Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, May 15, 1993 TAG: 9305150052
SECTION: BUSINESS PAGE: A-4 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
Joseph W. Gero has resigned as executive director of the Martinsville-Henry County Economic Development Corp. The agency, in announcing the resignation Friday, said Gero is returning to his native area, the Pacific Northwest.
During his 3 1/2 years with the agency, Gero was instrumental in recruiting new companies, including Owens-Corning Fiberglass and Multi-Wall Corp., to the Martinsville area, said George W. Lester II, vice chairman of the corporation.
A search for a new executive director will start soon, Lester said. - Staff report
2 Roanoke-area firms seek court liquidation
Jerry D. and Judy A. Synan, doing business as J&J Enterprises, a Roanoke sports trading card firm, have filed a petition seeking protection from creditors during liquidation. The filing in U.S. Bankruptcy Court in Roanoke lists debt of $158,667 and assets of $159,441.
Also, Merrell C. Depoy III, trading as Accent Rugs Home Interiors, listed debt of $45,500 and assets of $125 in a petition seeking liquidation. - Staff report
S&P lowers ratings on Food Lion debt
Standard & Poor's said Friday it has lowered its ratings on Food Lion Inc.'s debt and removed its ratings from CreditWatch list, in place since March 8. The downgrading was in reaction to two quarters of lower income and expectations that profitability and cash flow may not reach previous levels for several years, S&P said. - Staff report
Magazine features First Union's rise
Rapid expansion of First Union Corp., the Charlotte, N.C., company that acquired Roanoke's Dominion Bankshares Corp. in March, is featured in the May 25 issue of Financial World magazine.
The article, titled "Not-So-Fast Eddie," is about First Union chairman Edward E. Crutchfield Jr. Recalling that he was known as "Fast Eddie" during the years he rose though the bank's ranks and began a program of acquisitions, the magazine contends that Crutchfield has slowed down.
The article says he drove hard bargains for Dominion and First American Metro Corp., which make up First Union's Virginia-Washington franchise. - Staff report
Coldwell Banker sale to have little impact
Sears, Roebuck and Co.'s sale of its Coldwell Banker residential real estate unit is expected to have little impact on franchised realty operations, according to one Western Virginia.
Sears said Thursday the Fremont Group will buy Coldwell Banker, with senior Coldwell Banker executives participating in the purchase. Coldwell Banker, founded in 1906, has been owned by Sears since 1981.
Robert Nunnally, manager of Coldwell Banker Countryside Realtors at Smith Mountain Lake, said the sale was expected and he sees no negatives in the new ownership.
The transaction is expected to be completed in July. Terms were not disclosed. - Staff report
Briefly . . .
\ Three regional agencies have scheduled a press conference on Monday at 1:30 p.m. in the Roanoke Regional Chamber of Commerce offices to announce an economic development. Participating will be the Virginia Small Business Development Center and Virginia Tech.
\ Avis Construction Co. Inc. of Roanoke has been awarded a contract to build a 20,000-square-foot addition for New Energy Distribution in Christiansburg. The pre-engineered building is to be complete this summer.
by CNB