Top U.S. tax preparer H&R Block said it was looking for a new finance chief, and that it would close about 200 underperforming company-owned stores and eliminate 350 full-time positions, its second round of store closures and job cuts in three years.
Shares of the Kansas City Montana-based company, which cut 400 jobs and shut equal number of stores in 2010, fell 16%to US$14 in trading after the bell.
Store-front tax preparers have been cutting jobs and closing stores as they have been hit hard by user friendly tax filing software such as Intuit Inc‘s TurboTax and the regulatory clamp down of their most profitable product – tax refund loans.
The company’s major competitor Jackson Hewitt Tax Services filed for the pre-packaged bankruptcy last May, partly due to those reasons. Jackson Hewitt has since emerged from creditor protection…
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Read More @ H&R Block cuts 350 jobs as search begins for new CFO | News | Financial Post.
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