http://www.cnbc.com/id/101260382
The video and game rental retailer said it plans to discontinue its
Rubi, Crisp Market and Star Studio businesses, and expects to take a
fourth-quarter pretax charge of $26 million to $29 million relating to
the closures.
The company will also cut its workforce by 251
positions, or 8.5 percent. It said the job cuts are expected to help
save about $22 million annually, starting in 2014.
"These
actions are consistent with the plans we outlined earlier this year and
ensure that Outerwall's operations drive enhanced value creation for
both our shareholders and retail partners," Outerwall CEO J. Scott Di
Valerio said in a statement.
The company said its search for Saunders' replacement will begin immediately.
Outerwall said it now expects fourth-quarter earnings per share of
$1.18 to $1.33, and full-year earnings of $5.44 to $5.59 a share.
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