Global Economy Slowing; Industrial Economies Expanding

By Reports, From Wire | THE JOURNAL RECORD, July 4, 1990 | Go to article overview

Global Economy Slowing; Industrial Economies Expanding


Reports, From Wire, THE JOURNAL RECORD


Global Economy Slowing; Industrial Economies Expanding UNITED NATIONS - Already sluggish global economic growth is likely to slow further in 1990, and growth in Eastern Europe and the Soviet Union is virtually at a standstill, according to a U.N. report released Tuesday.

The 1990 World Economic Survey by the U.N. Department of International Economic and Social Affairs said world economic output increased by 3.1 percent in 1989, compared with 4.4 percent in 1988.

It noted diversity in economic performance and said that industrialized market economies continued to expand, growing by 3.5 percent. Although that was lower than the 4.3 percent in 1988, it was stronger than had been expected, the report said.

But the developing world as a whole, it said, suffered a downturn in economic growth in 1989, dropping from 4.5 percent in 1988 to 3.4 percent in 1989. Economic performance varied greatly by region.

Specialty Retailer to Buy Toy Store Chain NEW YORK - Melville Corp. on Tuesday announced an agreement to buy the assets of Circus World Toy Stores Inc. for about $95 million in cash.

The purchase of the 330 Circus World stores from Greenman Bros. Inc. will expand Melville's position in toy retailing. Circus World will become a part of its Kay-Bee division, which operates 770 toy stores in 50 states.

The acquisition will be financed from operating cash flow and is not expected to dilute earnings, Melville said.

From its headquarters in Rye, N.Y., Melville oversees a collection of specialty retailers ranging from the off-price apparel chain Marshalls to Thom McAn shoe shops, Linens 'n Things and This End Up furniture stores.

It also owns the CVS drug and beauty aids chain and last week announced plans to buy Peoples Drug Stores Inc. for $330 million.

Companywide sales totaled $7.6 billion last year.

Coors Completes Purchase of Stroh's Memphis Brewery GOLDEN, Colo. - The sale of Stroh's Memphis, Tenn., brewery to the Coors Brewery Co. was finalized Tuesday, a deal under which Coors will make beer outside of Golden for the first time in its 117-year history.

Stroh will continue to operate the 500-employee facility through August, and Coors will assume responsibility for operations Sept. 1, officials said.

Coors plans to retrofit packaging operations as soon as possible. Packaging of Coors products at the plant will begin next spring. …

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