Kmart to Close About 330 Stores Across U.S.
Kmart Corp plans to close roughly 330 stores and lay off more than 25,000 workers as it pursues Chapter 11 restructuring. The move follows 283 store closures last year, with ongoing federal probes and an internal review into pre-bankruptcy loans. Executives anticipate several closings by mid January and a January 28 bankruptcy hearing in Chicago, as pressure mounts from losses and shrinking same store sales.
MENTIONED IN THIS ARTICLE
Detroit
Kmart Corp
Kmart
Texas
Jack Ferry
Chicago
Ferry
Raytheon pays nearly four million dollar settlement
Raytheon Aircraft Co settled for 3.99 million to resolve claims it overcharged the Defense Department for aircraft product liability insurance from 1988 to 1999. The U.S. Attorney cited a 15 month probe. Raytheon denied liability and said it settled to avoid litigation. The SEC also opened an investigation into revenue accounting from 1997 to 2001.
MENTIONED IN THIS ARTICLE
Wichita, Kan
Raytheon Aircraft Co
Department of Defense
Securities and Exchange Commission
Raytheon
Defense Department
Raytheon Aircraft
United States
Tim Travis
U.S
Eric Melgren
U.S. Attorney's Office
Kansas
Defense Contract Audit Agency
SEC
Frank Caine
Lexington
Wall Street Meanders Ahead of Fourth Quarter Reports
Investors waited for fourth quarter earnings as markets drifted mixed. The Dow edged up 1.09 points to 8785.98 after a weekly rise, while the Nasdaq fell 1.68 points to 1446.04 and the S and P 500 slipped to 926.26. Traders remained cautious after a recent rally fuelled by Bush tax cut hopes. Volume was light as markets awaited earnings news.
MENTIONED IN THIS ARTICLE
New York
Wall Street
Standard
Bush
Dollar Mixed Against Major Currencies Amid Iraq War Worries
The dollar showed a mixed pattern as investors weighed fears of war with Iraq and awaited this week’s retail sales data. In New York late Monday it traded at 118.88 yen, the euro at 1.0547 dollars, and the pound at 1.5999 dollars, with the euro above 1.05 despite a retreat.
MENTIONED IN THIS ARTICLE
New York
Dow Jones/AP
Iraq
U.S
RPM International shares hit 52 week low on asbestos fears
RPM International Inc shares fell to a 52 week low on Monday as investors worried the Medina Ohio based maker of specialty coatings could lose asbestos liability insurance next year. The stock dropped as much as 14 percent after Friday loss, then closed down 4 percent at 11.60, with a prior low of 10.40 set July 22.
MENTIONED IN THIS ARTICLE
New York
Jones/ AP
RPM International Inc
Medina
Ohio
RPM
New York Stock Exchange
Judge rules Kazaa parent can be sued in U S court
A federal judge allowed record companies and movie studios to sue Sharman Networks Ltd., parent of Kazaa, in U S court. Judge Stephen V. Wilson found Sharman has substantial California business dealings and contributes to piracy in the United States, despite being based in Australia and incorporated in Vanuatu.
MENTIONED IN THIS ARTICLE
Los Angeles
Kazaa
Stephen V. Wilson
Sharman Networks Ltd
United States
Australia
South Pacific
Vanuatu
Sharman
U.S
California
Also Mentioned on This Page
Annoha Faeher
David Fick
Legg Mason Inc
Baltimore
Wal, Mart
Target
Fick
Wal-Mart
Bill Clarke
Dunwoody
Raytheon Company
Mass
State of
Ohio School Facilities Commission
Lorain City
School District Board
Pole Ave
Lorain
Garfield
Arkinetics, Inc
Fifth Street Lorain
Fox
URS/Turner
Broadway Lorain
District Board of Education
Lakeside
Center Ridge Road
Westlake
Cindy
Department OF Administrative Services
Polo Ave
Fifth Street
Mano
URS/Turner Construction Services
FW. Dodge
Rockside Woods
Cleveland
follo Dodge/Scan bps
Lore Raul Byle
Builders Exchange
Keynote
Oma
City School District Board of Ramos
K. Troyer
Ohio Construction
Engle Road
Nfe
Clore
Ers
FAO Inc
FAO Schwarz
Zany Brainy
Right Start
King of Prussia, Pa
FAO
Westshore Primary Care
Vickie Baker
Sheffield
Westshore Primary
Cail
W. Stanton Richardson
Catherine
Interné
James Ridge
Chantal Henderson
M.D
Iementi
D.C
James Ohtiger, Jr
Meaton Lane
Sheffield Village
Kazaa Music
Kelly Larabee
Larabee
Reo Ae
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