THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Tuesday, January 17, 1995 TAG: 9501170290
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: Short : 48 lines
Regal Cinemas to buy Virginia theater chain: Regal Cinemas Inc. said Monday that it plans to acquire Neighborhood Entertainment Inc., a chain of 25 theaters, in a merger worth about $7.5 million. Regal said it will acquire the 99-screen Richmond-based Neighborhood Entertainment for a number of Regal shares to be determined at the time the deal is closed. Neighborhood Entertainment operates 15 first-run and 10 discount theaters, mainly in Hampton Roads and Richmond. Regal said it will dispose of the discount theaters. (Dow Jones News Service)
Virginia stock brokerages to merge: Ferguson, Andrews & Associates, a securities brokerage firm based in Roanoke, said Monday that it will acquire Anderson & Strudwick Inc., a Richmond brokerage firm with an office in Norfolk. Ferguson, Andrews said that it will change its name to Ferguson, Andrews, Anderson & Strudwick and will consolidate overlapping offices in Lynchburg, Charlottesville and Richmond. The firm says that it will have 125 employees and seven offices in Virginia after the acquisition. (Staff)
Continental plans to cut up to 4,000 jobs: Continental Airlines plans to reduce its work force by as much as 10 percent nationwide as part of an effort to weed out money-losing routes and return to profitability. The reductions - as many as 4,000 jobs - will come through early retirements, leaves of absence, normal attrition and some layoffs, the airline said. Continental Lite, the service it flies from Norfolk, will see a 40 percent reduction in capacity - or available seat miles - by Labor Day. Launched in October 1993, Lite mimics Southwest Airlines' strategy of flying low-cost, short routes primarily in the East and Southwest. (Associated Press)
American may lease Raleigh hub to Midway: American Airlines soon may announce an agreement giving Midway Airlines Inc. flights that the AMR Corp. unit plans to shed from its Raleigh-Durham, N.C.-hub, the Wall Street Journal reported. The agreement would allow American to continue its withdrawal from an unprofitable hub, while giving Midway access to traffic it wouldn't otherwise attract. Under the agreement that may be announced this week, Midway will sublet seven of American's 25 gates, and eventually increase the number to 12. (Bloomberg Business News) by CNB