Reported by Star-Bulletin staff & wire
Tuesday, April 15, 1997
Liberty House will open two stores in the Maui Marketplace in Kahului Saturday. Liberty House opening
2 shops in Maui centerThe Rack by Liberty House, a discount store, will have 19,000 square feet of off-price garments and accessories marked down 50 percent from the original price. A Home Outlet store of 15,000 square feet will offer brand-name merchandise for the home, including bed and bath items, housewares, luggage and appliances.
The stores are in a 34,000-square-foot building designed by M.C. Architects. Margaret Morris, who managed the Liberty House department store in the Windward Mall on Oahu, will manage both Maui stores.
GTE Corp. today announced a first-quarter profit of $665 million, or 69 cents a share, up 8 percent from $616 million, or 63 cents a share, in the first quarter of 1996. Hawaiian Tel's parent
sees 8 percent gainThe Stamford, Conn.-based company, whose subsidiaries include GTE Hawaiian Tel, reported quarterly revenues of $1.6 billion, up 8.1 percent from $1.5 billion in the 1996 quarter.
The telephone company said it had 1.5 million more domestic access lines at the end of the quarter than it had a year earlier, an increase of 8 percent. Its international network revenue grew 10 percent to reach $537 million in the latest quarter.
SAN JOSE, Calif. -- Avant! Corp. shares fell nearly 49 percent today after the software company and six of its employees, including its chief executive, were criminally charged with conspiracy and theft of trade secrets from competitor Cadence Design Systems Inc. Avant! shares sink
on criminal chargesThe felony charges, brought by the Santa Clara County district attorney's office after a 2-1/2-year investigation, accuse Avant! and the officers, all former employees of Cadence, of misappropriating software used to design computer chips. If convicted, each defendant could receive as many as seven years in prison, according to Bloomberg News.
"We felt the theft was so pervasive we had to file charges," said Julius Finkelstein, deputy district attorney for Santa Clara County, explaining why his office is bringing criminal charges. He said there was evidence the thefts took place between 1991 and 1995.
Cadence and Avant! compete in the market for electronic design automation software, which is used to speed up computer-chip design. Prosecutors charge Avant! stole computer code for Cadence's Symbad, Froute, Groute, Qplace and Vsize technologies, and used them in its own products.
Avant! Shares fell $12 to close at $12.50. The company's CEO, in a statement, denied any wrongdoing, blaming the investigation on Cadence.