Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: THURSDAY, November 4, 1993                   TAG: 9311040052
SECTION: BUSINESS                    PAGE: B-8   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

IN BUSINESS

Fieldcrest Cannon Inc., Eden, N.C.-based textile and carpet maker operating a towel mill in Henry County, said Wednesday that 182 salaried employees had accepted a voluntary early retirement program announced in September.

The employees who opted for early retirement account for about $8 million in annual salary and benefit costs.

About 400 of Fieldcrest's 2,200 salaried employees were eligible. They had until Monday to decide whether to accept the offer.

The company said it took a pretax restructuring charge of $10 million in the third quarter to cover costs associated with the program. The charge reduced net income in the quarter by $6.1 million, or 50 cents per primary share. - Staff report

Ferguson, Andrews creates subsidiary

Ferguson, Andrews & Associates Inc., a Roanoke-based financial services firm, said Wednesday it has formed a subsidiary to expand its portfolio management services.

Ferguson, Andrews Investment Advisers Inc. of Charlottesville, a registered investment advisory firm, will manage assets for pension funds, endowments, foundations, profit-sharing accounts and high-net-worth individuals with special financial needs.

Kenneth L. Neathery Jr., formerly of Roanoke, is president of the subsidiary. Sarah W. Neathery is senior portfolio manager. - Staff report

Briefly . . .

\ System 4 Advertising Agency Inc. of Roanoke said it has been awarded the account for advertising services by Community Federal Savings Bank of Staunton, Waynesboro and Stuarts Draft. System 4 handles work for several independent banks.

\ Kenny Rogers Roasters, a Fort Lauderdale, Fla., restaurant chain with a regional headquarters and stores in the Roanoke Valley, said Wednesday it has signed a development agreement with Medvest/Sabi International Ltd., a Cyprus company that paid $1 million for the right to develop 126 franchise stores in the Middle East, North Africa and Eastern Europe.

\ The U.S. Bankruptcy Court in Philadelphia on Wednesday approved a motion filed on behalf of Nutri/System's secured creditors to complete a sale of Nutri/System assets to Heico Acquisitions Inc. of Chicago. Heico expects to complete the purchase by December. Nutri/System, a weight-loss company with operations in Roanoke, was forced into bankruptcy May 4.

\ The Banc One Corp., one of the banking industry's most prolific buyers, said Wednesday it will acquire Liberty National Bancorp of Louisville, Ky., in a stock swap valued at $842 million. Liberty, with $4.7 billion in assets, will be combined with Banc One's affiliate in Lexington, Ky., making the combination the largest banking company in Kentucky, with total assets of $6.4 billion. Banc One is based in Columbus, Ohio.