September 4, 2016 |
WILDWOOD - When the boardwalk and the beach feel like hot coals underfoot, do we avoid even going for ice cream? Apparently so. Foot traffic along the boardwalk was light under the blaring afternoon sun for much of this summer season's final week, an ice cream vendor said. "Look at it, it's dead," said Danny Ferrazzano Jr., whose family runs Hershey's Ice Cream, as the thermometer threatened 94 degrees just before noon Monday. There was barely a soul on the boardwalk at 4 p.m. The beach, about a quarter-mile from the shop, was also desolate.
August 31, 2016 |
Global snacks giant Mondelez International Inc. ended negotiations on a potential $22.3 billion takeover of Pennsylvania chocolate maker Hershey Co., saying there was "no actionable path forward. " Mondelez, based in the Chicago area and the marketer of Oreo cookies and Nabisco products, released a statement Monday, after U.S. stock markets closed at 4 p.m. Shares of Hershey - which had been bolstered by takeover speculation over the last month - fell 11 percent in extended trading to about $99 a share.
August 4, 2016
The perpetually wayward Hershey Trust was an early focus of candidate Kathleen Kane's vows to be a tough top prosecutor. Her subsequent settlement with the chocolate-fueled charity as a newly minted attorney general - a capitulation that possessed all the toughness of a peanut butter cup - was one of the first signs that she would not live up to her promises. It's fitting, then, that here at the bitter end of her tenure, Kane has just signed off on what appears to be another sweet deal for Hershey, as the Inquirer's Bob Fernandez reported last week.
July 31, 2016 |
Pennsylvania Attorney General Kathleen G. Kane announced Friday that five of the longest-serving and highest-paid board members on the $12.3-billion Hershey Trust for poor children would resign over the next 18 months after a probe into the board's compensation, governance, and travel expenses. Friday's settlement would create a new majority for the embattled nine-member board. It also was the second attempt by Kane in four years - and the fourth since 1994 - to fix the scandal-plagued charity.
July 25, 2016 |
With mass-market U.S. chocolate consumption on the wane and millennial tastes trending toward health-conscious snacks, the Hershey Co. chocolate giant faces a challenging future, analysts say. While the central Pennsylvania company has been developing new product lines, its "category has been declining with the changing tastes of millennials," said Jack Russo, senior consumer staples analyst with Edward Jones. "Snacking is taking a different form, more protein" - energy bars, jerky, and fruits and nuts.
July 24, 2016 |
The troubled Hershey Trust for impoverished children and the Pennsylvania Attorney General's Office have reached a deal to settle the latest investigation into the giant charity that will include board member resignations, according to a source with direct knowledge of the agreement. The trust and the Attorney General's Office confirmed that a deal had been struck late Friday but declined to disclose details. The number of resignations on the nine-member board could not be immediately determined.
July 13, 2016 |
In a sign of deepening turmoil, Hershey Trust board member Joan E. Steel resigned her position at the troubled $12.3 billion charity for impoverished children as the giant charity faces its latest investigation by the Pennsylvania Office of Attorney General. The office has set a July 31 deadline for the trust to comply with its demands for reforms, which include the removal of three long-standing board members and other governance changes. Steel, who lives in the Chicago area, was not one of the three board members the attorney general has been seeking to remove.
July 2, 2016 |
Lawyers for two former students, including a 14-year-old girl who committed suicide, sued the $12.3 billion Milton Hershey School on Thursday in federal court here, alleging that they were expelled for depression and having suicidal thoughts. The suits say the school for impoverished children violated a 2012 agreement with the Justice Department to treat disabled students better and seeks unspecified monetary damages and reforms. Abbie Bartels, 14, hanged herself in her home in central Pennsylvania in June 2013 after she was told she could not return to the 2,000-student boarding school for her eighth-grade graduation.
July 2, 2016 |
The Hershey Co. candy giant Thursday rejected a takeover bid from Oreo-maker Mondelez International Inc. that would have kept the combined firm's chocolate operations in Hershey, Pa. But even as the Hershey board was unanimously rejecting the offer, its stock was rising. Hershey shares closed up $16.35 on Thursday - or almost 17 percent - to $113.49. Shares retreated slightly after hours but stayed in that range as analysts speculated that the move on the iconic chocolate company may yet attract more offers.
June 21, 2016 |
The directors of the Hershey School oversee an educational facility in central Pennsylvania for impoverished children, but you might not know it from their expense reports. Eight directors ran up an $18,000 tab for a weekend board meeting last June at New York's Waldorf-Astoria hotel, according to internal records obtained by the Inquirer. All 10 spent $362,000 in travel, meals and hotels over the last 21/2 years, including at least 60 limousine rides, often from the Philadelphia and Baltimore airports.