Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, October 2, 1993 TAG: 9310020082
SECTION: BUSINESS PAGE: A-6 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
Hanover Direct Inc. completed acquisition Friday of Tweeds Inc., including its Roanoke Valley order-fulfilling center. "We think it's going to mean more jobs for the Roanoke Valley," said Michael Sherman, executive vice president of Hanover.
As announced, the purchase price consisted of about $3.6 million in Hanover common stock, assumption of $5.3 million in bank and other long-term debt and $100,000 in cash.
Sherman said Hanover, based in Weehawken, N.J., is the largest multititle direct-retailing company in the United States. It recently changed its name from The Horn & Hardart Co.
He said the acquisition of Tweeds, a fashion catalog targeting upper-income women, strengthens Hanover's presence in the women's apparel market. Hanover operates in a number of specialized women's fashion niches through its catalogs, including Silhouettes, with clothing and accessories for large women; Simply Tops, featuring contemporary wear for women of all ages; and Essence by Mail, offering fashions, books, art prints and collectibles primarily to African-American women.
Hanover in July acquired Gump's, a San Francisco specialty retailer. Last month, it bought The Company Store, a direct marketer of down comforters and home furnishings. - Mag Poff
United, Lufthansa to announce pact
Lufthansa German Airlines and United Airlines will announce Monday in Frankfurt that they have entered a marketing agreement that will include code-sharing, subject to government approval. Neither carrier will take an equity stake in the other.
The agreement comes 10 days after the United States and Germany signed a new bilateral aviation pact that permits code-sharing by their carriers. Under the pact, Lufthansa and United will trade access to each other's reservations network. Lufthansa will be able to book passengers on United's domestic system, vastly expanding its access to the U.S. market, and United will be able to book passengers on Lufthansa's flights. - Journal of Commerce
Walkout avoided at clothing maker
PHILADELPHIA, Pa. - A strike has been averted at the Greif Cos. after the men's clothing maker reached a tentative contract with 1,600 Amalgamated Clothing and Textile Workers Union members at three plants in two states.
The 19-month contract, reached shortly before midnight Thursday, must be ratified by the workers at plants in Allentown, Pa. and in Shippensburg and Verona, Va.
Union and company spokesmen said Friday the contract calls for both sides to work together to increase productivity and cut costs.
The pact provides a 20-cent hourly pay raise, effective Monday, and an additional 10-cent hourly raise in October 1994, according to statements from the union and company.
Greif, a subsidiary of Nashville, Tenn.-based GENESCO Inc., earlier said it would close the Shippensburg and Verona plants if the union didn't agree to concessions, including cuts in vacations and holidays. - Associated Press
Hair dryers recalled: electrocution hazard
BETHESDA, Md. - A Miami manufacturer is recalling about 10,000 hand-held hair dryers because of a problem with a device designed to prevent electrocution if they fall into water, the U.S. Consumer Product Safety Commission said Friday.
"A consumer who attempts to retrieve an immersed dryer in the `off' position may be electrocuted," said the written statement. "No incidents have been reported to date."
MBR Industries Inc. is recalling dryer model 600-53000. The words "Professional Styler" or "Professional Styler by Pomair" are printed on the nozzle and the model number is embossed on the handle.
MBR Industries is offering full refunds to consumers who return the dryers to: Customer Service, P.O. Box 640364, North Miami, Fla. 33164. More information is available at (305) 769-1000. - Associated Press
Briefly . . .
\ A Lee County farmer has filed for reorganization in the U.S. Bankruptcy Court for the Western District of Virginia in Roanoke. Jack Lynn Lee of Jonesville listed assets of $172,600 and liabilities of $463,000. He operates as J&B Farms and Lee Farm Supply.
\ Branch & Associates Inc., a Roanoke contractor, has been awarded a $14.9 million contract from the Virginia Department of Mental Health, Mental Retardation and Substance Abuse Services for modification of its food-services facilities. The project involves renovations of kitchens at 15 of the agency's facilities across the state. The work is expected to take two years.
by CNB