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BUSINESS
July 11, 2009 | By Alan J. Heavens INQUIRER STAFF WRITER
Maax USA, which makes shower doors for the residential market, will close its plants in Southampton, Bensalem, and Warminster on Sept. 1. Daniel Stewart, the company's vice president and retail-division manager, notified the state Bureau of Workforce Development on July 1 of the decision to close the plants, as required under the Worker Adjustment and Remaining Notification Act. Maax USA is a subsidiary of Maax Holdings Inc. of Ste.-Marie, Quebec....
BUSINESS
August 1, 2008 | By Maria Panaritis INQUIRER STAFF WRITER
The top executive at Boscov's Department Store L.L.C. would neither confirm nor deny yesterday a report that the Reading department store chain could file for bankruptcy as early as Monday. Chief executive officer Ken Lakin instead struck a note of optimism, saying in an interview that new merchandise was continuing to flow into his family's stores, despite a cash crunch that had stalled deliveries by some vendors. "I think we're making progress," Lakin said. He would not say what, if any, progress the chain of mall-based stores founded by the Boscov family nearly a century ago had made in securing alternative financing to uncork the supply bottleneck.
BUSINESS
July 30, 2008 | By Maria Panaritis INQUIRER STAFF WRITER
Most shelves were full yesterday at Boscov's in Plymouth Meeting Mall, but the scene of normalcy concealed the turbulence rattling the region's only surviving family-owned department store chain. The Reading company, in the hunt for a private-equity deal to rescue it from a potential merchandise shortage ahead of the critical fall shopping season, has waded into the kind of troubled waters that pulled California department store Mervyn's L.L.C. into Chapter 11 bankruptcy yesterday.
BUSINESS
July 30, 2008 | By Maria Panaritis, Inquirer Staff Writer
Most shelves were full yesterday at Boscov's in Plymouth Meeting Mall, but the scene of normalcy concealed the turbulence rattling the region's only surviving family-owned department store chain. The Reading company, in the hunt for a private-equity deal to rescue it from a potential merchandise shortage ahead of the critical fall shopping season, has waded into the kind of troubled waters that pulled California department store Mervyn's L.L.C. into Chapter 11 bankruptcy yesterday.
BUSINESS
July 29, 2008 | By Maria Panaritis INQUIRER STAFF WRITER
Contending with a cash shortage that has limited its ability to sufficiently stock its store shelves, Boscov's said yesterday that it was looking to the private-equity world for a loan to replenish inventory in time for back-to-school season. The Reading chain, whose department stores anchor a number of Philadelphia-area shopping malls, hopes to have the financing in place in a matter of weeks, said chief executive officer Ken Lakin. Lakin said the company was exploring a private-equity deal because traditional lenders had cut back acutely on loans - even to existing businesses such as retailers, who typically use revolving credit lines to pay for merchandise.
BUSINESS
July 26, 2008 | By Bob Fernandez INQUIRER STAFF WRITER
Private-equity firm Blackstone Group is buying King of Prussia-based AlliedBarton Security Services Inc., a company that employs 52,000 security guards and others in the United States. Terms of the deal, announced yesterday, were not disclosed. AlliedBarton, formerly SpectaGuard Inc., had revenue of $1.5 billion in 2007 and net income of $347,000, according to a regulatory filing. Before taxes, interest payments and other items, or EBITDA, the firm earned $89.1 million. MacAndrews & Forbes Holdings Inc., which is controlled by financier Ronald O. Perelman, acquired the security firm in 2003 for $263 million.
BUSINESS
July 14, 2008 | By Joseph N. DiStefano, Inquirer Staff Writer
Eric Berg joined SunGard Availability Services, Wayne, as chief executive last year. The subsidiary of SunGard Data Systems helps companies plan for and recover from disasters that stop their computer systems. Sales totaled $1.5 billion last year, about 30 percent of the parent company's total revenue. Question: SunGard considered selling Availability Services three years ago; instead, the whole company was taken private. What happened? Answer: SunGard, Comdisco and IBM used to be the three big competitors in availability services.
BUSINESS
July 4, 2008 | By Harold Brubaker INQUIRER STAFF WRITER
The $6.1 billion purchase of casino and racetrack operator Penn National Gaming Inc. by two private-equity firms is off, the latest in $65 billion worth of such buyouts to founder on credit-market turmoil since September. The termination, announced yesterday, comes as the gambling industry is under pressure from consumer-spending cutbacks driven by high gasoline prices and a weak job market. Unlike most jilted targets, however, Penn National, of Wyomissing, Pa., is getting a hefty consolation prize: $1.475 billion in cash from Fortress Investment Group L.L.C.
BUSINESS
March 2, 2008 | By Joseph N. DiStefano INQUIRER STAFF WRITER
State-subsidized pension funds for Pennsylvania state workers and teachers said last week that their 2007 investment returns were far in excess of U.S. stock and bond market indexes. The returns were so good that they left many investing professionals wondering how they could have been achieved in such an awful environment. The $76 billion Pennsylvania Public School Employees' Retirement System said it earned 13.8 percent for the year. The $35 billion State Employees Retirement System said it did even better, at 17.2 percent.
BUSINESS
March 2, 2008 | By Joseph N. DiStefano, Inquirer Staff Writer
State-subsidized pension funds for Pennsylvania state workers and teachers said last week that their 2007 investment returns were far in excess of U.S. stock and bond market indexes. The returns were so good that they left many investing professionals wondering how they could have been achieved in such an awful environment. The $76 billion Pennsylvania Public School Employees' Retirement System said it earned 13.8 percent for the year. The $35 billion State Employees Retirement System said it did even better, at 17.2 percent.
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