GATEWAY SHUTS ALL STORES: Troubled computer maker Gateway Inc. announced Thursday it will shut all 188 of its stores April 9, eliminating 2,500 jobs, or nearly 40 percent of its work force. Workers, including those in Tampa and Clearwater, will be dismissed as store operations wind down. The company, which recently posted its 12th loss in 13 quarters, said it is exploring other ways to sell its wares and would provide details when it releases first-quarter results April 29. Three weeks ago, Gateway acquired eMachines Inc. for $290-million and named eMachines' Wayne Inouye CEO.
P&G SELLS SUNNY DELIGHT: Procter & Gamble Co. agreed to sell its Sunny Delight and Punica juice brands to private equity firm J.W. Childs Associates LP for an undisclosed sum. The brands had sales of more than $550-million last year. The sale completes P&G CEO A.G. Lafley's streamlining of the food business to Pringles snacks and Folgers coffee - each with yearly sales greater than $1-billion - and little else.
GM, FORD SALES UP IN MARCH: General Motors Corp. and Ford Motor Co. posted U.S. sales increases in March, as did two of Japan's biggest car manufacturers, but the uptick in business wasn't enough to keep GM and Ford from raising consumer incentives to lure more customers. Industrywide, U.S. sales rose 3.8 percent in March versus a year ago, when many people delayed major purchases because of the war with Iraq. The seasonally adjusted annual sales rate for March was 16.7-million units. To try to ensure that consumers keep buying, car companies also launched new discounts Thursday, led by GM's offer of no interest for five years plus $1,000 cash back on most pickups, SUVs and vans.
SONY SUES KODAK OVER PATENTS: Sony Corp. sued Eastman-Kodak Co. on Wednesday, alleging patent infringement on digital camera technology, three weeks after Kodak filed a similar suit against Sony. Sony's suit, filed in U.S. District Court in New Jersey, says Kodak violated 10 patents. A Kodak spokesman, Gerard Meuchner, declined comment. On March 9, Kodak accused Sony of violating 10 other digital camera patents.
BACANOVIC ALSO WANTS RETRIED: Peter Bacanovic, convicted of plotting with Martha Stewart to obstruct justice, will also seek a new trial because a juror lied about his arrest record, a spokesman for the former Merrill Lynch & Co. broker said. Stewart alleged in court papers Wednesday that Chappell Hartridge hid an arrest on charges of assaulting his girlfriend so he could get on the jury. U.S. District Judge Miriam Goldman Cedarbaum has not ruled on Stewart's request. Prosecutors are reviewing the filing, spokesman Marvin Smilon said.
TYCO JURORS WANT MORE REVIEW: Jurors in the Tyco International corporate looting trial finished an 11th day of deliberations without a verdict Thursday after asking to review exhibits related to comments made by the two defendants. The jury, which will resume its talks this morning, asked for exhibits relating to statements from former Tyco CEO L. Dennis Kozlowski and former CFO Mark Swartz about their stock sales and company loans.
