Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, May 19, 1994 TAG: 9405190156
SECTION: BUSINESS PAGE: B8 EDITION: METRO
SOURCE: from staff reports
DATELINE: LENGTH: Medium
Jain said Wednesday the layoffs were not related to the company's custom-made electrical transformer business. "We have more business than we can build," he said. Rather, the layoffs were made in an effort to make the company more responsive to its markets, Jain said.
Virginia Transformer continues to employ about 170 people at its plant in Northeast Roanoke, he said.
|-Staff report
LADD Furniture
picks president
LADD Furniture Inc. on Wednesday named Michael P. Haley president and chief executive office of its American of Martinsville contract furniture unit, based in Martinsville. Haley joined High Point, N.C.-based LADD after being president of Lowenstein Furniture Group Inc. since 1988.
The company's presidency has been vacant since early March, when Robert J. Maricich was named president of American Drew, another LADD unit.
Haley is a Martinsville native and graduate of Roanoke College.
|-Staff report
Court to let Rose's
close 59 stores
Rose's Stores Inc.said Wednesday it has won court approval for its plan to close 59 stores, clearing the way for liquidation sales.
The Henderson, N.C.-based discount retailer, which has operated in Western Virginia, hopes to pare its long-term debt through sales of inventory and fixtures at poorly performing stores, a step toward emerging from Chapter 11 bankruptcy protection filed in September.
Rose's will operate 113 stores after the closings, down from 215 last year. Before downsizing began in January, Rose's was North Carolina's fifth-largest private employer, with 1,400 employees in Henderson alone.
The latest round of closings is accompanied by 275 layoffs in Henderson.
|-Staff report
Briefly ...
nScott & Stringfellow Financial Inc., Richmond-based securities brokerage with an office in Roanoke, on Wednesday declared a 20 percent stock dividend in addition to a regular quarterly cash dividend of 11 cents per common share.The stock dividend will be distributed Aug. 26 to shareholders on Aug. 5, and the quarterly cash dividend will be paid July 15 to shareholders on July 1.
n Marco Supply Co. Inc., a Vinton wholesale distributor of construction tools and related products, has begun construction of a new corporate headquarters at 812 Pocahontas Ave. off Hollins Road in Roanoke.The 17,000-square-foot office and warehouse is to be complete this summer. Lionberger Construction Co. is the contractor.
by CNB