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Layoffs could hurt sales jobs in Rhode Island

Saturday, February 25th, 2012

A new round of layoffs from Proctor & Gamble may hurt sales jobs in Rhode Island.
Proctor & Gamble just announced hundreds of layoffs globally.

The company is reducing the number of non-manufacturing workers by about 3 percent or or 1,600 people by the end of the fiscal year.

No details are known yet about where or when the layoffs will specifically occur.

According to its latest financial stats, P&G delivered four percent sales growth to $22.1 billion for the October – December quarter. Growth was driven by higher volume and pricing actions, partially offset by geographic and product mix.

The company continued to deliver broad-based organic sales growth, with all six business segments up versus the prior year. Diluted net earnings per share were $0.57 per share, reflecting non-core charges of $0.53 per share. The non-core items included a $0.50 per share non-cash impairment charge associated with the Appliances and Salon Professional businesses. Core net earnings per share were $1.10, toward the high end of P&G’s expectations for the quarter.

“We continue to make progress against our key business priorities in a difficult macroeconomic environment,” said Chairman of the Board, President and Chief Executive Officer Bob McDonald. “We delivered solid top-line growth and continued to accelerate productivity improvements to drive down costs. With the easing of commodity cost comparisons over the next two quarters, continued solid top-line growth and cost savings progress, we expect operating profit growth to accelerate in the second half of the fiscal year.”

Closings could affect sales jobs in Rhode Island

Sunday, January 15th, 2012

The recently announced Sears store closures will most likely affect sales jobs in Rhode Island.
Chief Executive Officer Lou D’Ambrosio said in an earnings call that Sears and Kmart will close 100 stores.

“Given our performance and the difficult economic environment, especially for big-ticket items, we intend to implement a series of actions to reduce on-going expenses, adjust our asset base, and accelerate the transformation of our business model. These actions will better enable us to focus our investments on serving our customers and members through integrated retail – at the store, online and in the home,” said Chief Executive Officer Lou D’Ambrosio.

D’Ambrosio said other actions to curb costs include:

– Excluding the effect of store closures, we currently expect to reduce 2012 peak domestic inventory by $300 million from the 2011 level of $10.2 billion at the end of the third quarter as a result of cost decreases in apparel, tighter buys and a lower inventory position at the beginning of the fiscal year.
– Focus on improving gross profit dollars through better inventory management and more targeted pricing and promotion.
– Reduce our fixed costs by $100 to $200 million.

Kmart’s quarter-to-date comparable store sales decline reflects decreases in the consumer electronics and apparel categories and lower layaway sales. Sears Domestic’s quarter-to-date sales decline was primarily driven by the consumer electronics and home appliance categories, with more than half of the decline in Sears Domestic occurring in consumer electronics. Sears apparel sales were flat and Lands’ End in Sears stores was up mid-single digits.

The layoffs are also affecting Tampa retail jobs.

Mortgage lender recruits for sales jobs in Rhode Island

Saturday, January 7th, 2012

TMS Funding recently said it is actively hiring for sales jobs in Rhode Island.

TMS is the wholesale residential lending channel of Total Mortgage Services, LLC.

The company affirmed the recruiting push and said expand its wholesale lending market position throughout the 21 states and Washington, DC in which it is currently licensed for wholesale mortgage production.

“TMS Funding’s growth strategy is focused on expanding our team of experienced Account Executives to service and support high quality mortgage brokers, introducing new products, such as our recently introduced flexible jumbo mortgage product, and leveraging our significant investment in our operational infrastructure to deliver the perfect mortgage to all our stakeholders in the most efficient manner,” commented John Walsh, President of Total Mortgage Services. “This new hiring campaign demonstrates our total commitment to the wholesale channel as well as the mortgage broker community while positioning TMS Funding to further expand its production volume into 2012 and beyond.”

TMS Funding said it is hiring Account Executives to service mortgage brokers in all areas of California, Florida, Georgia Illinois, Massachusetts, Maryland, Maine, Michigan, Mississippi, North Carolina, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia, Vermont and Washington DC.

Company plans to hire for Rhode Island sales jobs

Sunday, October 23rd, 2011

TMS Funding said this month that it plans an aggressive hiring campaign to recruit people for Rhode Island sales jobs.

The wholesale mortgage lender of Total Mortgage Services, LLC, announced it is actively hiring new Account Executives to help expand its wholesale lending market position throughout the 21 states and Washington, DC in which it is currently licensed for wholesale mortgage production. TMS Funding is recruiting high quality Wholesale Account Executives with two-plus years of experience and a current mortgage broker base funding Conventional, FHA, USDA and Jumbo loans.

