Bee recover from bankruptcy and scandal?
SAN DIEGO — Bumble Bee Seafoods, the 120-year-old canned tuna giant, is trying to make tinned fish cool again.With viral YouTube ads, a trendy campaign targeted toward millennials and Gen Z, and a worldwide pandemic that skyrocketed the sale of canned goods, they have a few good things going for them. But the company — shaken by bankruptcy and industry scandal that landed its former CEO in prison — has a long way to go before it can claim a complete turnaround.Earlier this year, Bumble Bee’s longtime CEO Christopher Lischewski was sentenced to three years in prison for his lead role in a lengt...
The San Diego Union-Tribune
United says 2,700 jobs it cut during the pandemic likely won't return, though it sees 'light at the end of the tunnel'
United Airlines said the 2,700 corporate jobs it has cut since the coronavirus pandemic began likely won’t return, even as CEO Scott Kirby said the airline is starting to see the “light at the end of the tunnel.”“The next 12 to 15 months are still going to be difficult and the recovery will not be a straight line. But we’ve done what we believe it takes to get through,” Kirby said during a call with analysts discussing the company’s third-quarter results. “We can see the recovery on the horizon and our attention can now be firmly focused there.”Still, United executives said they continue to be...
Wells Fargo posts $2 billion profit in the third quarter as layoffs begin
Wells Fargo returned to profitability in the third quarter, posting net income of $2 billion for the third quarter as management begins to restructure the bank and cut billions in expenses.It’s a rapid reversal from the second quarter, when the bank lost $2.4 billion, which was its first recorded quarterly loss since the financial crisis. The return to profit, though, was not as sharp as Wall Street analysts anticipated, and shares fell 4.5% in early trading.Overall revenue at the San Francisco-based bank fell to $18.9 billion from $22 billion in the second quarter, according to its Wednesday ...
The Charlotte Observer
Airline contractors received CARES Act funding, but still cut jobs
The CARES Act funding approved by Congress for the aviation industry was meant to preserve jobs, but didn’t prevent some layoffs and furloughs by airline contractors, an investigation found.While lawmakers consider another round of federal pandemic aid, they are asking the companies awarded money to stop cutting workers.Atlanta-based DAL Global Services, which does contract work for Delta Air Lines and other carriers, is one of 15 companies that got federal stimulus funding but still furloughed or laid off workers, according to a U.S. House subcommittee investigation of the Payroll Support Pro...
The Atlanta Journal-Constitution
Liam Neeson tapped his working mum's layoff to stoke a righteous anger in 'Honest Thief'
The list of revenge targets in “Honest Thief” is long — this is a Liam Neeson action movie after all — but it all starts with banks.Neeson plays a man who robs a bank because of the way its executives mistreated his father, a story element the actor responded to on a deeply personal level.For Neeson, raised in Ballymena in Northern Ireland, it reminded him of the way his mother, Kitty, was laid off just short of qualifying for the modest pension she’d been working toward, one of the reasons she toiled in the same low-wage job for three decades.“My mom, who just passed away a couple of months a...
The Philadelphia Inquirer
Delta Air Lines reports $5.4 billion quarterly loss
ATLANTA — Delta Air Lines booked a net loss of $5.4 billion in the third quarter as the company spent billions on buyouts and early retirement packages to cut its workforce and remove hundreds of airplanes from its fleet.About 18,000 employees took buyouts or early retirements, and CEO Ed Bastian said he expects administrative staffing, including at Delta’s Atlanta headquarters, to be about 25% smaller.“Those are long-term charges that we are getting behind us,” Bastian said in an interview with The Atlanta Journal-Constitution.The moves are expected to help the company reduce how much cash it...
The Atlanta Journal-Constitution
Got stamps? Pandemic is fueling a boom in greeting card sales and some are pretty cheeky
Early this year, Lynda Junge watched her Downers Grove, Ill., wedding invitation business grind to a halt as the coronavirus pandemic caused couples to postpone their nuptials.On a whim, she designed a handful of Mother’s Day cards for her business, Greenstar Paperie, riffing on social-distancing and other related themes. She posted the cards to the online marketplace Etsy and started hearing cash register-like notifications on her smartphone.“They went off like crazy,” she said.Among her bestsellers are cards that say, “Hi friend, this is your snail mail sanity check. You good?” and “Waving f...
Rural vacation towns made it through the summer. Now what?
DENVER — The pandemic hit Colorado’s ski towns first. As spring breakers headed to the slopes, they brought the coronavirus with them. Democratic Gov. Jared Polis shut down the state’s ski resorts in March, triggering a wave of furloughs and layoffs in mountain towns.Some resorts didn’t reopen to tempt tourists with summer gondola rides and alpine coasters until July. Meanwhile, public health orders forced event organizers to cancel weddings, conferences and marquee events from music festivals to Oktoberfest celebrations.But despite all the closures and cancellations, summer visitors came anyw...
Delta headquarters employees affected by shrinking of workforce
ATLANTA — Delta Air Lines is eliminating some positions at its Atlanta headquarters as it reshapes its workforce, but also allowing employees whose spots are affected to apply for vacant jobs.The move could lead to more departures of employees, as those who choose to not reapply for jobs can take a buyout.More than 17,000 Delta employees nationally have already taken early retirements and buyouts as it and other airlines struggle to reduce work forces in an industry savaged by the COVID-19 pandemic. Air travel is still down by 65-70% because of the COVID-19 pandemic, according to Transportatio...
The Atlanta Journal-Constitution