Top Stories for Dec. 19
Beef, pork exports still show strong growth
Total pork exports through October 2008 were reportedly $3.6 billion compared to $2.1 billion in 2007, up nearly 68 percent.
Beef exports through October 2008 totaled $2.6 billion, an increase of 46 percent over $1.78 billion of 2007, the USDA said.
Source: American Meat Institute
DHS makes changes verification form
An announcement from DHS says that rule revises the list of documents deemed acceptable for Form 1-9.
The rule was reportedly published this week, but changes will not take effect until Feb. 2, 2009. To see a copy of the rule, go to http://edocket.access.gpo.gov/2008/pdf/E8-29874.pdf.
Starting Feb. 2, it will be necessary for all employers to use the new Form I-9 to verify all new employees as well as employees with expiring employment authorization. Also during this time, the new Form I-9 will be available for download from the USCIS Web site, http://www.uscis.gov/.
Two major changes are the elimination of expired
Source: American Meat Institute
Pierre Foods appoints new board members
The company said that Hollis was formerly the president and chief operating officer of ConAgra Foods Consumer Foods and International division. Cannella serves as the global head of credit research and
"Dean and Margaret are highly qualified directors who have proven their leadership in the food and financial industry, respectively," said Bill Toler, chief executive officer of
The new members will join Toler and Oaktree Capital Management directors, Steven Kaplan and Matthew Wilson effective immediately.
Source: Pierre Foods Inc.
Food Safety Summit announces education program
"Today consumers are witnessing the globalization of the entire food chain, bringing new challenges as well as renewed efforts to improve food safety and food defense in
Speakers at the conference will represent the Grocery Manufacturers Association, Food Marketing Institute, National Restaurant Association,
For information, call (847) 405-4000 or visit www.foodsafetysummit.com.
Source: BNP Media
Ruby Tuesday to close 40 locations
The company said that it will incur restructuring charges in the second and third quarters of fiscal 2009 in relation to the closures. It will also take a non-cash impairment charge related to approximately 35-40 surplus properties which are marketed for sale. The third quarter restructuring expense will include costs associated with lease terminations and future lease obligations related to the 40 third quarter closures. Any lease charges related to additional closures will be recorded in the quarter that the locations are actually closed.
Ruby Tuesday said the pre-tax charges are expected to include about $30 to $40 million of non-cash asset impairments to be recognized in the second quarter of fiscal 2009 as well as a projected $10 to $15 million for the lease-related costs to be recognized in the third quarter of fiscal 2009.
Also during the second quarter, the company has concluded its goodwill was impaired. Due to the poor overall economic conditions, declines in fair value, declining sales at Company-owned restaurants and a challenging environment for the restaurant industry, the Company will record a pre-tax, non-cash charge in the second quarter of approximately $19 million.
Source: Ruby Tuesday