Despite a decline in dealership valuations through the first three quarters of 2023 compared with 2022, valuations are still about two times higher than pre-COVID figures, buy-sell experts say.
NEW YORK — British billionaire Joe Lewis, head of the Tavistock Group that is developing much of Orlando’s Lake Nona community, pleaded guilty Wednesday to insider trading and conspiracy charges in New York, saying he knew that sharing nonpublic information about publicly traded companies was wrong and that his crimes have left him “so embarrassed.”
A guilty plea was also entered for Broad Bay Limited, which Lewis owns. The company and Lewis will pay more than $50 million in financial penalties, the prosecutor said in a release.
Federal sentencing guidelines call for a prison sentence of between 18 and 24 months, though Lewis can seek less than that. His sentencing hearing is scheduled for March 28.
Lake Nona in southeast Orlando is one of the nation’s fastest-growing communities. A neighborhood of about 20,000 residents, it is projected to explode with new residents, with a city report estimating it could add 70,000 more residents by 2045.
The 86-year-old businessman entered the plea in Manhattan federal court six months after he was charged in the case. He had been free on $300 million bail, with a yacht and private plane serving as collateral.
By ANNE D’INNOCENZIO (AP Retail Writer)
NEW YORK (AP) — Denim giant Levi Strauss & Co. said Thursday that it’s slashing its global corporate workforce by 10% to 15% in the first half of the year as part of a two-year restructuring plan that seeks to cut costs and simplify its operations.
The company employed about 19,100 people as of the end of November, according to its annual report filed with securities regulators.
San Francisco-based Levi’s said the restructuring is expected to generate net cost savings of $100 million in the current fiscal year. It estimates will book charges of $110 million to $120 million in the first quarter and said there could be more restructuring charges ahead.
Levi’s announced Thursday that its net revenue was up 3% to $1.64 billion in the fourth quarter that ended Nov. 26. That came below analysts’ expectations for $1.66 billion, according to FactSet.
The announcement comes as the company, which was under the leadership of CEO Chip Bergh since 2011, is officially handing over its reins to its Michelle Gass, who left her CEO role at Kohl’s to become president of Levi’s in January 2023. Bergh will stay on as executive vice chair until he retires in late April, Levi Strauss said.
The brand is offering Lincoln retailers buyouts that include sweeteners such as more Ford inventory and special incentive plans for loyal customers.
Cruise said a report it commissioned from law firm Quinn Emanuel found that the evidence did not establish Cruise leadership or employees “sought to intentionally mislead or hide from regulators the details.”