Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, April 7, 1993 TAG: 9304070129
SECTION: BUSINESS PAGE: B6 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
IN BUSINESS
Plantation Road IGA to closeJay's IGA, a supermarket operating on Plantation Road Northeast, will close Saturday, with one of its owners citing a lack of business.
Jay Jackson said the grocery "was dragging down" another store on Orange Avenue Northwest, he said.
Jackson and his father, Jerry Jackson, came from Atlanta to buy the two stores last year. The Orange Avenue store, a former Kroger supermarket, was reopened with the help of Total Action Against Poverty and initially operated by Farm Fresh Inc. of Norfolk. Later it was acquired by the Jacksons. The Orange Avenue store "is doing good," Jay Jackson said.
The Plantation Road store has about 20 employees and a few will transfer to the other store, he said. The building is owned by W. T. "Tommy" Helm, who operated Tomboy Supermarket there from 1980 to 1990, when he sold to Farm Fresh. It was known as Nick's Supermarket until the Jacksons bought it. Helm, now in the real estate business, said Richfood, a Richmond supplier, has a long-term lease on the building. The Jacksons are subleasing. - Staff report
Treasury resumes securities auctions
WASHINGTON - The Treasury Department resumed the auction of securities on Tuesday with the sale of 52-week and 15-day bills.
The bill sales followed congressional action Monday night increasing the statutory limit on the national debt from $4.145 trillion to $4.37 trillion, through Sept. 30.
Interest rates on 52-week Treasury bills, originally scheduled to be sold on April 1, rose to the highest level since February.
The average discount rate was 3.24 percent, up from 3.09 percent at the last auction on March 4. It was the highest rate since 52-week bills averaged 3.32 percent on Feb. 4.
The bills will carry an equivalent coupon interest rate of 3.37 percent with each $10,000 in face value selling for $9,672.40. Sales totaled $14.35 billion out of bids of $43 billion.
The Treasury Department also sold $17.1 billion in 15-day cash management bills at an average discount rate of 3.07 percent. Bids totaled $57.2 billion.
On Wednesday, the Treasury will auction $22.4 billion in three-month and six-month bills, originally scheduled to have been sold on Monday.
- Associated Press
Circuit City earnings
Circuit City Stores Inc., a Richmond-based consumer electronics retailer with stores in Western Virginia, on Tuesday reported record earnings for the fiscal year and fourth quarter ended Feb. 28.
Circuit City's net earnings for the fiscal year rose 41 percent to $110.3 million, or $1.15 per share, compared with fiscal 1992 earnings of $78.2 million, or 82 cents per share. In fiscal 1993, total sales increased 17 percent to $3.27 billion from $2.79 billion in fiscal 1992.
For its fourth quarter, Circuit City said net earnings increased 38 percent to $60.8 million, or 63 cents per share, from $44 million, or 46 cents per share. Total sales rose 22 percent to $1.10 billion from $903.3 million in the same quarter last year.