Nonprofit, nonpartisan journalism. Supported by readers.


Monday A.M. Report

After roll-up, Harris Cos. set to grow, Mosaic lays off 140 Florida mine workers, and Abercrombie & Fitch to close 110 stores by 2011.

After roll-up, Harris Cos. set to grow: When Greg Hosch took over as CEO of Harris Cos. in 2005, he had expansion and diversification on his mind. The mechanical contracting firm had just one major acquisition in the 57 years before Hosch. In his first three years as CEO, he made four big merger deals. Its family of companies will grow again when it spins off its environmental sustainability business as a separate company in 2011. Read full story

Mosaic lays off 140 Florida mine workers: Friday was the last day on the job for 140 Florida mine workers at The Mosaic Co., which is  headquartered in Minneapolis. The layoff stems from a legal challenge to the company’s effort to expand phosphate mining at its South Fort Meade, Fla., operation. At least 18 companies that do business with Mosaic also could lay off hundreds of workers and lose at least $80 million in revenue if a preliminary injunction barring the expansion is made permanent. Read full story

Abercrombie & Fitch to close 110 stores by 2011: Abercrombie & Fitch said it would close up to 110 stores over the next 18 months. Most closures will come through expiring leases and will affect the Abercrombie Kids and Abercrombie & Fitch brands. The New Albany, Ohio-based company said that it will close 60 U.S. stores over 2010 and an additional 50 U.S. stores in 2011 but has not said what Minnesota stores might be affected. In Minnesota, Abercrombie operates six A&F stores, 10 Hollister stores and four Abercrombie Kids stores. Read full story