H&R Block Cuts Jobs (HRB)

H&R Block Inc. HRB has announced that it will cut 400 jobs. The largest US tax preparer is restructuring its organizational structure and is currently dealing with declining trend in its business. The company has closed about 400 underperforming tax offices. The company has also declared that the job cuts would result in $28 million worth of pretax charge in the current quarter. H&R Block (HRB) provides in person and online tax preparation services. The company employed 8,300 regular full-time employees for the period ending in April, 2009. The job cuts would result in annual savings of $140-$150 million, starting in 2012.