Saturday, June 24, 2000

Tristate Business Summary

Gap Outlet relocating

        The Gap Outlet is relocating this weekend from Erlanger to the old Nine West warehouse 6 miles away in Hebron, closing todayand reopening Monday.

        Gap corporate officials have been quiet about the relocation, first reported in March, but employees of the outlet have begun alerting shoppers and providing directions.

        The new outlet location will be larger.

        Both locations will be closed Sunday during relocation. The new site is at Park West International, exit 7A off Interstate 275 west.

Vestar lands Great Oaks deal
        Vestar Inc., an affiliate of Cinergy Corp., and Great Oaks Institute of Technology and Career Development are teaming up on an $8.8 million project to upgrade energy systems at three Great Oaks campuses. Vestar's contract was valued at $5.2 million.

        The project is expected to yield savings of more than $343,000 annually in energy and operating costs at the Scarlet Oaks and Diamond Oaks campuses in Hamilton County and the Live Oaks campus in Clermont County. The project includes analysis and implementation of upgraded heating, lighting, system controls and ventilating and air-conditioning equipment.

Board choices win support
        Two major shareholders of Elder-Beerman Stores Corp. said they will support three replacement directors nominated to the retailer's board by its second largest investor, PPM America Inc.

        PPM nominated the slate of directors this month in a bid to help return the company to profitability. PPM in February called for Elder-Beerman to consider putting itself up for sale.

        David Nierenberg and James D. Bennett told government regulators in a federal filing they would vote for the directors. Mr. Nierenberg owns 5.5 percent of Elder-Beerman's outstanding shares, and Mr. Bennett holds a 7.4 percent stake.

        The board nominees are: Mark Berner, managing partner of SDG Resources, New York; Moira Cary, president of Drake Avenue Inc., a real estate investment and development company, Evanston, Ill.; and Eugene Davis, chairman and chief executive of Pirinate Consulting Group and of Murdock Communication Corp., Livingston, N.J.

        — From staff reports


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