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Federated selling pair of stores

By TIMES WIRES
Published November 23, 2006

Federated Department Stores Inc. has struck deals to sell David's Bridal and After Hours Formalwear, both of which have stores in the Tampa Bay area. Leonard Green & Partners, a Los Angeles buyout firm, will pay $750-million to take the 269-store David's Bridal private. Houston-based Men's Wearhouse, a men's apparel chain, will pay $100-million for the 511-outlet After Hours formal wear business. The owner of Macy's and Bloomingdale's, Federated picked up the two profitable retail chains as part of its 2005 purchase of May Department Stores Inc. Analysts a year ago valued David's at more than $1-billion.

Jobless claims rate trends up

Newly laid-off workers signed up for unemployment benefits at a faster pace last week, yet companies still seem wary of pruning too much as economic activity slows. New applications filed for the work week ending Nov. 18 rose by a seasonally adjusted 12,000, to 321,000, the Labor Department reported Wednesday. The current number of new filings for unemployment benefits is in line with last year at this time, when claims stood at 322,000.

Whistle-blowers save $1.3-billion

Whistle-blowers tipped off the government to $1.3-billion worth of fraud cases over the past year, largely at hospitals or other health care providers, the Justice Department said Tuesday. In all, the department recovered $3.1-billion in settlements from individuals and companies during the 2006 fiscal year that ended Sept. 30. Many cases stemmed from whistle-blowers, who in return, were paid $190-million for alerting the government to the fraud.

Mortgage rates at a 10-month low

Mortgage rates around the country fell this week, with rates on 30-year mortgages sinking to their lowest level since Jan 26. Freddie Mac, the mortgage company, reported Wednesday that 30-year, fixed-rate mortgages averaged 6.18 percent for the week ending Nov. 22.

Monster dumps its top lawyer

Monster Worldwide Inc., the parent of job search site Monster.com, said Wednesday it terminated Myron Olesnyckyj, the company's lead lawyer, as part of its investigation into past stock-option grant practices. Olesnyckyj, the company's general counsel, is the second high-ranking executive to leave the company over backdated stock options, following chairman and chief executive Andrew J. McKelvey.

Plant City Alcoa facility to be sold

An Alcoa soft alloy extrusion plant in Plant City will be sold as part of a restructuring that will eliminate 6,700 jobs overall, the company said this week. Alcoa said Tuesday it agreed to join its soft alloy extrusion business with the Sapa Group, part of Norway's Orkla ASA, in a joint venture the two firms intend to take public. The new company, which will be majority owned by Orkla and operated by Sapa, is expected to be created by the end of the first quarter, pending approval. Other plants to be sold are in Warren, Ohio and Tifton, Ga.

[Last modified November 22, 2006, 23:14:47]