Jack Donaghy loses half his job
Citing the slump in the housing market and the general economic concerns in the U.S., GE announced today that it plans to sell or spin-off its appliances business. A representative from the company stated, “We correlated our upward revenue stream dynamics and found that there simply were not enough synergies to fully support continued product development. GE now faces the difficult task of synergizing backward overflow, which translates to facing the challenges of tomorrow, today, for all of us.”
Interim CEO Cathy Geiss was unavailable when reached for comment.
Covering analyst Robert Schenosky of Jefferies & Co. favors the deal, and does not think it is out of the question for GE to sell off other struggling assets, including the Sheinhardt Wig Company and its subsidiary NBC Universal.
It’s a recognition that there is not anything that is untouchable at this point. Certainly other candidates could include the lighting business and even potentially NBC Universal.
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