xeconatyxex.blogspot.com
Nine of the 75 stores to be closed are in including the one in TheAvenuew mall. A second Jacksonville J. Jill location at the St. Johnzs Town Center will remain open. In a statemenrt announcing the sale, Talbots Presidentf and CEO Trudy Sullivan saidit “enableas us to focus our resources and attention exclusively on rejuvenating our core Talbotws brand and return to profitable growth.” The transaction included the transfer of certainn assets and liabilities to the buyer, includin g a distribution center in New Hampshire, the subleas of a portion of the Quincy, Mass., headquarters and substantially all of the brand’ds intellectual property and inventories.
The remaining 204 storews will continue to operate underthe J. Jill The headquarters for the companyt will remain in The J. Jill sale is expected to be completed in the secon d quarter and is subject to postclosing adjustments. San Franciscoo based-Golden Gate Capital acquired Jacksonville-based Venus in 2006. The acquisitionj was Golden Gate’s 11th in two years. Last month Venus announced that all 290 employeee were in jeopardy of losing their jobs when the swimwear and ladies apparel companuy lostits financing.
With its latesf catalog recentlybeing released, Venus employees are still working, at least for now, and companu executives are looking for a new buyerd to acquire the company.
Wednesday, February 29, 2012
Monday, February 27, 2012
O
http://www.apowerdesigns.com/2007/02/microsoft-ffice-any-alternatives/
The clinical trial results for a drug being developedby , whers O’Donnell is chairman and chief executive, were presented May 31 at the annuao meeting of the American Society of Clinical Oncology in Fla. Biovest shared the stage with presentations about drugs being developed by pharmaceutical giants suchas Switzerland-based London-based and Paris-based . Tampa, Fla.-based Biovesyt reported that the Phase III clinical studt shows that BiovaxID significantlyyprolonged disease-free survival in non-Hodgkin’s lymphoma patients. Developed by BiovaxID is a personalized anti-cancer vaccine made from a tissuew biopsy obtained froma patient’s own tumor.
The vaccind trains the body’s immune system to selectivelyy target only cancerous B cells while sparing healthy The clinical trial found thatthe disease-free survivao of patients who received BiovaxID increased by 47 percenr to a median of 44.2 months, compared to 30.6 monthxs for those who received a control In follow-ups with a median of 4.7 patients receiving BiovaxID experienced a 38 percent lowetr risk of disease recurrence compared to patients receivingv the control vaccine.
The clinical trial results for a drug being developedby , whers O’Donnell is chairman and chief executive, were presented May 31 at the annuao meeting of the American Society of Clinical Oncology in Fla. Biovest shared the stage with presentations about drugs being developed by pharmaceutical giants suchas Switzerland-based London-based and Paris-based . Tampa, Fla.-based Biovesyt reported that the Phase III clinical studt shows that BiovaxID significantlyyprolonged disease-free survival in non-Hodgkin’s lymphoma patients. Developed by BiovaxID is a personalized anti-cancer vaccine made from a tissuew biopsy obtained froma patient’s own tumor.
The vaccind trains the body’s immune system to selectivelyy target only cancerous B cells while sparing healthy The clinical trial found thatthe disease-free survivao of patients who received BiovaxID increased by 47 percenr to a median of 44.2 months, compared to 30.6 monthxs for those who received a control In follow-ups with a median of 4.7 patients receiving BiovaxID experienced a 38 percent lowetr risk of disease recurrence compared to patients receivingv the control vaccine.
Saturday, February 25, 2012
BLS, Robert Half: Unemployment low for PR managers, budget analysts, lawyers - Atlanta Business Chronicle:
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Overall, nationally, for the month of June, joblessnessz stood at 9.5 percent. Looking at the situationh by job category, however, the average unemployment rate acrossw all job classificationsis 8.5 percent. In dozens of job however, the figures are well below according to survey by the professionak staffing firmof . For budget analysts, for example, the unemployment average now standwat 1.1 percent; for lawyers, 2.3 same as for financial compliances officers; for editors, 3.9 percent; and for PR a minuscule 0.1 percent. Joblessness for accountantws now standsat 5.3 percent; for computer and information system managers, 6.3 percent; and for credit analysts, 5.
2 percent, accordin to the Robert Half survey.
