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Business Today

Westin developer adding condos

By wire services
Published February 18, 2006

The developer of a new 14-story Westin Hotel on Tampa's Rocky Point is adding two floors of condo residences to the project.

The 20 condo units at the Westin Tampa Bay Hotel & Residences will range in price from $600,000 to $1.2-million, said Dilip Kanji, president of the Impact Group of Companies. Hardin Construction will begin building the $40-million project in April.

Winn-Dixie reports 2nd-quarter profit

Winn-Dixie Stores Inc., which hopes to emerge from bankruptcy this summer, swung to a profit in the 16-week quarter ended Jan. 11. The Jacksonville grocer reported net income of $235-million, or $1.44 a share, versus a loss of $400-million, or $2.84 a share, a year ago. Revenue improved to $2.4-billion from $2.3-billion. The company reported positive earnings for the first time in more than a year. But even as the accumulated deficit of shareholder equity improved, its deficit of $395-million remains for this fiscal year. The chain reported sales in comparable stores rose 7.3 percent. In an SEC filing, the company said there would be "no likelihood of any meaningful recovery for existing shareholders" in the reorganization plan due to be filed March 20.

Delphi delays bid to reject labor pacts

Delphi Corp. dodged a bullet Friday, avoiding a devastating strike by delaying a bid to reject its labor agreements. But the nation's largest auto supplier warned it will renew efforts to cancel its contracts in six weeks if it fails to reach a settlement with its unions and its largest customer, General Motors Corp. Delphi seeks to terminate health care and life insurance for retired hourly workers. Delphi said it will try to settle with GM and its unions by March 30.

RadioShack to close 400 to 700 stores

Electronics retailer RadioShack Corp. on Friday said fourth-quarter earnings dropped 62 percent and announced plans to close 400 to 700 stores and two distribution centers as part of a plan to improve its financial performance. RadioShack said the stores it plans to close are company-operated. The company said it could not project the number of job cuts until it identifies all the affected stores.

Sirius reports loss

Sirius Satellite Radio Inc. reported a wider loss in the fourth quarter Friday as costs for building its rapidly growing base of subscribers mounted. The company, which added shock jock Howard Stern to its roster last month, lost $311.4-million compared with a loss of $261.9-million in the same period a year ago.

Fed picks approved

President Bush's nominations of Randall Kroszner and Kevin Warsh to terms on the Federal Reserve board of governors won Senate approval on Friday. Both men were approved by voice vote as was Edward Lazear, nominated by Bush to be the new chairman of the three-member White House Council of Economic Advisers.

[Last modified February 18, 2006, 02:00:25]

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