THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Wednesday, June 26, 1996 TAG: 9606260613
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: 47 lines
Salem Crossing to open next spring
Groundbreaking took place Tuesday for Salem Crossing Shopping Center, a 289,382-square-foot shopping center to be built at the intersection of Lynnhaven Parkway and Princess Anne Road in Virginia Beach. The center will be anchored by a Wal-Mart Supercenter and a Hannaford Bros. Food & Drug Superstore. In addition, there will be more than 37,000 square feet of small shop space that will include Cato, Friedman's Jewelers, Dollar Tree, General Nutrition Center, Pet Warehouse and Soccer City USA. Also, four freestanding buildings will feature a Moovies video store, three restaurants and a hair salon. Salem Crossing is scheduled to open in early spring of 1997. (Staff)
Fieldcrest Cannon keeps financial adviser
Fieldcrest Cannon Inc. said it has retained Prudential Securities Inc. as its exclusive financial adviser in connection with the possible sale of the company's blanket division. The blanket division had net sales of $71 million in 1995 and net assets of about $40 million. Proceeds from any sale would be used to reduce debt and invest in the company's remaining core businesses, officials said. Fieldcrest Cannon, based in Eden, N.C., manufactures and markets home furnishing products under the Fieldcrest, Cannon, Royal Velvet, Charisma, Touch of Class, St. Marys, Cannon Royal Family, Caldwell, Sure Fit and private brand labels. (Associated Press)
Rite Aid to acquire 34 Taylor Drug Stores
Rite Aid Corp. said the Federal Trade Commission canceled its antitrust waiting period for its planned acquisition of 34 Taylor Drug Stores in Kentucky and Indiana. The early termination of FTC scrutiny comes just two months after Rite Aid's planned $1.8 billion acquisition of Revco D.S. Inc. was scuttled by FTC objections. Rite Aid is the nation's largest drugstore chain, with more than 2,760 stores in 21 states and the District of Columbia. (Bloomberg Business News)
Lockheed Martin closing plant, firing 500 people
Lockheed Martin Corp. will close its Ontario, Calif., plant within two years, firing 500 employees, the company said. The world's largest aerospace company will transfer the remaining 1,000 workers at the Ontario plant to a factory in Palmdale, Calif., about 50 miles away. Workers at the Ontario plant develop and overhaul specialty aircraft for the U.S. military. Lockheed Martin said the plant doesn't have enough work to allow it to operate profitably. (Bloomberg Business News) by CNB