Wilson Foods faces 40 percent wage cuts for hourly workers
Wilson Foods filed for Chapter 11 and reduced hourly pay to 6.50 from 10.69, affecting 1,750 Cedar Rapids workers and 2,300 in Iowa. CEO Kenneth Griggy also took a 40 percent cut. Credit unions and banks say they will help creditors adjust payments, with many employees seeking deferrals and extended loans as the company restructures.
MENTIONED IN THIS ARTICLE
Gary Peterson
Wilson Foods
Cedar Rapids
Iowa
Clarinda
Cherokee
Kenneth Griggy
Wilson
Paul Wellington
Wilson Employees Credit Union
Wellington
Ethan Sproston
United Way
Linn County
Human Services Emergency Survival Needs Committee
Bill Fluegel
Cedar Rapids Credit Bureau
Savings and Loan
Bruce Gibson
Guaranty Bank and Trust Co
Don Nebergall
Brenton Bank and Trust
Nebergall
Northwestern Bell tariff plans inside wiring ownership shift
Northwestern Bell outlines a rate change tied to transferring inside wiring to customer ownership and a optional maintenance plan. The move, subject to Iowa Commerce Commission approval, increases local service prices but offers maintenance options for residential single lines. business customers are not offered the maintenance plan.
MENTIONED IN THIS ARTICLE
Northwestern Bell Telephone Co
Iowa Commerce Commission
the Gazette
Northwestern Bell
Bell
Commerce Commission
William A. Stauffer
Iowa
Wilson Foods workers weigh exploratory talks amid bankruptcy
United Food and Commercial Workers members may approve exploratory discussions with Wilson Foods on the labor agreement status. If stalled, a strike is possible. Wilson Foods filed for Chapter 11 bankruptcy and cut hourly wages from 10.69 to 6.50. A member meeting is set for Cherokee, with other talks in Oklahoma City and Cedar Rapids. Iowa Beef Processors faces removal from the creditors committee amid a $2.3 million debt and dispute over access to trade secrets.
MENTIONED IN THIS ARTICLE
John Detweiler
P-3
United Food and Commercial Workers
Wilson
United Food and Commercial Workers Union
Wilson Foods Management
Wilson Foods
Chicago
National Union
Mike Wilbur
Cherokee
Wilbur
Oklahoma City
Cedar Rapids
Iowa Beef
Richard Bohanon
Iowa
Charles Harness
Poonies
Chick-Fil-A
Ickfil-A, Inc
Westdale Mall
April retail sales show mixed results across major chains
Retailers reported mixed April results with Sears rising 7.7 percent for four weeks and Kmart up 5.5 percent, while JCPenney and Woolworth posted declines. Weather and an early Easter were blamed for the pause, but big-ticket durable goods remained in demand.
MENTIONED IN THIS ARTICLE
Associated Press
Sears, Roebuck & Co
Kmart Corp
Kmart
Federated Department Stores Inc
Montgomery Ward
Mobil Corp
Dayton Hudson Corp
May Department Stores
Woolworth
New York
Chicago
Dayton-Hudson
Target Stores
B. Dalton Booksellers
Stocks rise on third straight gain amid rate talk
Wall Street posted a third consecutive uptick as Dow Jones industrial averages, transport indexes, and NYSE and AMEX composites hit near record highs. Traders priced in potential rate cuts and easing oil prices while Kodak dragged the Dow, and Chrysler advanced on plans to repay federal loans early.
MENTIONED IN THIS ARTICLE
NEW York
Wall Street
Federal Reserve
Mortgage rate falls to 13.13 percent in April
The average interest rate on new home mortgages dropped to 13.13 percent in April, the lowest since August 1980. It marks the ninth consecutive decline, down from 13.34 percent in early March, with 17.39 percent in April 1982 and 12.52 percent in August 1980.
MENTIONED IN THIS ARTICLE
Washington
Federal Home Loan Bank Board
Chrysler Plans Debt Payment to Rebuild Finances
Chrysler Corp will pay $400 million in June, about one third of the federally guaranteed loans that saved it from bankruptcy. Chairman Lee Iacocca says the firm will complete payment on June 15 or as soon after as possible. The company aims to repay by 1985 with potential interest savings of about $445 million.
MENTIONED IN THIS ARTICLE
Eastman Kodak
Kodak
Chrysler Corp
Detroit
Chrysler
Lee Iacocca
Iacocca
U.S
Federal Loan Guarantee Board
Des Moines Register First Quarter Earnings Report
Describing 1983 first quarter results the company reports revenue decline due to the discontinuance of the Des Moines Tribune the sale of a newspaper in Waukesha Wisconsin and two Denver radio stations. A 3 million after tax gain from the sales yields net income of 2.7 million or 2.45 per share.
MENTIONED IN THIS ARTICLE
Des Moines Tribune
Waukesha
Wis
Denver
Colo
Also Mentioned on This Page
By Gary Peterson
J.C. Penney & Co
F.W. Woolworth Co
Sears
Troy
J.C. Penney
Penney
Energy Department
Standard Oil
Indiana
Ohio
Getty Oil
Mobil Y
Exxon
Phillips Petroleum
Standard Oil of
California
Phillips and
Socal
NYSE
Standard & Poor
S&p
Des Moines Register
Huie H. Woods
Chick-Fil-A, Inc
Buffington
Atlanta
Georgia
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