Reported by Star-Bulletin staff & wire
Wednesday, February 26, 1997
Reported by Star-Bulletin staff & wire
Wednesday, February 26, 1997
Liberty House will open its third Guam store Saturday, occupying 15,000 square feet in the Plaza, a new shopping center at Tumon Bay. Liberty House to open
third store on GuamThe store is in the third phase of the hotel and retail center being developed by Guam-based Tanota Partners. The center will include the 600-room Outrigger Guam Resort, managed by Hawaii's Outrigger Hotels & Resorts, a Hard Rock Cafe, a Crazy Shirts outlet and other retail and food operations.
Hawaii-based Liberty House opened its first Guam store in November 1994 and its second, a Liberty House Penthouse outlet, last April.
WASHINGTON -- Americans charged more than $1 trillion on credit cards in 1996, with about a third being paid off in installments, according to a consumer group. Americans charge
$1 trillion on cardsThe Consumer Federation of America released a study yesterday estimating that 60 million households were carrying credit card balances averaging $6,000. The group said credit card debt reached up to $396 billion by the end of 1996.
The group chided consumers for incurring so much debt and card issuers for "marketing tactics that reward those who carry balances and penalize those who pay in full."
A statement from Visa U.S.A., one of the major credit card companies, said the availability of personal consumer credit was vital to the U.S. economy.
NEW YORK -- In an effort to stimulate sales, McDonald's Corp. will ask its 12,200 U.S. chains to drop the price of the Big Mac sandwich to 55 cents from $1.90, the Wall Street Journal reported today. Report: McDonald's
to set off burger warThe nation's biggest fast-food restaurant chain hopes the proposal, dubbed Campaign 55, will reverse a recent decline in sales because of increased competition. The move also comes just months after the company introduced several high priced sandwiches under the Arch Deluxe banner.
The 55-cent price on a Big Mac sandwich will require diners to purchase a drink and fries. But in return, the newspaper said customers will receive their orders within 55 seconds of placing them or get a coupon for a free special sandwich, an astonishing delivery promise that some franchisees may not be able to carry out.
Campaign 55 could set off a considerable burger price war, the Journal reported.
NEW YORK -- Philip Morris Cos. announced a 3-for-1 stock split today and said it would buy back up to $8 billion of its stock. Philip Morris
plans 3-for-1 stock splitThe stock split will triple the number of shares to 2.4 billion, but reduce their value by two-thirds. The new shares will be issued April 10 to shareholders of record as of March 17.
In New York Stock Exchange trading today, Philip Morris shares rose 121/2 cents to close at $133.25.
Philip Morris' stock has split six times previously since Jan. 1, 1966. One share in 1966 is now the equivalent of 576 shares, the New York-based food and tobacco company said.
