Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, May 28, 1993 TAG: 9305280104
SECTION: BUSINESS PAGE: A-7 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
The Brendle's store at Valley View Mall will stay open a few days more than planned, the company said Thursday.
Bill Grady, spokesman for Brendle's Stores Inc. of Elkin, N.C., said the store will not close Monday, as the company said earlier this week.
Grady said it will be closed Saturday and Sunday for inventory, will reopen Monday and may operate for as long as a week. He said the change was related to court decisions involving the company's bankruptcy reorganization. The retailer has operated under protection of bankruptcy since November.
After the store closes, the site might be used by the liquidation company that would sell the remaining merchandise, Grady said. The Brendle's store at Tanglewood Mall is to remain open, he said. - Staff report
Fieldcrest Cannon gets takeover offer
Springs Industries Inc., a Fort Mill, S.C.-based textile maker, said Thursday it has offered to both Fieldcrest Cannon Inc. and its controlling shareholder, Amoskeag Co., to acquire all of the outstanding stock of both companies for a combination of cash and Springs common stock.
"Fieldcrest Cannon is not for sale," said James M. Fitzgibbons, chairman and chief executive officer. "The company intends to defer any further response until it has had an opportunity to review and evaluate the proposal."
Springs' offer is $27.50 per Fieldcrest Cannon share and $35 per Amoskeag share. Fieldcrest Cannon Inc., an Eden, N.C.-based textile and carpet maker, operates a towel mill in Henry County.
Both proposals are subject to completion of negotiation and execution of definitive agreements, shareholder approvals, and resolution of any regulatory issues. Springs said it thinks any regulatory issues can be resolved. - Staff report
Idled arsenal workers to get trade benefits
The U.S. Labor Department said Thursday it has allocated more than $517,000 to retrain an estimated 1,400 workers laid off at three Western Virginia plants because of increased imports of competing foreign products.
Eligible for the benefits are about 1,150 workers idled this year at the Radford Army Ammunition Plant operated by Hercules Inc., 250 at the Blue Bird Body Co.'s now-closed school bus factory in Buena Vista and 200 to 250 at Genicom Corp. at Waynesboro.
The funds are distributed under the Trade Adjustment Assistance program, which provides weekly allowances, training, job search and relocation funds for eligible workers.
About $450,000 will be available for training after administrative costs, said William F. Mezger of the Virginia Employment Commission. The funds are made available to state employment agencies through the U.S. Labor Department Employment and Training Administration. - Staff report
by CNB