Newspaper article THE JOURNAL RECORD

Midway Asks Judge to Force Northwest Buyout

Newspaper article THE JOURNAL RECORD

Midway Asks Judge to Force Northwest Buyout

Article excerpt

Midway Asks Judge to Force Northwest Buyout CHICAGO _ Midway Airlines asked a federal judge to force Northwest Airlines to proceed with a buyout that would have kept grounded Midway in the air. Midway attorneys contend Northwest breached a contract between the airlines by withdrawing from the $178 million buyout last week. They allege Northwest defrauded Midway with misrepresentations about its intentions. The lawsuit, filed Monday in U.S. Bankruptcy Court, also contends Northwest infringed on Midway's rights by making a bid that drove Southwest Airlines away from buyout negotiations.

K mart, Toys R Us Profits Rise K mart Corp., its business growing despite the weak economy, said Monday its third-quarter earnings rose 3.4 percent, while Toys R Us Inc. reported an 11.8 percent rise in profits.

K mart, based in Troy, Mich., and the nation's second-largest retailer, reported earnings of $109.5 million, or 50 cents a share, in the quarter ended Oct. 30, compared with $105.9 million, or 53 cents a share, a year earlier. Third- quarter sales rose 6.4 percent to $7.97 billion from $7.49 billion.

For the nine months ending Oct. 30, earnings were 7.3 percent higher at $379.8 million, or $1.83 per share, compared with $354 million, or $1.77 a share. Sales rose 7.6 percent to $24.02 billion from $22.32 billion.

Toys R Us Inc., The nation's largest specialty toy retailer said it earned $32.1 million, or 11 cents per share, in the quarter ended Nov. 2, up 11.8 percent from $28.7 million, or 10 cents per share, in the same period of 1990. Sales rose 12.3 percent to $1.18 billion from $1.05 billion. For the first nine months, Toys R Us reported earnings of $77.9 million, or 26 cents per share, down 11.9 percent from $88.4 million, or 30 cents per share, in the same period a year earlier. Sales for the three quarters rose 10.1 percent to $3.26 billion from $2.96 billion.

Oil Companies Forced to Seek Crude Outside U.S.

NEW YORK _ U.S. oil companies are being forced to search for crude outside this country because too many domestic sites have been cut off to drilling over environmental concerns, an executive said Monday. …

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