Filene’s Basement to try new approach
COLUMBUS, Ohio – Value City Department Stores, Inc., which bought most of the assets of Filene’s Basement out of bankruptcy earlier this year announced that it will try a new approach with the once popular Boston-based store. Value City, which operates several store chains, including DSW Shoe Warehouse, announced that it would put that store and a Filene’s Basement together in a 70,000 square foot space in Ohio in November. If it works, Value City said it might try the concept elsewhere. Meanwhile, also in November, the company plans to try the Filene’s Basement’s original format in a store in Holyoke, Mass. The two November openings will increase the number of Filene’s Basement stores operating to 19.
Distribution center to open in Fall River
FALL RIVER – A.J.Wright, a discount clothing and domestics store owned by TJX Companies, Inc., of Framingham, Mass., announced it would open its first distribution center in Fall River on October 20. The 300,000 square foot building on an industrial park off Commerce Drive in the northern section of the city that formerly served as an airport will initially employ 150 full and part time workers. When it reaches full capacity at a still undetermined date, the company announced that it would employ 450. The distribution center will serve 25 Wright stores in eight states, New England and the mid-Atlantic. Also the company announced that it would open a new A.J.Wright store in the Fall River Shopping center on October 19.
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Steinway combines two Indiana plants
WALTHAM – Steinway Musical Instruments, Inc. announced that it was closing its Elkhart, Ind., flute manufacturing plant and moving its production to another recently acquired plant in that city. Forty-five employees will be affected by the move, Steinway announced. Steinway acquired the flute making plant to which its own operation is being moved when it acquired United Musical Instruments Holdings, Inc. last month.
Columbia Energy Group to sell interests in four power plants
Herndon, Virginia (Bloomberg) — Columbia Energy Group, a Virginia natural gas company, said it agreed to sell interests in four power plants to a partnership owned by Delta Power Co. LLC and John Hancock Life Insurance Co. of Boston, for an undisclosed price. The interests include half ownership of two plants in New Jersey and one in Texas as well as a 10 percent stake in a Maine plant. The plants are able to generate 799 megawatts of electricity, enough to light about 799,000 U.S. homes. Delta Power, based in Morristown, New Jersey, owns stakes in six natural-gas fired power plants in the U.S. It is closely held. John Hancock Life is a unit of Boston-based John Hancock Financial Services Inc., the 14th largest U.S. life insurer.
State Street names Richard Davis president, chief executive
New York (Bloomberg) — State Street Research & Management Co. named Richard Davis president and chief executive of MetLife Inc.’s Boston-based money management unit. Davis currently oversees MetLife’s $110 billion in bond investments. He replaces Jeffrey Hodgman, a MetLife executive vice president who became interim chief executive after CEO Ralph Verni left in May for Redwood, a firm that makes Internet products for money managers. Davis, 54, will oversee a company with $54 billion under management. Over eight years he held a variety of jobs at J.P. Morgan Securities and J.P. Morgan Investment Management before joining MetLife in 1999. MetLife bought State Street in 1983.
General Cinemas to seek bankruptcy protection
CHESTNUT HILL (Bloomberg) — GC Cos., parent of General Cinemas Theaters Inc., said it will file for bankruptcy protection as the latest movie theater company to fall victim to an expansion push in the industry. Harcourt General Inc., which spun off GC Cos. in 1993, said it would record a charge of about $100 million, or $1.38 a share, to cover liabilities in connection with theater leases guaranteed before the spin-off. The charge will be recorded in the fourth quarter, which ends Oct. 31. GC is one of several theater chains that have sought protection from creditors after struggling under the costs of building and operating expensive megaplex theaters as ticket sales have lagged. Competitors United Artists Theater Co., Edwards Theater Circuit Inc., Silver Cinemas Inc. and Carmike Cinemas Inc. also have filed for bankruptcy. The Chestnut Hill, Massachusetts-based company said it would report in its bankruptcy filing total assets of $328.9 million and total liabilities of $195.1 million as of Aug. 31. Pape
rs are supposed to be filed later today in U.S. Bankruptcy Court in Wilmington, Delaware, officials said in the release. General Cinema closed 36 theaters with 264 screens in Florida, Georgia, Louisiana, North Carolina, Texas, Ohio, New Jersey, California and Washington, and plans to close another 17 theaters with 103 screens this month, according to the release.
(Compiled from news reports and releases, print and electronic.)
