ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Friday, January 12, 1996 TAG: 9601120031
SECTION: BUSINESS PAGE: A-7 EDITION: METRO
WYTI buys license of former rival
Franklin County's WYTI-AM said this week it has bought the license of former competitor WFYN-AM, which ceased operation Jan. 1. The purchase makes WYTI the only radio station in the county.
WYTI's owner, Bill Jefferson, said his station's format - "country music with a traditional flavor" - will remain. WFYN ended its operation under a rock oldies format. Terms of the purchase were not disclosed.
WYTI has applied to the Federal Communications Commission to move about three miles, from its present site on North Main Street in Rocky Mount to the building formerly occupied by WFYN on Glenwood Drive.
WFYN's former owners, William "Donny Brook" Geasey and Glen Lynch, continue to operate WFYN's sister station, WZBB, in Henry County.
- Staff report
N.Y. regulators OK bank merger
NEW YORK - Chemical Banking Corp.'s plan to acquire Chase Manhattan Corp. for about $10 billion was approved Thursday by New York bank regulators, paving the way for creation of the largest U.S. bank. It was the final regulatory approval Chase and Chemical need to complete the acquisition and could allow Chase and Chemical to complete the transaction before March 31, its goal. The acquisition will create a banking powerhouse with $297 billion in assets, 25 million customers and a dominant share of the nation's credit card, corporate lending and other businesses. It also will eliminate 12,000 of 75,000 jobs and close 100 branches.
- Bloomberg Business News
Chic Barney's heads for bankruptcy court
NEW YORK - Barney's, the New York-based clothier to the chic and stylish, said Thursday it will file for reorganization in federal Bankruptcy Court.
The company said the filing was a necessary step toward restructuring its relationship with its international partner, Isetan Co. Inc. Barney's also plans to file suit against Isetan to recoup more than $50 million it claims was withdrawn unfairly by the Japanese retailer.
The bankruptcy filing appeared initially to be the result of the dispute between Barney's and Isetan and was unrelated to the retailer's performance during the Christmas selling season. Barney's said its same-store sales rose 12 percent in the last five months of 1995.
- Associated Press
Briefly ...
The downtown Heironimus department store, which had planned to close Jan. 20, will remain open another week because of the weather, the retailer said Thursday. The last day the store will be open to the public will be Jan. 27.
Banks and most government offices will be closed Monday for Martin Luther King's birthday, a federal holiday. U.S. stock and commodity markets will be open, but there will be no bond trading. The Treasury Department's weekly auction of three- and six-month bills will be postponed until Tuesday.
Roanoke on Thursday won a double-A rating by Fitch, a New York credit rating service, for $31.3 million worth of bonds it plans to take to national market next week. Roanoke will offer for bid two series of general obligation bonds Thursday to finance public improvements. Fitch said Roanoke's debt levels are manageable.
Earnings
Rowe Furniture Corp., Arlington-based manufacturer with operations in Salem, reported net income of $7.2 million, or 53 cents per share, on net shipments, or sales, of $124.9 million for its fiscal year ended Dec. 3, compared with year-earlier $6.8 million, or 47 cents per share, on shipments of $111.2 million. For its fourth quarter, Rowe reported net income of $1.4 million, or 11 cents per share, on shipments of $36.3 million, compared with $2.2 million, or 16 cents per share, on shipments of $30.7 million.
LENGTH: Medium: 77 linesby CNB