THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Saturday, November 2, 1996 TAG: 9611020582
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
TYPE: Briefs
LENGTH: 45 lines
Circuit City plans to offer CarMax stock
Circuit City Stores Inc. intends to sell 15 percent to 20 percent of its CarMax auto-dealership business to the public to raise money for the unit's aggressive expansion plans. Circuit City, better known for selling TVs and stereos than Chevrolets, also said it will divide its stock in two - one to track the performance of the CarMax superstores and the other to reflect the performance of its consumer-electronics and appliance stores. CarMax, which three years ago pioneered the idea of selling many auto brands in a friendly, no-haggle environment, hasn't made any money. (Bloomberg Business News) Belk completes its acquisition of Leggett
Belk companies announced Friday that it has completed its buyout of Danville-based Leggett Stores Inc. Officials with the two department store chains did not disclose the purchase price. Charlotte-based Belk announced last month that it planned to buy Leggett's 43 locations, which include four department stores and two Leggett Outlet Centers in South Hampton Roads. No decisions have been made on whether Leggett store banners will be changed to the Belk name. (Staff) Coal shipments here slide but still beat last year's
Coal export terminals in Hampton Roads reported weak September traffic, but are still ahead of last year, according to the Hampton Roads Maritime Association. Coal loadings slipped 10.5 percent in September, but year-to-date they're still up 2.0 percent. The region's three terminals dumped 4.3 million tons of coal in September, compared to 4.8 million tons last September. So far in 1996, they've loaded 39.4 million tons, compared to 38.6 million tons a year ago. Noland buying part of Raub Supply
Newport News-based Noland Co. will acquire part of Raub Supply Co., a Lancaster, Pa.-based wholesale distributor of plumbing, heating and air conditioning products, the companies announced. Noland, which is in the same line of business, will buy Raub's branches in Fredericksburg and Ephrata, Pa., will lease Raub's branches in five other locations and will merge Raub's branch in Mechanicsburg, Pa., with its own, the companies said. The acquisition will potentially add $35 million in sales to the $469.5 million in annual sales Noland posted in 1995. by CNB