Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, January 25, 1992 TAG: 9201270159
SECTION: BUSINESS PAGE: A-8 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
IN BUSINESS
Best Products plans to close 9 outletsBest Products Co. Inc., a Richmond-based catalog retailer operating a store in Roanoke, said Friday it will close by mid-spring nine outlets in the Minneapolis area, Charleston, W.Va. and California. This is the third round of closings since Best sought protection from creditors under Chapter 11 bankruptcy law a year ago.
The closings leave the company with 153 showrooms, 15 jewelry stores, a clearance center and a mail-order service. The company entered Chapter 11 with 194 showrooms and 33 jewelry stores. - Wire report
Cement firm talks starting over again
Roanoke Cement Co. officials will return to the bargaining table Feb. 3-4 with a union which rejected an initial contract offer from the company on Wednesday.
Ed Pittman, a vice president of the Botetourt County firm, said he was disappointed that Local D-314, International Brotherhood of Boilermakers, turned down the company proposal. He called it "a fair and reasonable contract" which included a pay increase of $2 an hour for the first 18 months.
The union rejected the company offer because it would raise insurance payments for employees, according to Jeffrey Stump, local president. The company wants to raise deductibles for employee insurance and shift payments for health insurance to retired employees, Stump said. - Staff report
Centel Corp. may be put up for sale
Centel Corp., the telecommunications giant with operations in Western Virginia, said is exploring a possible sale of the company to avoid being a takeover target.
Chicago-based Centel provides local exchange telephone service in seven states through nearly 1.6 million access lines and manages cellular communications systems in 44 metropolitan areas.
Centel reported net income of $24.4 million, or 28 cents per share, during the fourth quarter of 1991. That was up from $14.3 million, or 16 cents per share, during the same quarter a year earlier. - Associated Press
Central Fidelity plans low-interest card
Central Fidelity Bank said Friday it will introduce a credit card with a 15.6 percent annual rate on Feb. 7. But to get the lower interest rates, customers will pay a higher annual fee of $20.
The rate is the lowest among major Virginia banks for a standard credit card. Crestar Bank has a card with interest of 15.9 percent, and many gold cards have floating rates that are now as low as 13.5 percent.
Existing customers at Central Fidelity can convert their existing cards and transfer the account balance.
Central Fidelity said it will retain its card with an 18 percent rate on purchases and 14 percent on cash advances.
Because the annual fee is $15, the card is more attractive to people who pay off their balances each month. Its gold card has a floating rate and a $35 fee. - Staff report
Radford builder files for liquidation
Dion L. and Drucy V. Dalton, trading as D.L. Dalton Builder of Radford, have filed for liquidation in U.S. Bankruptcy Court in Roanoke. The home builder reported debt of $733,635 and assets of $570,162.
In other business bankruptcy petitions:
Anthony and Tammy Albert, trading as Cedar Valley Auto Repair in Richlands, asked for liquidation, listing debt of $75,025 and assets of $33,105.
AAA Septic Service and Dust Control Inc. of Clintwood filed for reorganization. Its debt and assets were listed as less than $100,000.
- Staff report