Reported by Star-Bulletin staff & wire
Wednesday, December 1, 1999
McDonald's buying Boston Market chainOAK BROOK, Ill. -- McDonald's Corp. is acquiring the struggling Boston Market restaurant chain for $173.5 million in cash. McDonald's Golden Restaurant Operations Inc. subsidiary will obtain 751 Boston Market restaurants and the franchise rights for an additional 108 restaurants from Boston Chicken Inc., officials of both companies said today.
The sale will be completed as part of Boston Chicken's Chapter 11 reorganization plan, officials said. Denver-based Boston Chicken sought U.S. Bankruptcy Court protection from its creditors in October 1998 .
Delta being sued for commission cutsWASHINGTON - Travel agents are suing Delta Air Lines Inc. and other carriers for cutting fees they are paid for each ticket sold, Delta said today, adding that it disputes the charge.
Delta, the No. 3 U.S. air carrier, said in a filing with the Securities and Exchange Commission that the travel agents filed the class-action suit in the Superior Court of Hanover County, N.C., on Oct. 27. It said they are seeking a jury trial, treble damages and punitive damages in addition to attorneys fees and costs.
Delta's SEC filing did not identify the other airlines named in the purported class action.
S&P 500 enlists Yahoo!; stock gainsNEW YORK -- Shares of Yahoo! Inc., the operator of the leading Internet-search service and directory, rose today as much as 10 percent after the company was selected to be added to the Standard & Poor's 500 index. Yahoo rose $16.12 to close at $228.87 in Nasdaq trading. The shares, which have risen by about 93 percent so far this year, climbed as high as $234 earlier in the day.
Yahoo becomes the second Internet company in the index, joining America Online Inc. It will replace Laidlaw Corp. after the close of trading on Dec. 7. The Standard & Poor's Corp. unit of the McGraw-Hill Cos., which operates the index of leading U.S. companies, said late yesterday that it would add Yahoo.