Wednesday, May 19, 1999
TRISTATE BUSINESS SUMMARY
Loehmann's files for Chapter 11 protection
Loehmann's, the New York discount apparel chain opened more than 75 years ago, filed for Chapter 11 bankruptcy protection, blaming reduced sales and profits.
The Bronx-based retailer, which operates a store in Sycamore Plaza, plans to continue operating while it reorganizes. It has secured $75 million of debtor-in-possession financing from Congress Financial, subject to court approval.
A spokesman for Loehmann's said the company reported assets of $188.7 million and liabilities of $184.1 million. He said it is too early to say whether the Cincinnati store will be affected or any stores will close.
Founded 78 years ago in a Brooklyn automobile showroom, Loehmann's has expanded to 69 stores in 22 states. The retailer opened its Sycamore Plaza store, across from Kenwood Towne Centre, last year. The store was relocated from a smaller location in Sharonville.
Steel employees to consider contract
Striking members of Teamster Local 100 at Cincinnati Steel Products, a steel service center in Oakley, are expected to consider a new proposal from the company today.
The union, which represents 28 Cincinnati Steel employees, went on strike Friday. The union has been working without a contract since April 15.
A union spokesman could not be reached for comment Tuesday. Ron Lutts, Cincinnati Steel president, said the company had offered employees a small increase in their hourly rate in negotiations Monday.
He said the union was seeking a larger increase, but the company's survey indicated employees were already paid above what comparable workers at other area service centers receive.
Morgan named VP at Blue Chip Broadcasting
Geoffrey Morgan, formerly senior manager at PriceWaterhouseCoopers, has been named vice president and chief financial officer of Blue Chip Broadcasting.
Mr. Morgan, a 35-year-old Hyde Park resident, is the first person to hold the position of chief financial officer of Blue Chip, which operates 14 radio stations in Cincinnati, Columbus and Dayton, Ohio, and Louisville and Lexington, Ky.
Ross Love, president and chief executive officer of Blue Chip, said the company initiated a broad search inside and outside the radio industry before selecting Mr. Morgan.
“What topped it off was his more than 10 years of experience in the industry, heading up the Jacor team at PriceWaterhouseCoopers,” Mr. Love said.
Gascoigne promoted to senior VP
William M. Gascoigne, formerly Structural Dynamics Research Corp.'s vice president and general manager for Europe, has been named senior vice president, worldwide operations.
He will oversee sales, service and industry operations in the Americas, Europe and Asia/Pacific for the Clermont County software developer.
Hans-Kurt Luebberstedt, formerly manager of SDRC's central Europe region, has been named to succeed Mr. Gascoigne as general manager for all of Europe.
Mr. Gascoigne, who joined SDRC in 1990, last year oversaw a 29 percent increase in SDRC's European revenues. He was also instrumental in development of key account alliances, SDRC said.
Fed warning: Rates could rise
TRISTATE MARKET SPOTLIGHT
Banana profits to trail forecast
Airport rated No. 2 in nation
Movie mania strikes stores
Bank One offering special home loans
TRISTATE BUSINESS SUMMARY
INDUSTRY NOTES: MEDIA & MARKETING
PEOPLE ON THE MOVE
