Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, July 21, 1994 TAG: 9407250028
SECTION: BUSINESS PAGE: B8 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Long
Two vice presidents at Brendle's Inc. will lose their jobs as the Elkin, N.C., discount merchandiser further streamlines its structure after emerging from bankruptcy reorganization.
Al Miller, vice president-operations, and Steve Day, vice president-stores, will leave, the company said Wednesday. Both have more than 20 years service, said Douglas Brendle, chairman of the board and chief executive officer.
The chain has cut its number of stores to 30 from the 51 it operated in the last fiscal year, and fewer executives better suit the smaller operation, the company said.
Brendle referred to the cuts as just another step in reorganization.
Brendle's exited bankruptcy in April. Among the stores it closed during the bankruptcy period was one at Valley View Mall. It retained the store at Tanglewood Mall.
|- Staff report
Timber-sale costs
outweigh profits
The cost of timber sales from the Jefferson National Forest during the fiscal year that ended Oct. 31 exceeded sales proceeds by more than $800,000, the Forest Service reported this week.
The Forest Service sold 32.4 million board feet of timber from the Jefferson in the 1993 fiscal year. That was more than the 25.3 million board feet offered for sale because some timber offered in 1992 was not actually sold until 1993.
The federal agency has identified 340,000 acres, or roughly 48 percent of the Jefferson, that is suitable for timber production. The amount of timber cut in the forest in fiscal 1993 was 25.4 million board feet.
Total revenues from timber sales harvested in 1993 were $1,092,495. The Forest Service concluded that the cost to the government of selling that timber was $1,927,166, which produced a deficit of $834,671.
The Forest Service, which has been criticized in recent years for spending more than it makes on timber sales from the Jefferson and other Eastern forests, said that the timber sales created significant economic activity in the Virginia localities where the timber was harvested, including $16.7 million in local income and 605 jobs.
|- Staff report
Vishay plans
public offering
Vishay Intertechnology Inc., Malvern, Pa., parent of Roanoke's Vitramon Inc., said Wednesday it has registered with the Securities and Exchange Commission a proposed public offering of 2.75 million shares of its common stock.
Vishay Intertechnology is the largest U.S. and European manufacturer of passive electronic components.
|- Wire report
Trade deficit hits
$9.17 billion
The U.S. trade deficit jumped to $9.17 billion in May as higher oil prices and a big drop in sales of commercial airliners contributed to the worst merchandise trade performance in 61/2 years.
The Commerce Department said the U.S. deficit in goods and services widened by 7.6 percent after an even bigger 24.6 percent deterioration in April.
While the big widening of the April trade gap sent the dollar skidding to new lows last month, currency markets shrugged off Tuesday's report. The dollar actually strengthened slightly against the Japanese yen and the German mark. Analysts said the latest figure, while bad, had been anticipated.
For this year, analysts predicted that the deficit will continue to worsen as the lingering effects of recessions in Europe and Japan continue to dampen demand for American exports. And this will mean that the U.S. currency could be pushed lower from future bad trade reports, economists said.
``America's trade shortfall is huge and growing larger. That means the dollar will still be vulnerable to setbacks,'' said Robert Dederick, chief economist at Northern Trust Co. in Chicago.
For May, rising energy prices pushed America's foreign oil bill up by $339 million last month. Imports of clothing, iron and steel and telecommunications equipment also posted big gains. Goods imports were up 1.5 percent to $54.52 billion, the third straight monthly record.
|- Associated Press
Brendle's cuts
2 executives
Two vice presidents at Brendle's Inc. will lose their jobs as the Elkin, N.C., discount merchandiser further streamlines its structure after emerging from bankruptcy reorganization.
Al Miller, vice president-operations, and Steve Day, vice president-stores, will leave, the company said Wednesday. Both have more than 20 years service, said Douglas Brendle, chairman of the board and chief executive officer.
The chain has cut its number of stores to 30 from the 51 it operated in the last fiscal year, and fewer executives better suit the smaller operation, the company said.
Brendle referred to the cuts as just another step in reorganization.
Brendle's exited bankruptcy in April. Among the stores it closed during the bankruptcy period was one at Valley View Mall. It retained the store at Tanglewood Mall.
|- Staff report
Timber-sale costs
outweigh profits
The cost of timber sales from the Jefferson National Forest during the fiscal year that ended Oct. 31 exceeded sales proceeds by more than $800,000, the Forest Service reported this week.
The Forest Service sold 32.4 million board feet of timber from the Jefferson in the 1993 fiscal year. That was more than the 25.3 million board feet offered for sale because some timber offered in 1992 was not actually sold until 1993.
The federal agency has identified 340,000 acres, or roughly 48 percent of the Jefferson, that is suitable for timber production. The amount of timber cut in the forest in fiscal 1993 was 25.4 million board feet.
Total revenues from timber sales harvested in 1993 were $1,092,495. The Forest Service concluded that the cost to the government of selling that timber was $1,927,166, which produced a deficit of $834,671.
The Forest Service, which has been criticized in recent years for spending more than it makes on timber sales from the Jefferson and other Eastern forests, said that the timber sales created significant economic activity in the Virginia localities where the timber was harvested, including $16.7 million in local income and 605 jobs.
|- Staff report
Vishay plans
public offering
Vishay Intertechnology Inc., Malvern, Pa., parent of Roanoke's Vitramon Inc., said Wednesday it has registered with the the Securities and Exchange Commission a proposed public offering of 2.75 million shares of its common stock.
Vishay Intertechnology is the largest U.S. and European manufacturer of passive electronic components.
|- Wire report
Trade deficit hits
$9.17 billion
The U.S. trade deficit jumped to $9.17 billion in May as higher oil prices and a big drop in sales of commercial airliners contributed to the worst merchandise trade performance in 61/2 years.
The Commerce Department said the U.S. deficit in goods and services widened by 7.6 percent after an even bigger 24.6 percent deterioration in April.
While the big widening of the April trade gap sent the dollar skidding to new lows last month, currency markets shrugged off Tuesday's report. The dollar actually strengthened slightly against the Japanese yen and the German mark. Analysts said the latest figure, while bad, had been anticipated.
For this year, analysts predicted that the deficit will continue to worsen as the lingering effects of recessions in Europe and Japan continue to dampen demand for American exports. And this will mean that the U.S. currency could be pushed lower from future bad trade reports, economists said.
``America's trade shortfall is huge and growing larger. That means the dollar will still be vulnerable to setbacks,'' said Robert Dederick, chief economist at Northern Trust Co. in Chicago.
For May, rising energy prices pushed America's foreign oil bill up by $339 million last month. Imports of clothing, iron and steel and telecommunications equipment also posted big gains. Goods imports were up 1.5 percent to $54.52 billion, the third straight monthly record.
|- Associated Press
by CNB