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Newspaper
Lawrence Journal World
Location
Lawrence, Kansas, United States of America
Date
Jul 23, 2002
Page
5
The Kansas Agricultural Statistics Service reported a weekly crop update showing statewide drought effects with only 13 percent of topsoil moisture and 19 percent of subsoil moisture adequate. Corn, sorghum, and soybean conditions declined with a notable share rated very poor or poor.
Kmart reports a 137 million loss in June and a 8.7 percent drop in store sales as it struggles to emerge from Chapter 11. The month follows a 96 million May loss. The company filed for Chapter 11 on January 22 citing weak holiday sales and a plunging stock price. Kmart shares edged up to 69 cents on NYSE. The firm runs a store and a distribution center in Lawrence.
Malan Realty Investors announced the completion of the Pine Ridge Plaza Shopping Center sale in Lawrence to Pine Ridge Plaza LLC for 13.85 million. The 250,000 square foot center near 31st and Iowa houses Kmart Kohl s Old Navy and other tenants. The deal does not alter store operations. Malan is selling most of its 56 properties to reduce debt and also sold Kmart anchored centers in Wichita and Salina to Hutensky Capital Partners LLC.
WorldCom chief executive John Sidgmore voiced cautious optimism after the company filed for Chapter 11, hoping to emerge within a year with reduced debt and fewer assets. He cited a $30 billion debt load, $2 billion in interim financing, and a plan to operate normally for 20 million MCT subscribers while courts process the restructuring. Katzenbach and Dennis Beresford join WorldCom board as part of the move.
The Dow fell more than 230 points to 7,784.58 after a volatile session, its third straight triple‑digit finish and lowest close since October 1998. Nasdaq slipped 36.50 to 1,282.65 and the S&P 500 shed 27.91 to 819.85. WorldCom filed for Chapter 11. Strong declines hit J.P. Morgan Chase, Citigroup, Microsoft, IBM, ExxonMobil, Williams Companies amid continued accounting concerns.
At the Pelathe Community Resource Center a student run gift shop opened last week at 1423 Haskell Ave. Deomonic Parker runs operations as part of a youth grant to train youths ages 14 to 20 in business. The grant, over $100,000 for two years, funds a screen printing T shirt business and the shop. About 15 students are on the payroll as the programs aim to sustain on profits.
Bruce Martin has started as Pelathe Community Resources Center director on a part time basis while also serving as Upward Bound program coordinator at Haskell Indian Nations University. The shop runs 9 a.m. to 5 p.m. Monday through Friday and features consignments of works by American Indian artists from Lawrence and beyond.
AMC Entertainment Inc. paid 19.7 million to forgive 1998 loans to CEO Peter Brown and COO Phil Singleton, citing extraordinary performance while guiding the firm through tough times. The move followed a pro forma loss of 28 cents per share in the latest quarter, under analyst expectations of 18 cents. Shares dropped about 21 percent on the news.
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