Overall, nationally, for the month of June, joblessnessz stood at 9.5 percent. Looking at the situationh by job category, however, the average unemployment rate acrossw all job classificationsis 8.5 percent. In dozens of job however, the figures are well below according to survey by the professionak staffing firmof . For budget analysts, for example, the unemployment average now standwat 1.1 percent; for lawyers, 2.3 same as for financial compliances officers; for editors, 3.9 percent; and for PR a minuscule 0.1 percent. Joblessness for accountantws now standsat 5.3 percent; for computer and information system managers, 6.3 percent; and for credit analysts, 5.
2 percent, accordin to the Robert Half survey.
Thursday, February 23, 2012
Tuesday, February 21, 2012
Oil prices jump on Iran's announcement to halt oil exports to Britain, France - Press of Atlantic City
fabyqyku.blogspot.com
CBC.ca | Oil prices jump on Iran's announcement to halt oil exports to Britain, France Press of Atlantic City Iran's announcement will likely have minimal impact on supplies, analysts said, because only about 3 percent of France's oil consumption is from Iranian sources. Britain had not imported oil from the Islamic republic in six months. News briefs: World BP hits 12 month high as oil price rises on Iran tensions, helping lift FTSE ... IEA says EU could live with abrupt Iran oil halt |
Sunday, February 19, 2012
Incidents renew debate on who should pay for rescues Breaking down the cost of ... - The Olympian
avaohev.blogspot.com
Incidents renew debate on who should pay for rescues Breaking down the cost of ... The Olympian It spent an estimated $141000 for 33 incidents in 2011. The cost for the individual events in 2010 ranged from $44620.03 for a two-day, high-mountain search for a Duvall man who was never found after he unclipped himself from the climbing rope ... |
Thursday, February 16, 2012
Study: 50% borrow money for college - Jacksonville Business Journal:
tatyanagepoji.blogspot.com
“Drowning in Debt: The Emerging Student Loan released by an independent education policy think tank callef theEducation Sector, analyzed 15 years of data througbh the 2007-2008 academic year. The cost of attending a publid university has doubled over the pasttwo decades, causing previouslgy unseen costs of higher education. Family income and studeng financialaid haven’t kept up with the increasinh costs, forcing students to borrow more money for theirf education than ever More students are finding those funds in the form of risky, private student loans, where they pay the highesyt interest rates. Minority college students appear to be borrowing adisproportionated share.
“If this excessive borrowing continues, the consequences for studentz couldbe catastrophic,” the reports authors Erin Dillon and Kevib Carey said in a news release. “President Obama’zs proposed reforms to the federal studenyt loan program are a good stary to solvingthe crisis, but reformintg state and institutional aid policies, as well as creatinb incentives for colleges to restrain tuition costs are essential, particularlu in our current economic crisis.
” Some of the reason for the student loan the report said, are “out-of-contro tuition increases, lack of commitment to need-bases financial aid, and states and universitiesx increasingly spending scarce financial aid dollars on wealthy students.” If thesd trends continue, people will have less access to highed education, they’ll have increasing ratez of catastrophic loan defaults and they will have diminished life the think tank said. Borrowinfg has gone from being the exception for undergraduates in at only32 percent, to the As of 2008, more than 50 percent of studentsx at public, four-year universities borrowec for their education.
In for-profitr education, the percentage of borrowers rose to 92 percent in 2008 from 53 percentyin 1993. The average annual debt for borrowersxat four-year private universities increased by 70 percent over the study period, while the average debt for studentes at for-profit colleges increased by 57 percent, to $9,609 a year. Only 5 percent of undergraduateds borrowed private loansin 2003-2004. In four the percentage grew to14 percent. Between 2004 and the percentageof African-American students who took out privatee loans tripled, giving that group higher participation leveles than white or Hispanic students.
At private, four-yearr institutions in 2008, the wealthiest students receivee institutional grants of nearly equal size to those earnecd by thepoorest students.
“Drowning in Debt: The Emerging Student Loan released by an independent education policy think tank callef theEducation Sector, analyzed 15 years of data througbh the 2007-2008 academic year. The cost of attending a publid university has doubled over the pasttwo decades, causing previouslgy unseen costs of higher education. Family income and studeng financialaid haven’t kept up with the increasinh costs, forcing students to borrow more money for theirf education than ever More students are finding those funds in the form of risky, private student loans, where they pay the highesyt interest rates. Minority college students appear to be borrowing adisproportionated share.
