Business News Archive - April 04, 2009
Advertising agency JWT says it is closing its 118-year-old Chicago office, which at one time had 800 employees. Citing a difficult economic period, agency officials said Friday its work for clients Kimberly-Clark and Nestle would be carried out at its offices in New York, The Wall Street Journal reported. Unnamed sources told the Chicago Tribune the status of JWT's biggest remaining local account, the Illinois Bureau of Tourism, is under review, and that if it is retained, a satellite office may remain open in Chicago to service it. Responsible for such classic American advertising staples as the Oh, I wish I was an Oscar Mayer wiener jingle, 7-Up's Uncola campaign and the There's a Ford in Your Future campaign of the 1940s, JWT lost its key Miller Brewing account in 2003, and four years later Kraft Foods pulled its business from JWT's Chicago office, the Tribune reported. That proved to be a crushing blow for the Chicago office of the agency formerly known as J.
Casino owner MGM Mirage is courting buyers for its facilities in Detroit and Biloxi, Miss., to meet looming debt obligations, sources say.
Ticketmaster Entertainment Inc. says U.S. and state officials are investigating its business relationships with concert ticket resellers. The company, in an e-mail sent Friday to ticket resellers who use its TicketsNow Web site, Ticketmaster said the U.S.
The bailed-out U.S. car-financing firm GMAC says it paid out fewer executive bonuses in the fourth quarter than in earlier periods. The reduction in so-called retention bonuses reflects how the provisions of the U.S.
Ritz Camera was to began liquidation sales Saturday ahead of closing more than 300 stores in the United States, say company officials. The sales were to occur at Ritz stores and affiliate stores Proex, Wolf and Kit Camera as part of a court-supervised bankruptcy reorganization, CNet reported, noting the company plans to keep another 400 stores operating under Chapter 11 bankruptcy protection. Ritz Camera, based in Beltsville, Md., filed for bankruptcy protection in February after growing to a chain of more than 800 stores since its start as a single store in Atlantic City, N.J.
Two Canadian Chrysler plants closed this week by a dispute with a parts supplier will reopen soon, company officials say. Assembly plants in Windsor and Brampton, Ontario, were shut down for two days after Transcast Precision Inc.
The private equity firm Patriarch Partners of New York appears to have won the auction for the beleaguered camera company Polaroid Corp. The Star Tribune reported Saturday that the firm's $59.3 million bid for the instant-photo company still must be approved by a bankruptcy judge.
U.S. Transportation Secretary Ray LaHood says it would be sad if Detroit's automakers don't survive, but they need to change. LaHood, speaking to Saturday's Detroit News, said U.S. President Barack Obama wants to ensure that the United States will have a viable auto industry.
A Jewish culinary expert says people who keep kosher in the United States are enjoying a renaissance of upscale wine and spirits. Jews now can follow strict dietary laws and drink a premium vodka, a $200 Cabernet Sauvignon and a pure agave tequila, the Los Angeles Times reported Saturday. Upscale drinks
Wood River Junction School Bus Workers Seek Fairness and Respect WASHINGTON, April 4 /PRNewswire-USNewswire/ -- First Student school bus workers in Wood River Junction, Rhode Island, have voted to join Teamsters Local 251 in East Providence, taking a critical step toward gaining important changes in their workplace, including fair pay, better and more affordable health insurance and respect on the job.