Filene’s plans staff shift
BOSTON – Filene’s department stores has announced it will transfer 275 jobs from Boston to St. Louis and South Windsor, Conn. Filene’s is a division of the May Department Stores Co. of St. Louis. Filene’s said the 275 back-office employees had been offered alternative employment, but for many of them that would mean transfer to either Connecticut or St. Louis. The May Company is centralizing Filene’s credit operations at its St. Louis headquarters. About 7,500 people are employed by Filene’s in Massachusetts.
Citizens to buy State Street unit
BOSTON – Citizens Financial Group, Inc., headquartered in Providence and owned by the Royal Bank of Scotland, announced last week that Citizens will acquire the commercial banking business of Boston based State Street Bank, making Citizens a $21 billion bank holding company. State Street’s commercial banking business loans averaged $1.9 billion for 1998 and totaled $2.2 billion as of March 31 this year. The acquisition includes four branches in Quincy and Boston, and when complete 300 State Street employees will become Citizens employees. The deal, which is expected to be completed this fall, is subject to regulatory approval.
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Fleet Boston Corporation picks headquarters
BOSTON – BankBoston’s office at 100 Federal St. here will be the headquarters of the new company, Fleet Boston Corporation, the company has announced. The new company, a combination of Fleet Financial Group and BankBoston is awaiting regulatory and shareholder approval. BankBoston announced that it already occupies 1,205,000 square feet of the building’s total office space of 1,356,000 square feet. The building includes a pedestrian plaza, lower level parking, a BankBoston branch office, a public restaurant, retail shops, auditorium, training facilities and a conference center.
Mullen ad agency bought by New York firm
WENHAM – Mullen, the third largest ad agency and largest independent agency in the region, has sold a majority interest in the company to Interpublic Group of Cos. of New York City. Last year Interpublic bought Hill Holliday Connors Cosmopoulos of Boston. According to the announcement Mullen will retain its autonomy and its chief executive, Jim Mullen, and there will be no layoffs. Mullen recently was chosen as the ad agency of the year by Adweek New England, a trade publication. The company’s clients include L.L.Bean, Polartec and Swiss Army Brands.
Tufts to build nutrition research center
BOSTON – Tufts University has broken ground for the Jaharis Family Center for Biomedical and Nutrition Research Center in the middle of a parking lot on its health sciences campus. The university maintains that the center would be the first to combine biomedical science, nutritional research, and public policy under one roof. Michael Jaharis after whose family the center is being named, is a trustee of Tufts and chairman of Miami-based Kos Pharmaceutical Co.
Aspen Tech. lets go of 200 employees
CAMBRIDGE – Aspen Technology Inc., manufacturer of software for the petroleum and chemicals industries, announced that it has fired 200 of its employees, about 12 percent of its staff. The company reported third-quarter losses of $5.86 million, or 23 cents a share, compared with a $9.3 million profit, or 37 cents a share a year, earlier. The company said it is consolidating because of “difficult economic conditions” in the chemical and petroleum markets.
Harvard Pilgrim Health Care reports record loss
WATERTOWN – Harvard Pilgrim Health Center reported a $94-million operating loss, its largest ever, for last year. The company attributed the loss to lower than expected Medicare reimbursements and higher than expected expenses. Harvard Pilgrim said it would forgo employee bonuses and raise premiums an average eight percent a year to cover the loss.
WCRB buys Cape Cod, Block I. Stations
BOSTON – Charles River Broadcasting Company, which owns radio station WCRB here and WFCC on Cape Cod has acquired WKPE, also on Cape Cod, in Orleans, and WCRI of Block Island. WKPE has one of the strongest signals on Cape Cod. Both sales are subject to FCC review. WCRI already broadcasts a classical music format produced by WCRB. A spokesman for Charles River hailed the purchases as strengthening the company’s service from the Cape into Connecticut and southern Rhode Island.
Raytheon fixing defective missiles
LEXINGTON – Raytheon Co. has announced that it will repair more than 5,000 Maverick missiles that have been removed from service. The missiles have been in service since 1972, and are carried under the wings of several aircraft and used against surface targets. Defective missiles have been discovered only since 1994 and have been traced to a single lot. Raytheon has filed suit against a subcontractor, Helix Technology Corp. of Mansfield, claiming that company had supplied defective parts for the missiles.