The wholesale lender is offering a highly competitive compensation package and access to some of the lowest mortgage rates and best-in-class operational support in the mortgage industry. (more…)

Company scrubs out other sales jobs in Rhode Island

Sunday, June 26th, 2011

With its successful new product, one company is cleaning out the competition and overshadowing other sales jobs in Rhode Island.

This is good news for area residents, as the state continues to be plagued by high Rhode Island unemployment.
SRS has added a new milestone with the launch of one of its products named as the NSS Champ ZS35 scrubber drier. People have already loved the earlier version known as the NSS Champ ZS29. However, this new scrubber drier is an enhancement to its earlier version. It is specifically better for cleaning larger floors.

Furniture company recruiting for sales jobs in Rhode Island

Saturday, April 23rd, 2011

Jordan’s Furniture has announced a new store opening and that it is recruiting for sales jobs in Rhode Island.

Eliot Tatelman, Jordan‘s Furniture President and CEO, announced that the company will open its fifth location this Fall in Warwick, RI. The 100,000 square foot store will serve as one of the anchor tenants at the Warwick Mall, joining Macy’s, Target, and JC Penney. Jordan‘s, known for providing a complete “customer experience” within its stores, anticipates that the new location will be an attraction for the Mall and the greater Rhode Island area.

“The Warwick Mall specifically and the overall state of Rhode Island is the perfect area for a Jordan‘s Furniture location,” says Tatelman. “After considerable research and site reviews, the space in the Warwick Mall is perfectly suited for us. We are very excited about the prospects of providing Rhode Islanders with a vast assortment of high quality furniture and mattresses, all with our famous Under Price Guarantee.”

The new Jordan‘s Furniture location will include 2 levels of showrooms, along with customer “attractions”, an element of the store experience that is so well known in the Greater Boston area. The company estimates hiring 100 employees for the new location.

Jordan‘s Furniture incorporates beautiful showrooms, exemplary customer service and unique entertainment, together creating an entire customer experience.  Combining entertainment with retail, the locations include items such as a 500 seat IMAX 3D theatre, a city made of jellybeans, an indoor trapeze school, a Las Vegas-style water show, a 48 seat motion-simulation theatre, a one-of-a-kind laser light show, a Mardi Gras show, delicious ice cream, and much more.  With an employee base over 1000 strong, Jordan‘s has one of the highest furniture sales per square foot in the country.  The stores are located in Reading, MA; Natick, MA; Avon, MA; and Nashua, NH. An 800,000 square-foot, state-of-the-art warehouse is located in Taunton, MA and serves as the primary distribution center and corporate office.

Rhode Island real estate jobs bucking national trend

Sunday, February 27th, 2011

Although the real estate industry has seen its fair share of deterioration around the US, some markets, are bucking the national trend, and Rhode Island real estate jobs appear to be strengthening. reports that while historically low interest rates, bargain prices, foreclosed properties and the federal tax credit presented terrific opportunities for first-time buyers, the flip side of the coin was not so rosy, as homeowners saw their property values plunging and hoped that one of those foreclosure signs didn’t pop up on their street.

several New England states – Rhode Island, Connecticut and Massachusett, are rising to meet new real estate demands and close deals.

MilfordDaily reports a snapshot of area sales and prices compared to 2009, as follows:

Single-family homes: Sales in 2010 were off 4 percent from 2009, but the average price was up 5 percent, from $449,902 in 2009 to $472,570 in 2010.

Condos: Both sales activity and prices were up. Sales increased by almost 4 percent in 2010, while the average price of a condo took a healthy jump of more than 13 percent. The average sales price of a MetroWest condo in 2010 was $289,468, compared to the 2009 average of $254,926.

Multi-Family homes: The 2010 numbers for multi-family sales closely paralleled the condo picture. Sales increased 4 percent from 2009, and the average price increased by 13 percent, from $238,715 in 2009 to $269,933 in 2011.

Real Estate jobs in Rhode Island on the rise

Sunday, January 23rd, 2011

A new credit extension and an increase in house buying has caused real estate jobs in Rhode Island to increase.

The federal tax credit extension, coupled with an uptick in seasonal buying, helped keep the real estate market on its tracks in the first two quarters of 2010, according to the RE/MAX of New England 2011 Housing Market Outlook and Forecast*. Single-family home sales across New England showed the affects of the tax credit extension, as first-time buyers inked deals to beat the spring deadline.

As predicted, the second half of 2010 did not fare as well despite mortgage interest rates hitting historic lows – at times dipping into the 3% range. “The stalled third and fourth quarters have everything to do with lower consumer confidence due to our struggling job market,” said Jay Hummer, Executive Vice President and Regional Director of RE/MAX of New England. “We’ve seen a nationwide trend of companies accumulating cash and reducing debt by not hiring additional personnel.” According to a report from Moody’s Investors Service, an estimated $943 billion has been accumulated as cash reserves by U.S. non-financial corporations, primarily in the technology sector.

