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Business Briefs
Reported by Star-Bulletin staff & wire

Friday, January 4, 2002



Federated to shut down 3 Lazarus stores in Midwest

ATLANTA >> Federated Department Stores Inc. said today it will close three unprofitable Lazarus stores, in Indiana and Ohio, affecting 190 employees.

The stores are in Indianapolis and Lafayette, Ind.; and Zanesville, Ohio. Federated, which also operates Bloomingdales's and Macy's department stores, said it will offer severance packages to regular Lazarus employees who can't be placed elsewhere within the company.

In its fourth quarter ended Feb. 3, 2001, Federated, based in Cincinnati, earned $332 million, or $1.65 a diluted share, on sales of $6.12 billion. Excluding charges, fourth quarter income was $2.15 a share.

Ebay raises $10 million in 'Auction For America'

San Jose, Calif. >> Ebay Inc., the largest Internet auctioneer, said it raised $10 million for victims of the Sept. 11 terrorist attacks through its "Auction For America," $90 million short of the company's goal.

More than 100,000 Ebay users contributed to the effort, which featured the auction of more than 230,000 items, Ebay spokesman Kevin Pursglove said. The proceeds are being distributed to seven charitable organizations, including the American Red Cross and the Twin Towers Fund.

Business bankruptcies break U.S. record in 2001

Boston >> More publicly traded U.S. companies sought bankruptcy court protection in 2001 than ever before, a Web site that tracks such filings reported.

The amount of assets involved was more than double the previous record.

Last year, 255 publicly traded companies filed for bankruptcy, breaking the previous mark of 176 companies set in 2000, according to Boston-based BankruptcyData.com.

At the height of a wave of bankruptcies in 1991, 123 public companies filed, the firm said.

Assets of public companies entering bankruptcy in 2001 totaled $258.5 billion, more than doubling the previous record of $94.8 billion set the year before. Before 2000, the record for assets going into bankruptcy was $93.6 billion, set in 1991. Enron Corp., which sought Chapter 11 protection on Dec. 2 with $63.3 billion in assets, was the largest-ever Chapter 11 filing.

United to shut 5 centers, furlough 899 workers

CHICAGO >> United Airlines said yesterday it will close five domestic reservations centers and furlough 899 workers as a smaller flight schedule following the attacks on the United States reduced reservation activity.

United said it will close four offices in California and one in Illinois on Feb. 28. United will have 12 reservation offices with 4,500 employees after the cuts.





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