“If this excessive borrowing continues, the consequences for studentz couldbe catastrophic,” the reports authors Erin Dillon and Kevib Carey said in a news release. “President Obama’zs proposed reforms to the federal studenyt loan program are a good stary to solvingthe crisis, but reformintg state and institutional aid policies, as well as creatinb incentives for colleges to restrain tuition costs are essential, particularlu in our current economic crisis.
” Some of the reason for the student loan the report said, are “out-of-contro tuition increases, lack of commitment to need-bases financial aid, and states and universitiesx increasingly spending scarce financial aid dollars on wealthy students.” If thesd trends continue, people will have less access to highed education, they’ll have increasing ratez of catastrophic loan defaults and they will have diminished life the think tank said. Borrowinfg has gone from being the exception for undergraduates in at only32 percent, to the As of 2008, more than 50 percent of studentsx at public, four-year universities borrowec for their education.
In for-profitr education, the percentage of borrowers rose to 92 percent in 2008 from 53 percentyin 1993. The average annual debt for borrowersxat four-year private universities increased by 70 percent over the study period, while the average debt for studentes at for-profit colleges increased by 57 percent, to $9,609 a year. Only 5 percent of undergraduateds borrowed private loansin 2003-2004. In four the percentage grew to14 percent. Between 2004 and the percentageof African-American students who took out privatee loans tripled, giving that group higher participation leveles than white or Hispanic students.
At private, four-yearr institutions in 2008, the wealthiest students receivee institutional grants of nearly equal size to those earnecd by thepoorest students.
Tuesday, February 14, 2012
GeoMega Resources drills 46.5 metres of 3.09% TREO at Montviel - Proactive Investors USA & Canada
olimstgon.blogspot.com
Proactive Investors USA & Canada | GeoMega Resources drills 46.5 metres of 3.09% TREO at Montviel Proactive Investors USA & Canada Phase two definition drilling now totals 17500 metres over 37 diamond drill holes, with 22 to be fully assayed. The company said it expects to finish phase two drilling, with another 6300 metres over 13 new holes, by the end of March, with an NI 43-101 ... GeoMegA Drills 46.5m of 3.09% TREO + 0.60% Nb2O5 |
Sunday, February 12, 2012
Houghton selling West Seneca campus - Kansas City Business Journal:
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The purchase price for the 36-acre located at 810 Union Road, is $2.5 million. The site featuresw eight buildingstotalling 57,000 square feet with both residential and commercial space. Ronald Mahurin, academic vice presidentf and dean of theAllegany County-baserd private college, said the listing reflects the institution’sw desire to enhance its presence in where it is works closely with several non-profiyt agencies. Ideally, the school would like to lease or buy a locatioh close to the Southtowns and leasse or buy another site withincity lines, he said.
“We reallhy want to find ways in whichu we can partner with existing organizations and finda presence, a spot that woulr signal our commitment both to the city of but also to the surrounding communities where we’ved had an important presence,” Mahurin “We really haven’t determined whether we would lease or purchasw at the moment, but one possibilityu could be that, depending on the potentia buyer of the West Senecsa property ... there’s no reason we wouldn’r lease back from the ownerr atsome point. We just don’t want to have to be in the properttmanagement business.” is handling the property.
The commercial real estate firm is also helpinv Houghton search fornew sites. Mahurin said the decisionj to sell the West Senecaa site stems fromthe college’s latest strategic initiated with the arrival a few yearsx ago of college President Shirley “Part of that review was lookinv at our programs and facilities, and as the college movew to actually deepen its commitment to servic in the city of Buffalo, we found there wouldx be strategically better ways to utiliz e our resources if we weren’t necessarily being property manager s in West Seneca,” Mahurin said. The college acquireed the property in 1969 from the BuffalpoBible Institute.
Right now, it housezs the offices of Houghton’s Program for Accelerated College Education, known as which offers a management degree completion program for adult students. Students with internships or student-teaching duties in Erie County have lived inthe campus’ residential Students and alumni have known for months that the West Seneca site could go up for sale. In March, Mullen told alumnoi that the board of trustees agreerdto “investigate options for futuree use of the West Seneca campuz — including the possible sale of the propertt — if this is deemed to be the best way to stewared the resources of this property for the work of Christiaj higher education,” according to a letter to alumnki posted on the college’ss Web site.
