THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Tuesday, December 20, 1994 TAG: 9412200315
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
TYPE: Daily Digest
LENGTH: Medium: 53 lines
R.H. Macy & Co. Inc. and Federated Department Stores Inc. merged Monday, ending one of the year's most closely followed takeover sagas and forming the nation's largest department store company. The combined company will compete with discount stores, wholesale clubs and catalog retailers nationwide. Macy becomes a division of Federated. The new retailer boasts 347 department stores in 35 states and annual sales of $13.5 billion. Federated, based in Cincinnati, agreed to pay $4.1 billion in creditors' claims to get New York-based Macy out of Chapter 11 bankruptcy. (Associated Press)
Clock outlet to open in Williamsburg mall
Farberware, the New York City-based housewares company, is opening a Waltham Clock Factory Outlet next month in the Williamsburg Outlet Mall. It will be the company's first outlet in Virginia, said Warren Miller, manager of new markets for Farberware. He said the company had planned to open before Christmas, but remodeling delays pushed the opening back to the first week in January. The 2,360-square-foot store will carry wall and alarm clocks and clock radios, as well as contemporary light fixtures. (Knight-Ridder News Service)
Ford closes minivan plant because of parts shortage
Ford Motor Co. said it closed its Windstar minivan plant in Oakville, Ontario, this week because it ran out of parts for more expensive versions of the vehicle. It is the first time that workers at the Windstar plant have been idled since the vehicle went on sale in March, said Jim Hartford, a company spokesman. The plant's 3,400 workers were working overtime for several months to keep up with demand. The Oakville minivan plant ran short of cast-aluminum wheels and a rear-seat arrangement that uses separate seats instead of a bench seat. (Bloomberg Business News)
GD gets $100 Million for submarine work
General Dynamics Corp. has received $100.2 million from the Navy for support functions related to production and upgrades of Ohio-class nuclear submarines. The Ohio-class subs carry the Navy's Trident nuclear missiles. Eventually, the Navy will have 14 Ohio-class subs armed with modern Trident missiles. General Dynamics' Electric Boat division, based in Groton, Conn., makes the subs. Work will be done in Groton; Kings Bay, Ga.; Newport and Quonset, R.I.; Bangor, Wash., and Arlington, Va. Work is expected to be complete by September 1998. (Bloomberg) by CNB