Buffalo, N.Y. (WBEN) - General Mills has announced plans to restructure, and layoffs appear to be likely company-wide. The restructuring will cost around $130 million. In a filing with the SEC the company says $70 million of that will be attributed to "severance expenses." A WARN notice hasn't been filed at this time regarding the Buffalo plant, which employs 370 people. General Mills sent WBEN the following statement:
"Amidst a dynamic external environment, returning General Mills to growth — our number one priority — requires increased investment back into the business. We recently announced a global transformation initiative to support this reinvestment. While this news represents hard choices, they are necessary to fund product innovation, create compelling consumer value and position General Mills for long-term success."
The mortgage foreclosure process is underway for the Walden Galleria. The mall's owner, Pyramid Management, defaulted on a $270 million loan last month. The loan was originally issued in 2012 to fund the construction of restaurants and a movie theater. $50 million has been paid back. Pyramid CEO Stephen Congel told Business First last month that he was optimistic about reaching an agreement. The mall's value has dropped around 64% since 2012.
Mayer Brothers is back in the water delivery business after 20 years away. The company, which is known for its apple cider, moved away from its own branded water delivery service in 2005 in favor of bottling water for other brands. You can sign up for water deliveries at MayerBrothersWater.com.
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