Boston to get more Chicago air links
BOSTON – Low-cost, single-class American Trans Air (ATA) and U.S.Airway’s low-cost MetroJet service will link Logan Airport and Midway Airport in downtown Chicago. ATA, the 11th largest carrier in the country will begin service, its first out of Boston, in May. U.S. Airways begins its MetroJet service on March 5 with four daily flights. ATA will have three non-stop flights to Chicago each day but Saturday. It announced the one-way fare for advance-purchase tickets would be between $79 and $89. U.S. Airways said its advance purchase MetroJet fares would be $198 roundtrip, compared with $548 for walk-up tickets. Boston already has extensive air service to Chicago supplied by United and American airlines, which fly to hub links at O’Hare International Airport in suburban Chicago.
Reebok reports profit, cites cost-cutting
STOUGHTON – Reebok International, Inc. has reported a fourth-quarter profit of $426,000, or 1 cent a share, compared with a $7.09 million loss, or 13 cents a share in the same quarter a year ago. A spokesman for the sneaker and sportswear company attributed the reversal to the company’s cost-cutting procedures.
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New format for Boston Globe
BOSTON — The Boston Globe, New England’s largest newspaper, implemented a format change that will ultimately result in a smaller page. The Globe is converting from 54-inch paper to less expensive 50-inch paper. “The paper is much more easy to handle,” said Globe spokesman Richard Gulla. The Globe is also introducing a Sunday personal investing section and a Monday section dedicated to high-technology. The format change will wrap up in the fall when the Globe finishes re-tooling its printing presses and the shrunken text and images are enlarged to a more easy-to-read size. The Globe has a daily circulation of 470,000 and a Sunday circulation of 740,000.
Filene’s Basement agrees to rescue
BOSTON – Filene’s Basement Corp., which has been operating since last August under Chapter 11 bankruptcy protection, has agreed to be acquired by Value City Department Stores, Inc. Columbus, Ohio. The Boston Globe reported that Value City was paying $15 million in cash and stock for Filene’s Basement’s assets and was assuming about $74 million in the company’s liabilities. The chairman of Filene’s Basement, Samuel J. Gerson, announced that he would continue to operate a 14-store chain as a division of Value City under the Filene’s Basement name. Gerson said he hoped the deal would be approved by the U.S. Bankruptcy Court within a few weeks.
Andover.net being acquired by VA Linux Systems
ACTON – Andover.net, a producer of Linux-related Internet sites, is being acquired for about $1 billion by VA Linux Systems, Inc. of Sunnyvale, Calif., the Boston Globe reported. VA Linux makes Linux-based computer systems. It makes Linux.com, a popular Website for open-source programmers. The deal, which involves an exchange of stock and $60 million in cash is estimated to be worth about $968 million.
Massport reports increase in business
BOSTON – The Massachusetts Port Authority reported that the city’s port had 7.8 percent increase in container tonnage, including a 14 percent increase in container exports. The authority reported that the number of containers exported through the port rose from 83,689 in 1998 to 88,535 last year. Also 84,000 cars were imported through the port, an increase of 10,000, the authority reported. Moreover, the port had a 21 percent increase in cruise ships visiting the port with 73 of the ships carrying 128,038 passengers. A Port Authority spokesperson reported that 120 cruise ships were scheduled to visit Boston, with 200,000 passengers passing through the port’s Black Falcon Cruise Terminal.
Slade’s Ferry reports 26 percent profit hike
SOMERSET – Fourth quarter profits at Slades Ferry Bancorp rose 26 percent to $949,349 in the last quarter, or 26 cents a diluted share, the bank holding company reported. The company is the parent of Slade’s Ferry Bank serving southern New England. The company reported loans up 11 percent in the fourth quarter to $242 million from $219 million a year ago.
Staples International has new president
FRAMINGHAM – Staples, Inc. has announced the appointment of Jacques Levy to be president of Staples International. He will succeed Jack C. Bingleman who will retire this summer. Levy had been employed at the Walt Disney Co. He reportedly has more than 25 years experience in international retail trade.
Fearing dot-com lure, firms raise salaries
BOSTON — Here’s one more reason for the rest of the world to tell lawyer jokes: Attorneys at one Boston firm got 40 percent raises last week. Timothy McGuire, partner at Testa, Hurwitz & Thibeault, said the technology law firm doled out the huge pay hikes so that their attorneys won’t leave for high-tech companies promising bigger paychecks and lucrative stock options. Jim Boone, president of The Americas of Korn/Ferry International, the world’s largest executive search firm, said companies today face tremendous pressure to keep the best employees. “Everyone’s scrambling for good people,” he said.
