Business
Crain’s Roundup: Boeing Makes Cuts, Tribune Publishing Fires Auditor
Chicago-based aerospace giant Boeing’s moves to cut costs by slashing 4,000 jobs.
Tribune Publishing replaces its CFO and fires its auditors, PricewaterhouseCoopers, after an SEC filing shows an “ineffective control environment” with its financial reporting two years in a row.
And Chicago Cubs fans should be ready for a lot more than baseball on opening day – construction, metal detectors and more.
Boeing Cuts 4,000 Jobs
Chicago-based aerospace behemoth Boeing is cutting 4,000 jobs, even though the airplane maker earned record revenue of $96.1 billion in 2015. Boeing anticipates it will cut 4,000 jobs through attrition and a voluntary buyout offering.
The company is reportedly targeting a 10 percent workforce reduction, which could mean an elimination of 8,000 jobs total, according to a leaked internal company document.
Chicago Tribune Troubles
Tribune CEO Michael Ferro is trying to right the publisher’s financial ship. Tribune Publishing replaced its CFO and fired its auditor, PricewaterhouseCoopers, after an SEC filing showed an “ineffective control environment” with its financial reporting. This is the second year in a row with that finding.
Tribune Publishing also recently lost its bid to take over two California newspapers. Tribune Publishing had a loss of $2.77 million in 2015.
Wrigley Renovations
With Cubs opening day right around the corner, will Wrigley Field be ready for the throngs of fans? Unfinished bathrooms created havoc at last year’s home opener.
This year fans will face construction all around the ballpark, including a $150 million redevelopment of the McDonald’s property across the street, among other projects. Fans should go early on opening night because of new security protocols. The team has also install $500,000 in metal detectors.
Related
Crain’s Roundup: Chicago Tribune Shakeup, Takeover of Old Main Post Office
Feb. 24: Crain’s Chicago Business managing editor Ann Dwyer takes a closer look at why the Old Main Post Office may be the target of a city of Chicago eminent domain takeover. The Chicago Tribune’s non-executive chairman, Michael Ferro, is shaking up his executive leadership team. And Oak Brook-based McDonald’s is using messy food ads to attract new customers.
Crain’s Roundup: More Sears Stores Closing, New Stakeholder at Tribune
Feb. 10: Sears writes down the value of its trade name and the Sun-Times owner buys a stake in Tribune Publishing. We get the latest on these stories and more business headlines with Crain's Chicago Business deputy managing editor Ann Dwyer.
Blair Kamin on Wrigley Changes
April 9, 2015: Chicago Tribune's Pulitzer Prize-winning architecture critic Blair Kamin stops by to discuss the renovation efforts to iconic Wrigley Field, including the new video board.
