Warren Buffett's Berkshire Hathaway is out with its annual letter to shareholders. "Over the years, I’ve often been asked for investment advice, and in the process of answering I’ve learned a good deal about human behavior," Buffett said in the letter.
The Great Restructuring in retail continues. In the wake of a disappointing holiday season, J.C. Penney (JCP) said Friday it will close 130 to 140 stores by the second quarter. The store closures represent 13% to 14% of the company's current store base and less than 5% of annual sales. They have a negligible impact on net income. J.C. Penney said same-store sales at the locations were "significantly below" the remaining store base and operate at a much higher expense rate due to poor productivity. The company expects $200 million in annual costs savings from the efforts. "We believe closing stores will also allow us to adjust our business to effectively compete against the growing threat of
Progress is accelerating for a start-up combine manufacturer in Newton. Tribine Harvester LLC is ramping up production on a high-capacity combine that is designed to reduce operational expenses. “We’re trying to make the farmer more efficient in his operation and help him save money,” says Greg Terjesen, vice president of sales and marketing for Tribine. He says the company is beginning to sell its product directly to farmers and has multiple orders that are contingent on a successful demonstration. “This is the year for generating revenue,” Terjesen says. The company has grown to 14 employees with plans to add at least six more in the near future. Next year, the company will begin evaluating