In an effort to stimulate the economy, the Federal Reserve recently announced a second purchase of $600 billion in long-term Treasury bonds; an attempt to speed up economic growth by further lowering long-term interest rates. “With rates continuing on a steady trajectory, it’s really an investor’s market,” said Hummer. “There is no other industry right now in which you can expect 80% return on your investment. Consumers who are able to put 20% down, rent a property and in 20-30 years time own it, will realize that return.”

Despite recent data by the S&P/Case-Shiller Home Price Indices that shows broad-based declines in the values of home prices in the third quarter of 2010, some New England states are bucking the national trend.

Rhode Island, which has the highest unemployment rate, at 11.6%, in New England and the fifth highest in the nation, showed average price increases in homes across the board. Single family homes were up 11.2% from $243,968 in 2009, to $271,244 in 2010. Condominium prices increased 10.1% from $214,116 in 2009 to $235,735 in 2010. Multifamily home prices showed the highest gain from $114,131 in 2009 to $137,451 in 2010; a 20.4% increase, clearly showing the affects of investor-related buying.

In Massachusetts, where the unemployment rate of 8.2% sits below the national average, home prices showed marked increases, as well. Single-family home prices were up 7.2% from $351,788 in 2009 to $376,970 in 2010. Condominium prices increased 9.3% from $305,937 in 2009 to $334,343 in 2010. Multifamily home prices showed gains of 14.0% over 2009, with average prices increasing from $226,535 to $258,322.

In Connecticut’s affluent Fairfield County, single family and condominium prices also increased in 2010. Single-family home prices were up 13.8% from $547,259 to $622,547 in 2010. Condo prices rose from an average of $277,821 to $288,924, a 4% increase over 2009 prices. Multifamily homes largely stayed the same, posting a small drop of -0.4%.

As anticipated, overall home sales in 2010 were down versus 2009. Across New England, single family home sales dropped an average of –5.0%; condominium sales showed an average decrease of -2.8% and multifamily homes showed the highest decrease in sales at -9.7% on average.

With more Americans underwater on their mortgages, foreclosure activity signs point to marked increases in 2011. Third-quarter foreclosures in 2010 jumped by more than 30% with bank regulators stating that many lenders have simply exhausted options for keeping delinquent mortgagees in their homes through government programs including loan modifications. In fact, according to the Office of the Comptroller of the Currency and the Office of Thrift Supervision’s quarterly mortgage report, more than 380,000 new foreclosures were initiated nationwide in the third quarter of 2010. That makes the number of in-process foreclosures close to 1.2 million, nationally, a 10% increase over 2009.

“More foreclosures in the market will absolutely affect the timeline to an industry recovery,” said Hummer. “Purchasing a foreclosed property also takes anywhere from six to 12 months and even with conservative estimates, we won’t see a turnaround until at least 2013. That’s why it is so critical that investors ramp up activity now.”

Another area that bears watching, according to Hummer, is adjustable rate mortgage resets. For the estimated hundreds of thousands of Americans who chose this option their rates will soon jump up into the double-digits, creating payments that they simply cannot afford.

Sales Jobs in Rhode Island Moved to NC

Monday, April 19th, 2010

Clariant Corp., a pigment plant, has announced that they are relocating sales and technical jobs in Rhode Island to its North American headquarters in Charlotte by the end of the third quarter.

According to, Coventry was a pigments plant until it was shut at the end of 2008. Remaining staff there supported Clairant’s pigments and additives businesses.

 About 30 jobs in Rhode Island are affected. Coventry workers will be offered transfers to Charlotte. In total, about 50 now work in Coventry.

“We concluded that consolidating these activities in Charlotte alongside comparable positions that support our businesses in North America will allow us to achieve significant efficiency and cost synergies while reducing our region’s structural complexity,” noted Kenneth Golder, head of Clariant’s North American region, in a news release.

“North Carolina offers a favorable business environment that is taking an increasingly progressive approach on matters ranging from workforce development and taxes to transportation and energy,” Golder elaborated in a separate news release..

Clariant will invest about $2.5 million in Charlotte as a result of the move. The new jobs there will carry an average annual wage of $85,796, 76 percent higher than the regional average. The move was partly aided by a $55,000 grant from the One North Carolina Fund.

Clariant Corp. has a plastics related operation in North Carolina. In Mooresville it runs a masterbatch plant it acquired as part of its purchase of Rite Sysems Inc. and Ricon Colors Inc. in 2008.

Coventry’s pigment production was relocated to Germany and Mexico. The site is undergoing decommissioning and environmental cleanup so that it may be redeveloped. Part of it has been sold to International Process Plants of Hamilton, N.J. Clariant acquired the Coventry operation from American Hoechst in 1997.