THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Thursday, September 19, 1996 TAG: 9609190400
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
LENGTH: 43 lines
United Airlines, Trans World Airlines and USAir said they would cut fares an average of 45 percent to spur leisure travel during fall and winter months. The moves match a similar price cut announced Tuesday by American Airlines. Tickets for all four airlines must be purchased by Sept. 30 for travel through Feb. 13. A United Airlines spokesman said the sale applies to all routes in the 48 contiguous states and Hawaii. USAir's sale applies to most of its routes in the United States, while TWA's applies only to routes on which it competes with American. TWA said some tickets will be discounted as much as 55 percent. (Bloomberg Business News) Heilig-Meyers to buy furniture retailer
Heilig-Meyers Co. of Richmond agreed to buy Atlanta-based Rhodes Inc. and its 106 stores for cash and stock valued at $175.6 million, cementing its position as the biggest U.S. furniture retailer. The agreement, which requires approval of Rhodes shareholders, ends Rhodes' five-month search for a buyer and creates a retail furniture company with 824 stores and annual sales of $1.5 billion. (Bloomberg) AT&T sets its ratio for Lucent stock shares
AT&T Corp. said it had determined the precise ratio for transferring its stake in Lucent Technologies Inc. to its shareholders. AT&T said its stockholders will get 0.324084 Lucent share for each AT&T share. The ratio is based on the number of Lucent shares that AT&T owned compared to the number of AT&T shares outstanding on Tuesday, the day of record for the transaction. The distribution will complete the spinoff of Lucent, a $22 billion maker of communications equipment. (AP) Sharp sues Best to reclaim product
Sharp Electronics Corp. has filed a lawsuit against struggling Best Products Co. Inc. to reclaim $2.74 million of electronic products that Sharp said it shipped to Best but for which it wasn't paid. A hearing on the suit, filed Wednesday in U.S. District Court, will be Friday. Best spokesman Ross O. Richardson said the company had no comment. (AP) by CNB