Grossman's Inc. has reached an agreement with its largest shareholder and major vendor that will give the retailer money to keep its Contractors' Warehouse store in Norwood and others running.
The deal with GDI Co. Inc., a subsidiary of Jeld-Wen Inc., will give Grossman's $3.1 million for essential expenses and restocking store inventories. An additional $10 million is expected.
Grossman's still plans to file for Chapter 11 bankruptcy protection, possibly this month.
Under the deal, Grossman's board has been restructured to replace four of its directors with three Jeld-Wen executives.
Grossman's has been struggling with cash shortages that have limited its stores' inventory. It also runs Contractors' Warehouses in Dayton and Columbus, Ohio; Lexington, Ky.; Fort Wayne and Indianapolis, Ind.; and Sacramento, Calif.; a Contractors' Warehouse Midwest division office locally; and 26 Mr. 2nd's Bargain Outlet stores in Massachusetts, New York state and Rhode Island.
Jacor will buy KOTK assets
Jacor Communications Inc. has agreed to buy the assets of KOTK-AM for $8.3 million, giving the radio conglomerate its fourth station in the Portland, Ore., area.
The sale needs regulatory approval. Jacor, based in Covington, will have 126 radio stations in 18 markets if all of its planned acquisitions are closed.
Also, Jacor said it has sold its minority interest in an Australian theme park for $9 million to a trustee for Sunway Australia Unit Trust. Jacor had picked up a less than 25 percent stake in Australia's Wonderland Partnership as part of its acquisition of Citicasters Inc.
P&G agrees to settlements
Procter & Gamble Co. has settled a 4-month-old infringement suit with Tristar Corp., which agreed to stop selling a deodorant whose package resembled P&G's Old Spice brand.
San Antonio, Texas-based Tristar agreed to change the labeling of its Everscent High Performance deodorant and pay P&G an undisclosed sum for damages.
Separately, P&G agreed to discontinue claims that its Pampers Premium Diapers are the first breathable diaper and that other disposable diapers aren't designed to breathe.
The agreement settles a complaint filed by Kimberly-Clark Corp. with the Better Business Bureau's National Advertising Division. Kimberly-Clark makes Huggies diapers.
Omnicare acquires Howard's
Omnicare Inc. Tuesday said it acquired Howard's Pharmacy Inc., a privately owned pharmaceutical services provider in Huber Heights, Ohio. Terms weren't disclosed.
Howard's, with annual revenue of about $9 million, serves 1,500 residents of long-term care centers. The purchase expands Omnicare's coverage network to 336,000 nursing home residents in 3,900 centers.
Heinz to unveil restructuring
H.J. Heinz Co. next week will unveil a restructuring plan, but the food company is declining to comment on whether it will affect its 225 employees in Newport.
Top executives with Pittsburgh-based Heinz have scheduled a March 14 briefing with security analysts in San Francisco.
Advertising Age this week reported that plant closings and job cuts are part of the reorganization. Heinz reportedly intends to focus and boost marketing for its core brands while paring smaller, non-strategic brands.
Heinz's pet food and Star-Kist seafood units are based in Newport. Both are considered top performers within the company in terms of cost-cutting and profitability.
