USA: Fidelity Holdings to focus solely on major automotive
Company To Divest Non-Automotive Operations Fidelity Holdings, Inc. (Nasdaq NM: FDHG - news) today announced that after a lengthy and intensive review of its operations, the Board of Directors has decided to focus its activities exclusively on Major Automotive, its retail automobile division, and divest itself of all its non-automotive operations, including IG2, the Company's telecommunications subsidiary. Fidelity is actively seeking a buyer, or buyers, for its non-automotive operations. The Company has significantly reduced expenses, including payroll, at IG2 and its other non-automotive businesses. As a result, Fidelity will take a one-time charge to earnings for the third quarter.
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