THE VIRGINIAN-PILOT
Copyright (c) 1997, Landmark Communications, Inc.
DATE: Friday, January 3, 1997 TAG: 9701030637
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: 48 lines
Dollar Tree Stores Inc., a Norfolk-based retailer that sells products for $1 each, said Thursday that sales rose nearly 61 percent in the fourth quarter ended Dec. 31. The company had $194.8 million in the recent quarter, up from $121.2 million in the 1995 period. Same-store sales, which represent revenues at stores open at least a year, rose 7.6 percent. Sales climbed 64 percent to $493 million in 1996 from the previous year. Much of the sales increases were attributed to the retailer's purchase of the Dollar Bills chain. Dollar Tree's earnings will be released later. (Staff) General Dynamics buys 2 Lockheed units
General Dynamics has completed its purchase of Lockheed Martin Defense Systems and Lockheed Martin Armament Systems. The 30-day waiting period mandated by the Hart Scott Rodino pre-merger notification act expired without action by the Department of Justice on Dec. 19, and the companies closed the transaction effective Jan. 1. General Dynamics acquired the two units for $450 million and assumed no debt in the transaction. Lockheed Martin Defense Systems has major product lines in combat vehicles; Lockheed Martin Armament Systems principally supplies gun systems. (Staff) Kiwi to resume scheduled flights Jan. 20
Kiwi International Air Lines said it plans to resume its scheduled flights at Newark, N.J., Chicago, Atlanta and West Palm Beach, Fla., on Jan. 20. The Newark, N.J.-based discount airline, which in September filed for protection from its creditors under Chapter 11 of the U.S. Bankruptcy Code, grounded its fleet in October and had planned to resume scheduled flights in mid-December, in time for the holiday travel season. Kiwi said it will call back 450 to 550 employees as part of the planned resumption. The company has been operating charter flights since October. (Dow Jones News) Richmond food distributor buys McLane Foodservice
Richmond-based Performance Food Group bought McLane Foodservice, a division of grocery supplier McLane Co. Inc., which is owned by Wal-Mart Stores Inc., for $30 million in cash. The acquisition will give Performance a better foothold in the Texas market, where McLane operates two distribution centers. Most of McLane's customers are quick-service restaurant chains, such as Kentucky Fried Chicken, Dairy Queen and Dunkin' Donuts. Performance supplies food and related products to individual restaurants, chains such as Outback Steakhouse and Cracker Barrel, and other institutions such as schools, nursing homes, hospitals and hotels. (Associated Press)