Reported by Star-Bulletin staff & wire
Tuesday, January 28, 1997
Reported by Star-Bulletin staff & wire
Tuesday, January 28, 1997
The Marina Theaters in Waikiki will close Feb. 9 to make room for an Outback Steak House restaurant. Eatery to replace
Marina theatersMonroe & Friedlander Inc., leasing agent for the restaurant operator, said Outback will take over the site of Consolidated Theaters' twin-screen complex about Feb. 15. The restaurant is expected to open June 15.
Roy's Enterprises, Hawaii franchisee for the Australian-themed restaurant, has leased 7,128 square feet of space at 1765 Ala Moana. The site is on the ground floor of the Ilikai Marina condominium.
STAMFORD, Conn. - GTE Corp., today reported a big rise in fourth-quarter earnings as an 8 percent increase in telephone lines, mostly for business customers, helped reverse a loss a year ago. Increase in business
boosts GTE's earningsGTE, the nation's largest local phone company and parent of GTE Hawaiian Tel, said profits for the three months ended Dec. 31 were $784 million, or 82 cents a share, compared with a loss of nearly $4 billion, or $4.09 a share, a year ago.
The year-ago loss was largely the result of a $4.7 billion charge for accounting changes. Without one-time charges, the company would have reported a $719 million profit.
The earnings report was in line with analysts' expectations.
ARMONK, N.Y. - IBM said its board approved a 2-for-1 stock split, marking the first time in almost 18 years that the world's largest computer maker has split its stock. IBM to split stock
for first time since ’79International Business Machines Corp.'s stock rose $5 to close at $150.75 in heavy trading on the New York Stock Exchange. The split is subject to shareholder approval and will be distributed on May 27 to shareholders of record on May 9. IBM last split its stock in 1979.
LAS VEGAS - Stratosphere Corp. has filed for bankruptcy protection as it tries to turn around the fortunes of its hotel, casino and 1,149-foot tower. Stratosphere files
Chap. 11 bankruptcyThe gaming company has said for months it will likely file for Chapter 11 bankruptcy reorganization after failing to make interest payments on $203 million worth of mortgage notes. Hotel officials said they hoped the bankruptcy filing would have no impact on business, which they said has improved enough lately that more employees are being hired.
Under the bankruptcy plan filed yesterday, all of Stratosphere's stock will be canceled. Shareholders, in place of each share they own, will receive the right to buy stock in the restructured Stratosphere Corp. at $1.31 a share.
They also will receive warrants good for three years allowing them to buy half a share in the new company at $3 a share.
VIENNA, Va. - America Online Inc., the target of an onslaught of consumer complaints and scrutiny by 20 state attorneys general, says it's offering refunds to customers who complain they can't get the service they paid for. AOL offering refunds
to upset customersRefunds to dissatisfied customers have "always been our policy," company spokeswoman Wendy Goldberg told USA Today. Goldberg said the refunds may take the form of free on-line service, such as extra months, rather than cash.
Users started complaining about recurring outages and difficulty gaining access after the company switched to a flat monthly fee for limitless access.
Company Chairman Steve Case said last week that AOL wasn't considering refunds.
