Business and labor at a glance
Santisi’s IGA in Girard will close in weeks
GIRARD — A longstanding family-owned business will close within the next several weeks.
Santisi’s IGA Marketplace, which has been in business in Girard under various formats for about 75 years, has not been generating enough sales to cover costs of operating the store, the Santisi family announced.
A news release from the owners said all employees will lose their jobs, including store manager Anthony M. Santisi, the grandson of the store’s founder.
However, information about the number of employees impacted was not available.
An inventory liquidation sale will be scheduled closer to the closing date, which has not yet been announced.
However, the store will continue to provide its products and services as usual until the closure, the owners said.
Local bank stocks end mixed Friday
Local bank stocks were mixed following trading Friday.
First Niles Financial remained consistent at $9 a share, where it has held since last week.
However, Cortland Bancorp lost 54 cents a share after tumbling 95 cents Thursday to close at $16.50 a share Friday.
Abercrombie off the mark in 3Q; turnaround sputters
NEW ALBANY — Abercrombie & Fitch’s plan to turn around its once-popular teen clothing brand failed to bring back shoppers to its stores.
The company said Friday that a key sales measure fell for the third straight quarter, that its profit plummeted 81 percent in the latest quarter and that it expects a rough holiday season for the Abercrombie brand.
Once a top shop for teens, Abercrombie has struggled to attract youngsters who are more likely to shop at cheaper fast-fashion chains such as H&M and Forever 21.
Abercrombie ditched its sexy advertising and banished shirtless male models from its stores last year, but people are still not coming to its stores like they had been.
Sales at established Abercrombie stores fell 14 percent in the most recent quarter, and the company said it expects the brand to remain “challenging” throughout the rest of the year.
VW to shed 30,000 jobs, cut costs after scandal
FRANKFURT, Germany — Volkswagen announced plans Friday to cut 30,000 jobs in a wide-ranging restructuring of its namesake brand as it tries to recover from a scandal over cars rigged to cheat on diesel emissions tests.
The German company said the job cuts, which account to around 5 percent of its global workforce, are part of a long-term plan to improve profitability and shift resources and investment to electric-powered vehicles and digital services.
At a news conference at Volkswagen’s headquarters in Wolfsburg, company officials said 23,000 of the job cuts will be in Germany and that the measures will save some $4 billion a year from 2020.
Volkswagen employs around 120,000 people at its namesake brand in Germany.
Obama blocks new oil, gas drilling in Arctic Ocean
WASHINGTON — The Obama administration is blocking new oil and gas drilling in the Arctic Ocean, handing a victory to environmentalists who say industrial activity in the icy waters will harm whales, walruses and other wildlife and exacerbate global warming.
A five-year offshore drilling plan announced on Friday blocks the planned sale of new oil and gas drilling rights in the Chukchi and Beaufort seas north of Alaska. The plan allows drilling to go forward in Alaska’s Cook Inlet southwest of Anchorage.
The blueprint for drilling from 2017 to 2022 can be rewritten by President-elect Donald Trump, in a process that could take months or years.
Daily fantasy sports rivals DraftKings, FanDuel to join
BOSTON — Daily fantasy sports rivals DraftKings and FanDuel have agreed to merge after months of speculation and increasing regulatory scrutiny.
The two companies made the announcement Friday, saying the combined organization would be able to reduce costs as they work to become profitable and battle with regulators across the country to remain legal.
In a matter of a few short years, the two have raised millions of dollars through investors and sponsorship deals, drawing the attention of policymakers across the country.