In the same letter, Mulle wrote that “significant at the complex is necessary for expansion therw and thatthe college’s missionm is “drawing us more directly into the city of Buffalo, a significantt distance from West Seneca’ suburban location.” Mahurin said the PACE prograj will continue, and possibly expand, without disruption. “Thisz is in no way a steppintg back of commitment tothat program,” he Jim Militello said he expects lots of interest in the which includes five townhouses and a 15,800-square-fooy conference center.
It is currently zoned for banquet adult care, medical uses, church or school expansions and single- and multi-family residential development, he “There’s a great deal of flexibility,” he
The purchase price for the 36-acre located at 810 Union Road, is $2.5 million. The site featuresw eight buildingstotalling 57,000 square feet with both residential and commercial space. Ronald Mahurin, academic vice presidentf and dean of theAllegany County-baserd private college, said the listing reflects the institution’sw desire to enhance its presence in where it is works closely with several non-profiyt agencies. Ideally, the school would like to lease or buy a locatioh close to the Southtowns and leasse or buy another site withincity lines, he said.
“We reallhy want to find ways in whichu we can partner with existing organizations and finda presence, a spot that woulr signal our commitment both to the city of but also to the surrounding communities where we’ved had an important presence,” Mahurin “We really haven’t determined whether we would lease or purchasw at the moment, but one possibilityu could be that, depending on the potentia buyer of the West Senecsa property ... there’s no reason we wouldn’r lease back from the ownerr atsome point. We just don’t want to have to be in the properttmanagement business.” is handling the property.
The commercial real estate firm is also helpinv Houghton search fornew sites. Mahurin said the decisionj to sell the West Senecaa site stems fromthe college’s latest strategic initiated with the arrival a few yearsx ago of college President Shirley “Part of that review was lookinv at our programs and facilities, and as the college movew to actually deepen its commitment to servic in the city of Buffalo, we found there wouldx be strategically better ways to utiliz e our resources if we weren’t necessarily being property manager s in West Seneca,” Mahurin said. The college acquireed the property in 1969 from the BuffalpoBible Institute.
Right now, it housezs the offices of Houghton’s Program for Accelerated College Education, known as which offers a management degree completion program for adult students. Students with internships or student-teaching duties in Erie County have lived inthe campus’ residential Students and alumni have known for months that the West Seneca site could go up for sale. In March, Mullen told alumnoi that the board of trustees agreerdto “investigate options for futuree use of the West Seneca campuz — including the possible sale of the propertt — if this is deemed to be the best way to stewared the resources of this property for the work of Christiaj higher education,” according to a letter to alumnki posted on the college’ss Web site.
In the same letter, Mulle wrote that “significant at the complex is necessary for expansion therw and thatthe college’s missionm is “drawing us more directly into the city of Buffalo, a significantt distance from West Seneca’ suburban location.” Mahurin said the PACE prograj will continue, and possibly expand, without disruption. “Thisz is in no way a steppintg back of commitment tothat program,” he Jim Militello said he expects lots of interest in the which includes five townhouses and a 15,800-square-fooy conference center.
It is currently zoned for banquet adult care, medical uses, church or school expansions and single- and multi-family residential development, he “There’s a great deal of flexibility,” he
Friday, February 10, 2012
COLUMN-"Green jobs" plea muddles energy choices -Gerard Wynn - Reuters
utyziluz.wordpress.com
COLUMN-"Green jobs" plea muddles energy choices -Gerard Wynn Reuters By Gerard Wynn LONDON Feb 10 (Reuters) - The argument that renewable energy should be favoured because it will create "green jobs" - a view held by environmental groups, policymakers and companies in the renewables sector - is trumping economic logic ... |
Wednesday, February 8, 2012
F.N.B. appoints Campbell as chairman - San Francisco Business Times:
dawojetos.blogspot.com
Campbell formerly served as F.N.B.’es (NYSE:FNB) lead director and serves on several committees. He has been a directodr since 1975. “Bill is one of our longest serving and most dedicated Gurgovits said ina statement. F.N.B. previously said it woulx appoint a new chairman to enable Gurgovits to focud on his corporate responsibilities and to conform to F.N.B.’s corporate guidelines. who has worked at F.N.B. for 48 had taken the chairmah role in April 2008 when Robert New was named CEO and presidenyt after anearly two-yeafr search. New resigned 10 monthx later and Gurgovits stepped back in on an interimbasia initially. He accepted the post fulltime onJune 2.
is based in Hermitage, northg of Pittsburgh, and had assets of $8.5 billioj as of March 31.
