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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Aug 17, 2000
Page
17
Wall Street closed mixed with the Dow down 58.61 at 11008.39 and the Nasdaq up 9.54 at 3861.20. Volume rose to 926.79 million shares as 26 Eastern Iowa stocks gained and 16 fell.
Richmond based Heilig-Meyers files for Chapter 11 and will close 302 stores, cutting about 4,400 jobs. The chain will operate 596 stores with 12,900 employees in 29 states after restructuring. The company seeks court approval for store liquidation sales and has secured a $215 million lender commitment.
ADM will sell 20 million gallons from Illinois plants to Brazil to ease expected sugar cane ethanol shortfall after frost and drought. Ethanol travels via Mississippi River barges to New Orleans for ocean transport to Brazil, supporting a give and take market dynamic.
Inflation at the consumer level rose 0.2 percent in July driven by tame gains outside energy and food. Core inflation also up 0.2 percent for a fourth straight month, while housing construction fell sharply in July, boosting expectations the Fed will hold rates steady.
Sara Lee Corp signs agreement to sell its PYA Monarch food service unit to Royal Ahold for 1.57 billion dollars. The deal includes a supply agreement with Sara Lee’s U S manufacturing operations and is slated to close by October end. The move narrows Sara Lee focus to food and beverage, intimates and underwear, and household products. Shares remained unchanged on the NYSE.
Todd Bergen 37 resigns as Priority One president to join AEGON USA in Cedar Rapids as corporate initiatives manager. He leaves Sept 18 after 70 years directing daily operations. The search for his replacement starts immediately with a goal to fill the post within 30 days.
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