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

DATE: SATURDAY, September 17, 1994                   TAG: 9409220001
SECTION: BUSINESS                    PAGE: A-6   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

IN BUSINESS

Circuit City Stores Inc., Richmond consumer electronics retailer, reported net earnings of $36.1 million, or 37 cents per share, for its second quarter ended Aug. 31, compared with $27.9 million, or 29 cents a share, a year earlier. Sales were $1.22 billion, up from $906.7 million. For the first six months, net earnings were $55.7 million, or 57 cents per share, compared with year-ago $45.2 million, or 46 cents. Sales were $2.27 billion, up from $1.71 billion.

- Staff report

Bankruptcy filings

Three petitions for bankruptcy with business affiliations have been filed in the U.S. Bankruptcy Court for Western Virginia at Roanoke. One is a personal bankruptcy that the court listed as a business because of commercial connections.

H.I.S. Inc., operated by Raymond D. Magallanes of Marion, was the subject of an involuntary filing by creditors seeking liquidation. The creditors - Wythe County, Breen & Cox and Associated Underwriters Insurance Co. - filed claims totaling $27,045. H.I.S. has not filed a reply.

Cherokees of Roanoke Inc., trading as Bear Trap Inn at 3604 Brambleton Ave., Roanoke, sought protection from creditors during reorganization. Assets and liabilities both were listed at less than $50,000.

Cheryl Lynn Branham Marshall, doing business as Marshall Enterprises in Pound, sought wage-earner plan protection. Assets were $56,962 and liabilities $49,611.

Crestar acquires thrift deposits

Crestar Financial Corp. of Richmond has acquired from the Resolution Trust Corp. the insured deposits of two Virginia branches of Second National Federal Savings Association, a Salisbury, Md., thrift.

Second National Federal, which operated 34 branches in four states and the District of Columbia, had been under RTC conservatorship since December 1992. Crestar paid $112,500 for approximately $19.5 million of deposits at branches in Fairfax County and Woodbridge.

- Staff report

ITT selling unit

ITT Corp. said Friday it is seeking buyers for its ITT Financial Corp. subsidiary, which sells financial services and related insurance products to businesses and individuals.

ITT, with operations in Roanoke County, said proceeds would be used for general corporate purposes. ITT Financial had 1993 revenues of $1.44 billion and operating income of $271 million.

- Staff report