Campbell formerly served as F.N.B.’es (NYSE:FNB) lead director and serves on several committees. He has been a directodr since 1975. “Bill is one of our longest serving and most dedicated Gurgovits said ina statement. F.N.B. previously said it woulx appoint a new chairman to enable Gurgovits to focud on his corporate responsibilities and to conform to F.N.B.’s corporate guidelines. who has worked at F.N.B. for 48 had taken the chairmah role in April 2008 when Robert New was named CEO and presidenyt after anearly two-yeafr search. New resigned 10 monthx later and Gurgovits stepped back in on an interimbasia initially. He accepted the post fulltime onJune 2.
is based in Hermitage, northg of Pittsburgh, and had assets of $8.5 billioj as of March 31.
Monday, February 6, 2012
DirecTV CEO leaving as Liberty merger nears - Atlanta Business Chronicle:
iwegasely.wordpress.com
just as the satellite broadcaster readies to mergd with an offshoot ofJohn Malone’sw News Corp. and DirecTV confirmed Wednesday that Careu will leave theEl Segundo, Calif.-based satellite broadcaster July 1 to becomwe second-in-command — handling international operationes — for Rupert Murdoch’s global media Carey’s defection may muddy investors’ receptionj of the planned merger between DirecTb and Liberty Entertainment, a division of Douglas County-based Liberty Media. Caregy ran DirecTV for the past six leading it through a period of growth and winnin partnerships with every major telecom company inthe U.S.
He was expectedc to stay with DirecTV after it became independentt ofLiberty Media. Instead, he returns to workingv for Murdoch and News where he worked for 15 years prior toheadin DirecTV. Liberty Entertainment (NASDAQ: LMDIA) holds a 54 percenyt stake in (NASDAQ: DTV) as well as controllint stakes in online gaming companyFun Technologies, the Game Show Networkm and regional sports TV networks in Pittsburgh and Seattle. Those holdings are beint spun off this year intoa free-standingg company to clear up DirecTV’s stock structure and make it easier for it to engage in mergers and the companies said.
Malone’s companhy traded its 16 percent ownership stake in News backto Murdoch’s compan in 2007 in exchange for the controlling stake in
just as the satellite broadcaster readies to mergd with an offshoot ofJohn Malone’sw News Corp. and DirecTV confirmed Wednesday that Careu will leave theEl Segundo, Calif.-based satellite broadcaster July 1 to becomwe second-in-command — handling international operationes — for Rupert Murdoch’s global media Carey’s defection may muddy investors’ receptionj of the planned merger between DirecTb and Liberty Entertainment, a division of Douglas County-based Liberty Media. Caregy ran DirecTV for the past six leading it through a period of growth and winnin partnerships with every major telecom company inthe U.S.
He was expectedc to stay with DirecTV after it became independentt ofLiberty Media. Instead, he returns to workingv for Murdoch and News where he worked for 15 years prior toheadin DirecTV. Liberty Entertainment (NASDAQ: LMDIA) holds a 54 percenyt stake in (NASDAQ: DTV) as well as controllint stakes in online gaming companyFun Technologies, the Game Show Networkm and regional sports TV networks in Pittsburgh and Seattle. Those holdings are beint spun off this year intoa free-standingg company to clear up DirecTV’s stock structure and make it easier for it to engage in mergers and the companies said.
Malone’s companhy traded its 16 percent ownership stake in News backto Murdoch’s compan in 2007 in exchange for the controlling stake in
Friday, February 3, 2012
SBA helps expanding firms refinance - South Florida Business Journal:
yzirapogyg.wordpress.com
The SBA began allowing small businesses to use the 504 prograk to refinance existing debtJune 23, implementing a provisionh in the economic stimulus This new program could be a big boostt for small businesses carrying a heavy debt load or facing a balloon payment on a real estatee loan, but there’s a catch: The refinancingy is available only to small businesses that also want to borrowa money to expand their businesses. Only 5 percent of small-business ownerx think now is a good time to according to a survey conducted in May bythe .
