Cheddar Afternoon Business Report 12/7: GE slashes 12K jobs, Toys R Us bonuses, Christmas at Starbucks
General Electric is slashing 12,000 jobs from its electrical power division. GE has been the worst-performing stock on the Dow Jones industrial average this year, down 44 percent. The new CEO John Flannery has been working to cut costs, lucky for American workers, most of the cuts will be outside the country.
Despite bankruptcy proceedings, Toys R Us executives stand to make big bonuses this year if the company hits the mark this holiday season. The company won approval from a bankruptcy judge to pay roughly $16 million in bonuses to 17 executives. The court sees the bonuses as excessive, but Toys R Us argued they will serve as incentive for executives to drive up sales.
And Christmas came early at Starbucks. The new Christmas tree frappucino goes on sale today, and you can only buy it until Dec. 11. The peppermint-mocha blended frapp is topped with light green whipped cream and decorated with caramel, candied cranberries and sliced strawberries. Sounds delicious.