Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, November 3, 1993 TAG: 9311030416
SECTION: BUSINESS PAGE: B8 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Short
NEW YORK - Wal-Mart Stores Inc. said Tuesday its Sam's Club unit will buy 91 warehouse locations from Pace Warehouse Inc., a subsidiary of Kmart Corp. Kmart said the transaction will result in net proceeds of about $300 million, which is equal to Pace's net tangible book value.
Kmart expects to take a fourth-quarter pretax charge of $450 million to cover the cost of closing 41 Pace Warehouses that are not being sold to the Wal-Mart unit. Pace operates 113 units and has another 19 under contract, but unopened, Kmart said.
The sale, subject to clearance under the federal antitrust law, is expected to close in January, Wal-Mart said. - Knight-Ridder/Tribune
\ N.C. tobacco prices depressed this year
WILSON, N.C. - Weather, foreign competition and the uncertain future of cigarette taxes combined to depress tobacco prices on North Carolina markets this year.
So far this year, sales total 959.9 million pounds, at an average price of $168.78 per 100 pounds. Total sales last year were 978.6 million pounds at an average price of $172.79 per 100 pounds.
But 20.6 percent of the 1993 crop went to the Flue-Cured Tobacco Cooperative Stabilization Corp., which buys leaf that doesn't bring minimum price. Last year, 8.3 percent went to the co-op. - Associated Press
by CNB