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Business news briefs
Friday, August 29, 2008

Failed shopping center set for sheriff's sale

The Foundry, the failed shopping center on Route 19 in South Strabane, is scheduled to be sold Oct. 3 at 10 a.m. at a Washington County sheriff's sale. The three stores at the shopping center all have closed due to problems and safety concerns about shifting soil at the site. Bed, Bath & Beyond, Ross Dress for Less and JCPenney stores closed May 21, May 22 and June 6, respectively. Indianapollis-based Premier Properties, which developed the site, filed for bankruptcy in April, and Premier founder and Chief Executive Officer Christopher White was charged with fraud in June.

Roh resigns post at Allegheny General

Dr. Mark Roh has resigned as chairman of surgery at Allegheny General Hospital and interim chair at West Penn Hospital, citing personal reasons. In an e-mail to AGH staff yesterday, President and Chief Executive Officer Connie Cibrone said Dr. Roh "will continue in his clinical capacities" at AGH. Dr. John Raves has been appointed interim chair at AGH, and Dr. Dan Gagne has been named interim chief at West Penn.

Rising costs result in Del Monte losses

Del Monte Foods Co. said price hikes across product lines haven't caught up with rising costs yet. The San Francisco pet food and canned produce company reported a net loss of $10.1 million, or 5 cents per share, in the first quarter, vs. a gain of $3.5 million, or 2 cents, last year. Sales grew 15.9 percent and officials expect margins to improve in the year. The sale of its StarKist tuna brand should close in the second quarter. A consolidation of marketing positions to California, which shifted about 100 jobs out of the company's North Shore offices, should be complete in September.

USW members back ArcelorMittal strike

The United Steelworkers union said more than 14,000 members covered by a contract with ArcelorMittal have authorized a strike against the world's largest steel producer if a new labor agreement cannot be negotiated. The contract expires Monday. Talks have been going on since April. The union said unresolved issues include employment and economic security.

Consumers buying into the big freeze

Freezers are being embraced again by shoppers who are stashing bulk-size purchases of meats, fruits and vegetables there as they work to combat rising food prices. Across the country, shoppers bought more than 1.1 million freezers in the first six months of the year -- up more than 7 percent from the same period last year, according to research firm NPD Group. That rings up to nearly $400 million in freezer sales -- compared with the rest of the home appliance sector, where industry data show shipments are down nearly 8 percent.

Also in business ...

Cigarette maker Altria Group Inc. raised its quarterly dividend by 3 cents a share to 32 cents, payable Oct. 10 to shareholders of record Sept. 15.

First published on August 29, 2008 at 12:00 am