THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Thursday, January 4, 1996 TAG: 9601040343
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
LENGTH: Medium: 87 lines
James River's board named Chief Executive and President Miles Marsh to the added post of chairman. Marsh succeeds co-founder Robert Williams. The Richmond-based maker of Brawny paper towels and Dixie paper cups said Williams retired Dec. 31 and will remain on the board until April when his term expires. Marsh, 48, joined the company as chief executive and president in October, after serving as chairman and chief executive of St. Louis-based Pet Inc. Marsh had spent eight years in various divisions of Philip Morris Cos., including Dart & Kraft Inc., Kraft Inc. and General Foods USA. (Bloomberg Business News)
Cox completes acquisition of North Carolina papers
Cox Newspapers Inc. in Atlanta has completed its acquisition of The Greenville (N.C.) Daily Reflector and nine weekly publications from the Whichard family, effective Jan. 1. Jordan Whichard III will continue as publisher of The Daily Reflector. The Greenville Daily Reflector is a morning newspaper with a daily circulation of 18,846 and a Sunday circulation of 21,307. It also publishes four targeted publications in the entertainment and real estate areas and nine weeklies in nearby communities. With the addition of The Daily Reflector, Cox Newspapers now publishes 19 daily newspapers and 15 weeklies. Cox Newspapers is a subsidiary of Cox Enterprises Inc. (Cox News Service)
Employment up slightly in region for October
Nonfarm employment in Hampton Roads rose 1.9 percent, or 12,000, to 639,500 in October 1995, according to the Virginia Employment Commission. The region still experienced almost 2 percent job growth in spite of a 6.6 percent, or 3,100, loss in federal government employment. Employment in the services increased 4.7 percent, or 8,400. Construction accounted for 3,700 jobs, or a 10.8 percent gain. Nonagricultural employment in Virginia reached a record 3.1 million jobs in October, surpassing October 1994 levels by 48,800 jobs, or a 1.6 percent increase. (Staff)
CompUSA posts stronger second quarter sales
CompUSA Inc. reported fiscal second quarter sales that soundly topped year-earlier results, as the company was helped by increases in all its businesses. The computer superstore retailer said same-store sales for the quarter ended Dec. 23 rose 10.5 percent over the year-ago period. The company said total sales for the second quarter increased 22 percent to $931 million from $762 million a year ago. Dallas-based CompUSA said same-store sales for the six months ended Dec. 23 rose 13.3 percent, while total six-month sales rose 24 percent to $1.67 billion from $1.35 billion a year earlier. CompUSA now operates 95 computer superstores. (Dow Jones News)
Ford Finance arm posts earnings up 30 percent
Ford Motor Co.'s financing arm should report 1995 profits about 30 percent above the $1.5 billion it made in 1994, company officials said. Ford's financial services group includes Ford Credit, USL Capital and Associates Corp. of North America. Each business in the group has been posting double-digit growth rates between 10 percent and 20 percent, a company officials said. In the 1970s, Ford's financial units accounted for about 10 percent of overall group results. In the 1990s, that proportion has grown to roughly 30 percent. (Dow Jones News)
BDM to hire 500 linquists for military in Bosnia
A Northern Virginia information technology company said Wednesday it won an $11.7 million contract to provide interpreters and translators to assist the American military in Bosnia and Hungary. McLean-based BDM Federal Inc., a subsidiary of BDM International Inc., is in the process of hiring about 500 consultant linguists to assist with the Operation Joint Endeavor mission. BDM performed similar services for the Allied Forces in Operation Desert Storm and for the U.S. Army in Somalia and Haiti. Those efforts involved recruiting more than 800 interpreters and translators. (AP)
Fifteen stores leave Hanes Mall in N.C.
At least 15 stores at the largest mall in North Carolina, including some of its oldest tenants, are closing. Several of the closings at the 200-store Hanes Mall in Winston-Salem reflect the financial troubles of national and regional chains. Other stores are closing because of changes in corporate strategy, local competition and rent increases. For example, Merry-Go-Round Enterprises Inc., which has been under bankruptcy protection for two years, has closed its Chess King and Merry-Go-Round stores at Hanes Mall. Both stores had been there more than 17 years. Record Bar, a Hanes Mall staple for more than 20 years, closed when its corporate sibling, Blockbuster Music, opened a bigger store behind the mall. The mall has signed at least one new tenant, Brookstone. (Associated Press) by CNB