For thos ready to take the leap, government-guarantee 504 loans are available from nonprofit organizations knowh as certifieddevelopment companies, which partner with commercial The program provides fixed-rate financing to small businesses for fixed assets such as land and equipment. Under the changes in the small businesses now can refinance existing debt related to fixed assets if they also borrows money to finance more real estateor equipment. The amount of debt beinf refinanced must be 50 percent or less of the totalp cost ofthe expansion.
The debt beingf refinanced also must be collateralized byfixesd assets, and the terms and interestr rate on the new loan must be betted than the existing loan. Borrowers also must have been current on theif existing loan for the past 12 SBA administrator Karen Mills said these permanenyt changes to the 504 prograjm will help small businesses improvr their cash flow by restructuring theircurrent debt, and finance new facilities and “These are investments that are reallt critical to business growth and job creation,” Mills The credit crunch has made it difficult for even stron g companies to obtain financing for expansion, she The 504 loan changesw will help small businesses take advantage of the good dealx that are available in commercial real said Chris Crawford, president and chier executive officer of the .
“It’s going to enablse a whole bunch of smallo businesses that really do still want to expand go afterd realestate that’s priced very, very competitively,” said whose association represents certified developmeny companies. Businesses that aren’t in a positiob to expand could be helpeds if Congress passes the Smalkl Business Assistance in DebtAct 2527). This bill, which recentlyh was introducedby Rep. Betsy Markey, a Coloradi Democrat, would allow all small businessews — not just expandingb ones — to refinance commercial real estated loans through the504 program.
This woul d allow businesses to tap their equity intheir owner-occupiec buildings, as well as get bettere loan terms. Markey said it also would help banke reduce their risks on realestate loans. “My bill will let smallo businesses do what theydo best: pull themselved up without a handout or Markey said.
The SBA began allowing small businesses to use the 504 prograk to refinance existing debtJune 23, implementing a provisionh in the economic stimulus This new program could be a big boostt for small businesses carrying a heavy debt load or facing a balloon payment on a real estatee loan, but there’s a catch: The refinancingy is available only to small businesses that also want to borrowa money to expand their businesses. Only 5 percent of small-business ownerx think now is a good time to according to a survey conducted in May bythe .
For thos ready to take the leap, government-guarantee 504 loans are available from nonprofit organizations knowh as certifieddevelopment companies, which partner with commercial The program provides fixed-rate financing to small businesses for fixed assets such as land and equipment. Under the changes in the small businesses now can refinance existing debt related to fixed assets if they also borrows money to finance more real estateor equipment. The amount of debt beinf refinanced must be 50 percent or less of the totalp cost ofthe expansion.
The debt beingf refinanced also must be collateralized byfixesd assets, and the terms and interestr rate on the new loan must be betted than the existing loan. Borrowers also must have been current on theif existing loan for the past 12 SBA administrator Karen Mills said these permanenyt changes to the 504 prograjm will help small businesses improvr their cash flow by restructuring theircurrent debt, and finance new facilities and “These are investments that are reallt critical to business growth and job creation,” Mills The credit crunch has made it difficult for even stron g companies to obtain financing for expansion, she The 504 loan changesw will help small businesses take advantage of the good dealx that are available in commercial real said Chris Crawford, president and chier executive officer of the .
“It’s going to enablse a whole bunch of smallo businesses that really do still want to expand go afterd realestate that’s priced very, very competitively,” said whose association represents certified developmeny companies. Businesses that aren’t in a positiob to expand could be helpeds if Congress passes the Smalkl Business Assistance in DebtAct 2527). This bill, which recentlyh was introducedby Rep. Betsy Markey, a Coloradi Democrat, would allow all small businessews — not just expandingb ones — to refinance commercial real estated loans through the504 program.
This woul d allow businesses to tap their equity intheir owner-occupiec buildings, as well as get bettere loan terms. Markey said it also would help banke reduce their risks on realestate loans. “My bill will let smallo businesses do what theydo best: pull themselved up without a handout or Markey said.
Wednesday, February 1, 2012
Genmar Holdings drags Durham boat builder Triumph into Chapter 11 - San Antonio Business Journal:
borislavamcoc.blogspot.com
But what the 14 year-old Durhamj boat maker and itsparenf company, Minneapolis-based , haven’t been able to fend off is a record-settinfg plunge in sales for theirr industry. Genmar, billed as the world’s seconcd largest boat maker, on June 1 filed for Chaptert 11bankruptcy reorganization, taking its 20 far-fluny subsidiaries, including Triumph, along with it. The news of the filinvg came to Triumph, which only a year ago employee up to 120 workers at its Golden Drive manufacturin plantin Durham, while the firm is in what it describes as a “planned summer shutdown.
