Reported by Star-Bulletin staff & wire
Monday, April 13, 1998
Castle & Cooke Properties Inc. today said Signature Theatres has signed an agreement to build a 20-screen movie theater at the Dole Cannery in Iwilei. Dole Cannery to get theaters
The complex, which is scheduled to open in March 1999, would be one of the largest multiplex theaters in the state.
It is expected to become a major anchor for the shopping center, which has struggled in recent years under previous ownership of Horizon Group Inc. and which Castle & Cooke is trying to revitalize.
Signature signed a 20-year lease to construct the 80,000-square-foot complex. It already operates a 12-screen complex at Pearl Highlands Shopping Center.
The Dole Cannery redevelopment also will include a Home Depot store.
Castle & Cooke Inc. in February announced that a joint venture it controlled was taking over operations of the shopping center from Horizon.
Otis Elevator to cut 1,100 more jobs
FARMINGTON, Conn. -- Otis Elevator Co. said today it planned to cut about 1,100 jobs worldwide as part of a global restructuring to make the world's largest elevator company more competitive and respond to Asia's financial crisis.The job cuts follow the elimination of 900 positions late last year and earlier this year, company spokesman Mark Granato said.
Otis, a subsidiary of United Technologies Corp., had about 67,000 employees worldwide, including 7,500 in the United States at the end of 1997, he said.
Gannett's net rises 18% on ad-sales gains
ARLINGTON, Va. -- Gannett Co.'s first-quarter profit rose 18 percent as advertising gains at its newspapers and television stations offset higher newsprint costs.The largest U.S. newspaper company said profit before several gains rose to $159.2 million, or 56 cents a diluted share, from $135.1 million, or 48 cents, in the same period a year ago. Revenue increased 11 percent to $1.2 billion from $1.08 billion, Bloomberg News reported.
Gannett and other newspaper companies have benefited for two years from a strong economy that has lifted advertising revenue.
Advertising sales among the company's newspapers rose 8.9 percent to $254.1 million. Its main newspaper, USA Today, reported a 15 percent gain, although it didn't specify a dollar amount. Other Gannett papers include the Honolulu Advertiser, the Detroit News, and the Cincinnati Enquirer.
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