MEMPHIS, Tenn. (Aug. 31, 2006) — Treadways Corp. recently laid off 14 employees in management and sales in order to “bring expenses in line” with the company's business volume, according to Ken Dick, president and CEO of TBC Wholesale.
Mr. Dick called the layoffs a “minor adjustment” the company made during the week of Aug. 21. Treadways now is under the direction of TBC Wholesale and Mr. Dick's authority, although he said the two still are running as separate business units with separate programs and products.
Prior to the August layoffs, Jim Hannon, who had been Treadways' vice president of business development, left the company after Sumitomo Corp. of America (SCOA) purchased TBC Corp. last year in a $1.1 billion deal that created a wholesaling giant and gave SCOA a retail presence.
Mr. Dick noted there was some consolidation in brand responsibilities but that, overall, much is unchanged. He declined to comment further.
TBC's retail division operates Big O Tires Inc. franchises and Tire Kingdom Inc., NTB (National Tire & Battery) and Merchant's Inc. stores. Treadways distributes the Telstar, Jetzon, Eldorado, Laramie and Sumitomo brands. TBC distributes Cordovan, Harvest King, Mirada, Multi-Mile, NaviTrac, Power King, Sigma, Sonar and Vanderbilt brands.