Midas Swings to Loss, to Cut 600 Jobs

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Itasca, Illinois--Midas Inc. said it swung to a second-quarter loss, including charges tied to its exit from the wholesale U.S. auto parts business, which will cost about 600 jobs. The company said it will shut 11 of its 12 distribution centers by the end of 2003, as it focuses on its profitable franchise retail businesses. The company said it expects third and fourth quarter charges related to the closures. -Reuters

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