Reported by Star-Bulletin staff & wire
Wednesday, July 29, 1998
Ruth's Chris to open restaurant in Lahaina
Hawaii's second Ruth's Chris Steak House will open Monday, on Front Street in Lahaina. Like the existing outlet in Restaurant Row, the 2,200-square-foot Maui restaurant will feature prime beef as well as seafoods and a variety of vegetable dishes.W. Randall Schoch, the Hawaii franchise holder, said the ocean-view restaurant will be open for dinner nightly from 5:30 p.m. Schoch, who now runs his restaurant business from Scottsdale, Ariz., worked his way up in the Hawaii restaurant business from bus boy. At one time, he owned Nick's Fishmarket and the Black Angus in Waikiki.
Italian fashion store to open at Ala Moana
Italian women's fashion house MaxMara said it plans to open its first Hawaii store soon in the Ala Moana Center, on the mall level between Pocketbook Man and Cache.Using fabrics designed for the company, MaxMara has lines of coats and sportswear and is a major manufacturer of women's ready-to-wear garments in Italy, including the Sportmax and Maria Rinaldi brands.
The company was founded in 1951 by Achille Maramotti and is run by his sons Luigi and Ignazio, sharing the title of managing director. Their sister Ludovica runs the manufacturing side of the business. The company said its worldwide sales run to about $1 billion a year.
Starwood's acquisitions boost earnings fourfold
WHITE PLAINS, N.Y. -- Starwood Hotels & Resorts' second-quarter profit rose more than fourfold following its purchase of ITT Corp., which made Starwood the largest real estate investment trust.Funds from operations for Starwood and the companies that it bought rose to $259 million, or $1.21 a diluted share, from $52 million, or 86 cents a share, a year earlier. That matched the average estimate of analysts polled by First Call Corp.
Hoteliers have raised room rates, particularly at luxury hotels, in response to a travel boom spurred by the strong U.S. economy. Starwood acquired the Sheraton hotel chain, the Caesars World casinos and some of the world's most expensive individual properties, such as New York's St. Regis, with its $14.6 billion purchase of ITT Corp. in February. Starwood also bought Westin Hotels LP for $1.57 billion in January.
Del Monte postpones initial public offering
SAN FRANCISCO -- Del Monte Foods Co. has postponed an initial public offering because of unfavorable market conditions.The San Francisco-based producer and seller of canned fruits and vegetables planned to offer 14.7 million shares at anticipated market price of between $16 and $18 each.
Yesterday the company had reduced the offering from 19.1 million shares to reflect the withdrawal of 4.4 million shares to be sold on behalf of existing stockholders.
Proceeds from the offering, if completed, are to be used to repay debt and redeem preferred stock.
TRW to cut 7,500 jobs in auto-parts division
CLEVELAND -- TRW Inc. will eliminate 7,500 jobs, or about 14 percent of its automotive parts work force and close up to 15 percent of its 137 manufacturing plants in 24 countries to cut costs and become more competitive.TRW, which has 54,000 workers in its automotive units, hasn't decided where the layoffs will occur but expects American workers and employees overseas to be affected, spokesman Jay McCaffrey said today. TRW also makes space, defense and information technology equipment.
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