Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, January 1, 1992 TAG: 9201010208
SECTION: BUSINESS PAGE: A-7 EDITION: HOLIDAY
SOURCE:
DATELINE: LENGTH: Medium
IN BUSINESS
Coal subcommittee to meet in Abingdon
Electrical generation and the transmission of power from Virginia's
coalfields will be on the agenda Thursday when the state Coal and Energy
Commission's coal subcommittee meets in Abingdon.
The effects of the Clean Air Act on the coal industry and an assessment of
the Virginia coal industry also will be discussed by the subcommittee, which
will meet at 3 p.m. at the Virginia Highlands Community College auditorium.
Del. Ford C. Quillen of Gate City is chairman of the subcommittee. Other
members are Richard Wolfe of Bristol, John S. DiYorio of Wytheville and W.
Thomas Hudson of Richmond.
- Staff report
Zale to close 400 of 2,000 stores
DALLAS - Zale Corp., the nation's largest jewelry retailer, said it will
close 400 of its 2,000 stores at a cost of 2,500 jobs after a dismal holiday
season. Zale operates four retail chains - Zale's, Bailey Banks & Biddle,
Gordon's and Corrigan's - with combined annual sales of about $1.2 billion.
The company said it will decide by March which stores to close, and
complete the shutdowns three or four months after that. The closings will
reduce Zale's work force by about 20 percent. A spokeswoman on Tuesday
declined to say whether the outlet at Roanoke's Valley View Mall is slated for
closing.
The company on Monday also said it will stop paying banks, vendors and
other creditors while it reorganizes its finances. Among the payments it will
miss is $52 million in interest due Thursday.
- Associated Press
After-holiday sales lure shoppers
Shoppers who spent their money cautiously during the holiday buying season
were lured back to the malls by stores promoting post-Christmas sales,
retailers said.
"Many people waited until after Christmas" to spend money, said Steve
Barnett of Sears at Regency Square Mall in Richmond. "More people got money
this year for Christmas and were waiting to take advantage of post-Christmas
sales."
Heavy advertising, along with discounts on many items, helped to boost this
year's post-Christmas spending, Barnett said.
He said customers streamed steadily into his store the day after Christmas,
spending money on the traditional marked-down Christmas decorations and cards,
and big-ticket items such as computers and electronics.
Consumers were more careful in selecting the gifts they gave this year,
decreasing the number of returns stores had to handle after Christmas,
retailers said.
"We were extremely busy, better (than last year) from the standpoint of
traffic and of sales," said Henry J. Fawcett, general manager of Leggett
department stores in the Tidewater area.
- Associated Press
Candy company sues Va. peanut supplier
INDIANAPOLIS - A candy company has sued a Virginia peanut supplier,
charging that a 40,020-pound shipment of nuts was tainted with unacceptable
levels of a potentially toxic mold.
In the suit filed Monday in U.S. District Court, Zachary Confections Inc.,
claims it found evidence of aflatoxins in a July 22 shipment from the
Lynchburg-based Peanut Corporation of America.
Zachary Confections discovered the mold and sent a sample from the shipment
to a lab for analysis. The Food and Drug Administration confirmed the
unacceptable level of aflatoxins, which can cause death in humans, the lawsuit
said. The suit seeks more than $50,000 in damages.
- Associated Press
U.S. stock, financial markets closed today
U.S. stock and financial markets will be closed today for the New Year's
Day holiday. The Roanoke Times & World-News will not publish usual business
pages Thursday. However, a special section with year-end summaries of the
nation's major securities markets will be included in Thursday's newspaper.
Regular financial tables and business news will resume in Friday's editions.
- Staff report