Eastern Airlines Faces Pay Cuts Amid stalled wage talks
Eastern Airlines plans 18 to 22 percent pay cuts for 37,000 employees after talks with the machinists pilots and flight attendants unions stalled. Officials say January cuts follow a 1984 wage program and a December loan default looms as lenders meet to discuss extending negotiations. Charles Bryan of machinists vows court action if pay is continued, while the company seeks a two month extension to clinch labor pacts.
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Disney's earnings spark a market surge for Disney stock
Disney shares have climbed about 24 percent in a month as first quarter earnings beat expectations and new management under Michael Eisner and Frank Wells draws praise. Analysts cite aggressive moves to boost film output and advertising for parks, plus renewed focus on attendance at Disney World and Disneyland with a substantial paid media push planned through May.
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Limited to buy Lerner Stores for 300 Million
The Limited Inc plans to acquire the Lerner Stores division from Rapid American Corp for about 300 million dollars. Chairman Leslie H. Wexner expects completion within 30 days. the purchase includes cash and subordinated notes totaling about 260 million, with Lerner projecting annual sales near 700 million.
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