Saturday, June 08, 2002

Tristate Summary

Federated buys two Gottschalk's

        Federated Department Stores said Friday it has agreed to buy two Gottschalk's stores in the Pacific Northwest and will convert them to Bon Marches. No sales price was disclosed.

[photo] PAPER FACTORY PICKETS: Workers at Smart Papers LLC picket outside the factory Friday. About 400 union employees went on strike after members of the Local 5-1967 Paper, Allied-Industrial, Chemical and Energy Workers rejected the company's contract offer on Wednesday. The members were lobbying for better wages, hours and working conditions. Managers and replacement workers were expected to resume operations today at the Hamilton plant. The two sides negotiated for more than a year. No new talks are scheduled.
(Michael Snyder photo)
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        The stores will undergo remodeling beginning in August and are scheduled to reopen by late fall.

        Bon Marche, based in Seattle, has 47 stores in Idaho, Montana, Oregon, Washington and Wyoming.

        Fresno-based Gottschalks operates 73 stores in California, Alaska, Idaho, Nevada, Oregon and Washington.

Cinergy sells plants in Spain

        A unit of Cinergy Corp. has agreed to sell its combination of wind, hydro and bio-fuel generation plants in Spain to a major Danish power company.

        Terms of the sale to Energi E2 A/S weren't disclosed, but Cinergy said the agreement includes 203 megawatts of capacity. Cinergy Global Power owns 93 megawatts of the capacity outright. The sale is part of Cinergy's effort to reduce debt, improve its balance sheet and focus on its domestic businesses, a spokesman said.

Thornton hires Andersen staff

        Grant Thornton, the nation's seventh-largest accounting firm, Friday said it had hired Arthur Andersen staff in Cincinnati and Cleveland, and acquired Andersen offices in Orlando, Fla., and Albuquerque, N.M., as Andersen disintegrates amid a criminal trial.

        No spokesman was available at Grant Thornton's local office or Chicago headquarters to comment on how many Tristate employees were being hired.

— From staff and wire reports

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