Portable Power Tools

​ Stanley Black & Decker Inc. SWK 1.22% said it is closing factories in Texas and South Carolina, relocating some operations to Tennessee facilities as the company revamps its manufacturing and distribution network.The Connecticut-based tool maker said the moves would affect the jobs of 357 employees. Eighty jobs will be added in Tennessee, the company said.  “These actions are aligned to the transformation strategy designed to deliver $2 billion of cost savings and…

Stanley Black & Decker makes power drills and other tools. Photo: David Paul Morris/Bloomberg News…

Stanley Black & Decker Inc. appointed the chief financial officer of Fortune Brands Innovations Inc. to lead its finances as the tool maker works on substantial cost cuts. The New Britain, Conn.-based company on Monday said Patrick Hallinan will become CFO, effective April 6. Mr. Hallinan will join Stanley Black & Decker after a 17-year career at home- and security-products maker Fortune Brands.  Fortune Brands, meanwhile,…

The banks of the future are having a rough present. Financial-tech companies, long hyped for their vision of bringing Silicon Valley-style innovation to the businesses of lending, investing and payments, underperformed both financial stocks and tech stocks more broadly in 2022. A vulnerability to higher interest rates, the disappearance of many pandemic-era catalysts and a more general reckoning for companies that followed growth-at-all-costs playbooks contributed to many fintech firms’…

Shopify Inc. SHOP -16.52% is cutting roughly 1,000 workers, or 10% of its global workforce, rolling back a bet on e-commerce growth the technology company made during the pandemic, according to an internal memo. Tobi Lütke, the company’s founder and chief executive, told staff in a memo sent Tuesday that the layoffs are necessary as consumers resume old shopping habits and pull back on the online orders…