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Turnaround Artist Manual - Chapter 1: Walk in with a frown; blame your predecessor; slash projects, budgets, people; lower expectations, loudly; and write-off assets.
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French prosecutors began a probe into allegations of accounting irregularities at Vivendi in 2000-01 Jean-Marie Messieressits, its former boss, after a complaint by a shareholder group.See article: France's backward mobile-phone marketQwest Communications said that it would write off assets to the tune of $35 billion to erase the last vestiges of the telecoms boom from its balance sheet.
The PC maker is shedding staff and writing off assets.
Essendon took another hit of $806,000 as they wrote off assets at their old Windy Hill ground.
Much of that will cover severance costs for workers who leave, while $175 million will go toward closing factories and writing off assets.
Instant camera maker Polaroid prd said it would cut up to 700 jobs, or about 7% of its payroll, and take a $90 million charge in the fourth quarter to cover the costs of writing off assets and expanding a restructuring program.
Writing off assets like account receivables and inventory can kill a business, or at the very least damage it.
Long-term investors can take advantage of passive rental income, tax deductions, depreciation write-offs, asset price appreciation, and more.
Closing costs and the write-off of assets related to the foundry will total about $4.5 million.
Costs included the write-off of assets in Utica shale, Ohio, where BP has decided not to go ahead with development.
Tesco had been slow to realise that its customers were losing enthusiasm for huge out-of-town stores and were switching to online shopping and to discount stores such as Aldi and Lidl.Seen through this prism, a write-off of assets is not merely an accounting nicety.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com