Business news in brief

In the Region

Kwasnik faces new charges

Michael W. Kwasnik, a lawyer already in jail for allegedly stealing more than $1 million from a 96-year-old Cherry Hill client, faces new charges in the alleged theft of $324,000 from a personal injury settlement secured by his former law partner, New Jersey's Attorney General Jeffrey S. Chiesa said. Based on the new three-count state grand jury indictment, Kwasnik's bail was increased to $1.25 million from $1 million. The latest alleged victims were a couple from Williamstown, authorities said. Kwasnik allegedly used money from the October settlement to pay expenses of the law firm, as well as personal expenses and credit card debt. Kwasnik also allegedly spent some of the money in November while he was in Florida evading capture under a previous indictment. The new charges are theft by failure to make required disposition of property received, misapplication of entrusted property, and money laundering, all in the second degree. - Harold Brubaker

Alloy Surfaces weighs a plant closure

Alloy Surfaces Inc. expects an answer in about a month as to whether one of its two plants in Delaware County will have to close. Larry D'Andrea, president of the company that manufactures decoys for military helicopters and other aircraft, said Alloy's parent, England's Chemring Group, was looking for ways to cut costs but he says he believes the second plant is viable because of a pipeline of five new products. Alloy employs 380 workers in Chester and Bethel Townships. Demand has weakened for Alloy's products with the end of hostilities in Iraq. - Bob Fernandez

New CEO for Bon-Ton Stores

Bon-Ton Stores Inc. hired the head of the Lord & Taylor department-store chain to be its new chief executive. Brendan L. Hoffman will join the York-based retailer that operates 276 department stores in 23 states under various regional names, including Elder-Beerman, Carson Pirie Scott and Bon-Ton. Shares of Bon-Ton rose 16.4 percent to close at $3.76. Hoffman will replace Bud Bergren as president and CEO of Bon-Ton. Bergren will become chairman of the chain, while current executive chairman, Tim Grumbacher, will leave that role but remain on the board. Hoffman, 43, is leaving Lord & Taylor amid a consolidation of operations and management teams by its parent company, Canada's Hudson's Bay Co. - Mike Armstrong

Elsewhere

GM head to testify about Volt fires