$47,476
In annual pay (or $913 per week) will be the new minimum-pay level for employees to be exempt from overtime pay, starting December 1, 2016. Simply put, the rule change by the Obama administration will require companies to pay overtime hours (when a full-time employee works more than 40 hours a week) if they make less than the minimum amount.
20 Of 109 Stores
Under the Golfsmith banner received court approval to be closed, following the retailer filing for bankruptcy protection on September 14, 2016. Golfsmith must still find a new owner or successfully reorganize its debt with exiting lenders to exit bankruptcy.
£15 Million
Reduction in Sports Direct’s anticipated fiscal-year profit target after an unexpected drop in the value of the British pound. The currency, which was trading around $1.21 on October 11 when the updated forecast was issued, could cause even deeper losses for the U.K. giant because it pays for a bulk of its product in dollars. If the pound averages $1.20 over the financial year, the company may lose another £20 million, officials said.
30 Percent
Of Bergans of Norway revenue was reported to be derived from outside Norway. Last December, the company reported it had grown revenues 16 percent through the first 10 months of 2015, largely due to success in the U.S. and other overseas markets. Despite this apparent success, the company announced it will shutter its U.S. subsidiary, which opened four years ago in Longmont, CO.
19,700 Employees
At Cabela’s at the close of 2015, many of them at its 85 locations around the country and approximately 2,000 at its headquarters in Sidney, NE, a city of 6,800. With its impending purchase by Bass Pro, some “slimming down” will occur, Bass Pro CEO Johnny Morris said, but he also promised to keep a “significant” presence of operations in Cabela’s home state of Nebraska.
