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$MACK said it reduced 22% of its headcount while eliminating more than $200MM in expected costs over the next 2 years. The company also said its CEO Robert Mulroy resigned, effective immediately. The BoD appointed Chairman Gary Crocker as interim CEO. $MACK had reported a 2Q16 loss of $50.8MM, hurt by higher R&D costs and interest expenses.
The latest earnings report by $VZ shows how it is losing customers despite offering the unlimited data plans, a record for the company.
$BEBE is closing down all its stores by the end of May.
$WFC agreed to hike its payout in a class-action settlement over unauthorized accounts by $32 million to $142 million for its retail sales practices. The settlement will now include customers who were impacted as early as May 2002.