New Britain-based Stanley Black & Decker will permanently layoff about 1,000 employees, while reversing temporary furloughs and hour reductions for about 9,000 other workers, according to Hartford Business Journal.
It is not clear where in Stanley Black & Decker’s global operations the layoffs will take place.
Jim Loree, president and CEO of the toolmaker, announced the actions in a Thursday morning call with investors, during which he reported Stanley's second-quarter profits dropped 33%, Hartford Business Journal reported.
Stanley's profits dipped in the second quarter to just under $239 million, or $1.52 per diluted share. That's down 33% from the same period last year, according to Hartford Business Journal.
Hartford Business Journal also reported CFO Don Allan said Thursday that Stanley’s tools and storage business was down 16% in second-quarter revenues, but he noted “point of sale” sales - sales from physical retail stores - grew by upwards of 50% for parts of the three-month period.