SAN FRANCISCO (Thomson Financial) - Goodyear Tire & Rubber Co. late Tuesday
said it plans to close 92 "underperforming" locations by the end of the year in
a move to improve the profitability of its U.S. retail operations.
Goodyear said the impacted locations have roughly 500 full-time and 100
part-time employees.
The Akron, Ohio-based company said the action will result in after-tax
charges of $30 million, of which $15 million will be recorded in the third
quarter.
Goodyear expects the closures to eliminate losses of around $9 million a
year.
The company's shares finished the regular session at $20.18.
Gabriel Madway
gm
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