| Facility Closures and Layoff Announcements (Nov. 4-10)
(Editor's Note: In the Facility Closures and Mass Layoffs section below, we had incorrectly listed Home Loan Center Inc./Lending Tree as planning to lay off 174 employees at 163 Technology Drive in Irvine on Nov. 27. For clarification, the layoffs occurred in September and there are no future additional layoffs planned.) Aon Corp. based in Chicago, IL, has initiated a global restructuring that will encompass workforce reduction, lease consolidation and asset impairment. The company intends to eliminate 2,700 positions, predominantly non-client facing roles, including 1,100 positions that will be off-shored or outsourced; consolidate functions such as human resources, finance and information technology; and "simplify" real estate through "model office" practices. Chiquita Brands International Inc.
Many retailers easy to hack, study finds
Half of more than 3,000 retail stores that a wireless security company secretly monitored at major shopping areas in the U.S. and Europe use wireless data systems vulnerable to hacking, the company said Thursday. The data that stores routinely transmit on wireless networks include credit card and Social Security numbers and other sensitive customer information. AirDefense Inc., an Atlanta-based maker of security products for wireless data systems, found that about 25 percent of the stores' 4,748 wireless access points were exchanging data with no encryption at all to foil electronic eavesdroppers. Another 25 percent were using an outdated encryption method called Wireless Equivalent Privacy that is easily cracked by thieves using widely available tools.
United Rentals Extends Debt Tender Offer
Shares of United Rentals Inc. lost a quarter of their value Wednesday amid concerns the company's $4 billion going-private deal with Cerberus Capital Management could fall through. Earlier Wednesday, the Greenwich, Conn.-based company extended a debt tender offer after failing to secure enough buyers to cover all of the $2.04 billion it needs to help pay for the deal. The tender was scheduled to close Tuesday but was extended until midnight Friday. .
Host is acquired by IMG
The world's largest sports marketing company, IMG, is buying Lexington's Host Communications in a $74.3 million deal that is expected to close Thursday. Host is best known for its broadcasts of University of Kentucky sports, but it also has marketing agreements with 10 other schools, including Western Kentucky University. "Folks who are listening to the (UK) broadcasts will hear that it's brought to you by the Big Blue Sports Network and IMG College Sports as opposed to Host Communications. That will be the biggest change," said Tom Stultz, president and CEO of Host and its parent company, Triple Crown Media. After the sale, Stultz will become senior vice president and marketing director for IMG College Sports. Host's other major business, association management, will operate as IMG Association Management.
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