Talbots plans to add 300 plus stores
HINGHAM – Talbots, Inc. announced that it is adding more than 300 stores during the next five years. The company, which sells women and children’s clothing, has set a goal of 54 percent increase in sales during that period. Talbots’ chief executive told the annual shareholders meeting that the chain would increase its stores from the present 681 to 1,150 by the end of fiscal year 2005.
Looking Glass Studios going out of business
CAMBRIDGE – Looking Glass Studios, which only weeks ago released its newest computer game, announced that it was going out of business and laying off 60 employees. A company executive reported that a decision by Eidos Interactive, a leading game distributor, not to acquire Looking Glass was critical to the company’s survival. Looking Glass produced a series of successful games, including its most recent product, a sequel to its most successful game, “Thief: The Dark Project.” The sequel, “Thief 2” had been well received by critics and was expected to produce a profit for the company had it survived. The Boston Globe reported the company’s founder, Paul Neurath as saying, “We ran out of money. We exhausted all our options.”
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Boston Scientific wins approval for gold stent
NATICK – The Food and Drug Administration has approved a gold coated coronary stent designed by Boston Scientific Corp. The stent, called the Niroyal by Boston Scientific, is a small metal gold plated tube that is used with a tiny balloon that is inflated and maneuvered through a blood vessel or artery in order to crush plaque buildup and clear heart blockages. The gold plating reportedly enables doctors using magnetic imaging systems to follow the progress of the stents more easily.
Trust Insurance policyholders reassigned
BOSTON – A plan submitted by the state’s insurance commissioner to the Supreme Judicial Court for the ailing Trust Insurance Co. of Taunton has been approved. The Boston Globe reported that 146,000 of Trust Insurance’s home, auto and commercial policy holders will be reassigned to other companies by October 1. Linda Ruthardt, the state commissioner, was appointed receiver for the company three months ago when new investors could not be found and the company was reported in chaotic condition. State officials reported that Trust policy holders will be covered during their transition to other companies and will not be penalized as a result of the shift. Non-auto policies with Trust Insurance will be canceled as of August 1, and auto policies canceled as of October 1.
Harvard Pilgrim cleared for release from receivership
BOSTON – A Supreme Judicial Court judge has accepted a rehabilitation/reorganization plan for Harvard Pilgrim Health Care clearing the way for the HMO’s escape from receivership. The state’s attorney general and the insurance commissioner announced they would release the company from receivership in about two weeks as soon as they appoint a new board of directors and complete a plan for administrative supervision, a less stringent form of oversight of the HMO.
Alpha Industries gets $6 million order
WOBURN – Alpha Industries, Inc. announced it had received a $6 million order to supply cellular phone components to Groupe Sagem, the largest maker of GSM standard wireless phones in France. An Alpha spokesman said the order was the company’s first high-volume shipment of its gallium arsenide PHEMT switches for wireless phones, according to the Boston Globe.
Raytheon joint venture gets $125 million contracts
LEXINGTON – A joint venture of Raytheon Corp. and Thomson-CSF SA has received four follow-on NATO contracts with a total value of $125 million, the
Boston Globe reported. The venture, Air Command Systems International, through the contracts will provide air command and control work for sites in Belgium, France, Italy and Germany. The follow-up on contracts are related to a $500 million pact received in July by Air Command Systems.
SLI buying Brilliant Holding
CANTON – SLI, Inc., the lighting company, announced its plans to buy Brilliant Holding GmbH, owner of 78 percent of Germany’s biggest producer of household lamps, Brilliant AG. SLI is making thew purchase from Emess PLC, a United Kingdom manufacturer of commercial and consumer lighting products. Terms of the acquisition were not disclosed, Bloomberg News reported.
Primix Solutions acquires Primant AB of Sweden
WATERTOWN – Primix Solutions, Inc., an Internet services company, has acquired Primant AB, a Web integrator based in Sweden, Dow Jones mews service reported. Primix announced that it made the acquisition to improve its service to its international clients as well as establish a foothold in the expanding European market. Primix will issue 1 million common shares for the transaction, with an additional 300,000 shares linked to Primant’s performance.
Ennovate Networks buying Cornice
BOXBORO – Ennovate Networks, Inc., a telecom startup is acquiring Cornice Communications, Inc., of Andover, a 10-person company.
