First Hawaiian taking
$2.3 million charge

First Hawaiian Inc. said it will report a charge of $2.3 million, or seven cents a share, against its third-quarter earnings, the result of a federal requirement to add to the Savings Association Insurance Fund.

The bank holding company owns Pioneer Federal Savings Bank. A law that went into effect earlier this month requires all thrift institutions to contribute about 66 cents per $100 of deposits so that the insurance fund is fully funded.

Best Products closes 81 stores, fires 4,500

RICHMOND, Va. - Best Products Co., which filed for U.S. Bankruptcy Court protection last month, said it will close almost half its stores and fire 4,500 employees.

Best, a catalog showroom retailer that operates in 23 states, said the closings will affect 81 of its 169 stores. Most of those stores are in Texas, California, Colorado, Oregon and Washington state, according to Bloomberg Business News.

Best last week said it received bankruptcy court approval to use $195 million in interim financing.

It is the retailer's second time in bankruptcy reorganization.

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First Hawaiian taking $2.3 million charge

Best Products closes 81 stores, fires 4,500

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First Hawaiian taking
$2.3 million charge

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[News] [Business] [Features] [Sports] [Editorial] [Community] [Info] [Stylebook] [Feedback]