Goodyear Closing 92 Stores

[OhioChick]

Source: AP

AKRON, Ohio -- Goodyear Tire & Rubber Co. has disclosed plans close 92 retail stores by the end of the year.

The company did not say which targeted locations are underperforming when it announced its plans on Tuesday.

A Goodyear vice president for retail operations, Scott Vogel, says the company is not announcing the store locations involved. Goodyear intends to first communicate the decision with their approximately 500 full-time and 100 part-time employees and property owners of leased facilities.

Goodyear will take after-tax charges of approximately $30 million, of which $15 million will be recorded in the third quarter of 2008. Goodyear expects to eliminate related losses of approximately $9 million annually.

Goodyear shares fell 70 cents, or 3.4 percent, to $20.18 Tuesday. The shares have traded within a one-year range of $15.56 and 31.36.

Read more: http://www.newsnet5.com/money/17240838/detail.html

[kestrel91316]

1. Driving fewer miles = buying fewer tires.

[LeftyMom]

2. and smaller cars= much cheaper tires.

[ihavenobias]

3. K & R

[tomreedtoon]

4. Crappy, lying mechanics and service personnel.

Anyone who takes their car to Goodyear, unless they have absolutely no other choice including learning car mechanics themselves, deserves what they get. Those guys rip you off, make repairs on non-broken stuff and up the cost of all repairs.