Business Briefs

Reported by Star-Bulletin staff & wire

Tuesday, November 16, 1999

Isle health plans win national honors

Two managed care health plans -- Health Plan Hawaii and Kaiser Permanente Hawaii -- have won national recognition for promoting good health.

The two were among 40 health plans rated "Excellent" by the National Committee for Quality Assurance, a nonprofit organization that tracks managed care health plans. About 650 health maintenance organizations -- were judged by the committee. The top plans were recognized for preventive health measures including immunizations, mammographies, programs to stop smoking, prenatal care, diabetes screening, claims processing, access to care and patient satisfaction.

Health Plan Hawaii, an affiliate of the Hawaii Medical Service Association, was founded in 1981 and has 78,000 members in Hawaii. Kaiser Permanente Hawaii, with 210,000 members, is the largest HMO in the state.

Mondi fashion stores to liquidate inventory

The 47 Mondi fashion boutiques in the United States, including its sole Hawaii outlet, a 1,900-square-foot store in Ala Moana Center, are being liquidated under a bankruptcy proceeding. Their inventories will be sold at mark-down prices in going-out-of-business sales. The bankruptcy court in Delaware approved the selection of a three-company partnership to conduct the liquidation sales. They are the Ozer Group of Needham, Mass.; Schottenstein Bernstein Capital Group of Great Neck, N.Y.; and the Nassi Group of Calabasa, Calif. Mondi of America Inc., based in Secaucus, N.J., filed for Chapter 11 bankruptcy reorganization on Nov. 1.

Marriott announces big expansion plans

NEW YORK -- Marriott International Inc. said today it plans to add 1,000 hotels and 175,000 new rooms by 2003. The hospitality company, based in Washington, D.C., said it expects to have 2,600 hotels and 480,000 rooms under its 14 lodging brands at that time.

In Hawaii, the company recently announced that it will manage the 387-room Ihilani Resort & Spa at Ko Olina for the hotel's new owners. Marriott's other Hawaii operations, which includes managing hotels and time-share units, are on the neighbor islands.

In other news . . .

Bullet PLANO, Texas -- J.C. Penney Co. said fiscal third-quarter profit fell 24 percent because of a decline in sales at the company's department-store chain. Net income fell to $142 million, or 51 cents a share, from $186 million, or 68 cents, a year ago. Analysts polled by First Call Corp. slashed their profit forecast to an average 50 cents a share, from 68 cents two months ago, because of disappointing monthly sales results.

Bullet ATLANTA -- Home Depot Inc., the largest retailer of home-improvement products, said fiscal third-quarter profit rose 46 percent as higher home sales fueled demand for hardware and other supplies. Net income rose to $573 million, or 37 cents a share, from $392 million, or 26 cents, a year earlier. Home Depot was expected by analysts to earn 35 cents.

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