Wednesday, January 16, 2002

Business Digest

Pfizer plan to aid seniors

        WASHINGTON — Beginning March 1, low-income seniors will be able to buy a 30-day supply of a Pfizer prescription medicine for $15, the company announced Tuesday.

        The new Pfizer Share Card can be used at retail pharmacies and will be available to Medicare recipients who have an annual gross income below $18,000, or less than $24,000 for couples. There is no enrollment fee.

        Company officials estimate 7 million Medicare-enrolled Americans qualify for the program. The card will cover over 80 Pfizer medicines including drugs for diabetes, Alzheimer's disease and high blood pressure.

Dollar Gen. shares sink

        NASHVILLE, Tenn. — Dollar General Corp. shares sank nearly 13 percent Tuesday in the wake of the announcement that executives have ended an internal investigation into accounting irregularities, restated three years of financial results and agreed to settle related shareholder lawsuits.

        Shares of Dollar General stock fell $2.06 to close at $14.03 on the New York Stock Exchange.

        After the markets closed Monday, Dollar General Corp. said its profits for fiscal 1998-2000 were overstated by about $100 million. And the discount retailer agreed to pay $162 million to settle related shareholder lawsuits.

Jacobson files Ch. 11

        Jacobson Stores Inc., a specialty department store chain, filed for bankruptcy protection and said it will close five stores — including in Columbus and Toledo — and fire 520 workers.

        The Jackson, Michigan-based company, which now operates 23 stores, listed assets of $270.2 million and debts of $225.5 million in its Chapter 11 petition in U.S. Bankruptcy Court in Detroit.

MGM invites bids

        LOS ANGELES — Metro-Goldwyn-Mayer, one of Hollywood's oldest movie studios, has invited bids for the company and hopes to draw an offer of as much as $7 billion.

        The entertainment giant has hired investment banking firm Goldman Sachs to solicit bids that are due this week, sources familiar with the auction told the Los Angeleds Times.


5/3's profits defy recession
N. Ky. may hit a bump in growth
Corporate security faulted
Consumers defy predictions
Retailer's plans put on hold in W. Chester
- Business Digest
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