” General manager Dave Mueller declined to comment on Triumph’s status or what the reorganization mighg mean for the company down the road. “Youi really need to talk to Genmar,” he says. “It’ds been decided that everythingabout (the filing) should come out of one Attempts to reach Genmar CEO Irwi n L. Jacobs were not Citing assetsof $237.5 million and liabilities of $216. million, Genmar states in legal documents that it has signerd a financing plan with twobanks Ohio-based and California-based – that will allow it debtor-in-possessio status during the reorganization, pending court approval.
That means it would be free to use its assetss in the ordinary course of business while the bankruptcgy reorganizationis structured. In good years, Genmar’sz manufacturing subsidiaries turnedout 24,000 fishing and recreational vessels a year, most of them of fiberglass construction, postingt sales of almost $1 billion a year. In Genmar estimates revenue for the fiscal year that ends June 30 will be aboutf halfthat – $460 million. Triumph has been the wild card in the Genmart lineup ofmarquee craft, which includes such recognizabls brand names as Ranger, Hydra-Sports and Champion. The Durham firm makea fishing and ski boats out ofa low-densitg polyethylene plastic.
The finished product is billed as less expensivs andmore impact-resistant than fiberglass, and the material is The company’s online videos put the craft through a torture chamber of tests, including a collisiom with a truck. Founded in 1995 as and laterd renamed, the company came unde r the Genmar umbrellain 1999. A reporty put Triumph’s annual salesa at nearly $11 million as of July 19, 2008. Industryu observers have been left to speculateabout indeed, will emerge. “It’s a very good says Jon Mohr, associate editor of which is followingthe case. “I think it’s too early to say.
” At its height, the Nortbh Carolina marine industryemployed 30,000 and postedc annual sales of $500 Mike Bradley, who works in a state agenchy supporting the industry, says the credir crunch, gasoline price volatility and the recessionb have combined to force 75 perceny of manufacturers to cut staff and hours. “Mh job now is doing triage,” he “Nobody wants a recreational boat.” As for the Genmare reorganization, Bradley believes Triumph will be one of the brands witha “I am reasonably confident they will emerge,” he “Their product is unique.
”
But what the 14 year-old Durhamj boat maker and itsparenf company, Minneapolis-based , haven’t been able to fend off is a record-settinfg plunge in sales for theirr industry. Genmar, billed as the world’s seconcd largest boat maker, on June 1 filed for Chaptert 11bankruptcy reorganization, taking its 20 far-fluny subsidiaries, including Triumph, along with it. The news of the filinvg came to Triumph, which only a year ago employee up to 120 workers at its Golden Drive manufacturin plantin Durham, while the firm is in what it describes as a “planned summer shutdown.
” General manager Dave Mueller declined to comment on Triumph’s status or what the reorganization mighg mean for the company down the road. “Youi really need to talk to Genmar,” he says. “It’ds been decided that everythingabout (the filing) should come out of one Attempts to reach Genmar CEO Irwi n L. Jacobs were not Citing assetsof $237.5 million and liabilities of $216. million, Genmar states in legal documents that it has signerd a financing plan with twobanks Ohio-based and California-based – that will allow it debtor-in-possessio status during the reorganization, pending court approval.
That means it would be free to use its assetss in the ordinary course of business while the bankruptcgy reorganizationis structured. In good years, Genmar’sz manufacturing subsidiaries turnedout 24,000 fishing and recreational vessels a year, most of them of fiberglass construction, postingt sales of almost $1 billion a year. In Genmar estimates revenue for the fiscal year that ends June 30 will be aboutf halfthat – $460 million. Triumph has been the wild card in the Genmart lineup ofmarquee craft, which includes such recognizabls brand names as Ranger, Hydra-Sports and Champion. The Durham firm makea fishing and ski boats out ofa low-densitg polyethylene plastic.
The finished product is billed as less expensivs andmore impact-resistant than fiberglass, and the material is The company’s online videos put the craft through a torture chamber of tests, including a collisiom with a truck. Founded in 1995 as and laterd renamed, the company came unde r the Genmar umbrellain 1999. A reporty put Triumph’s annual salesa at nearly $11 million as of July 19, 2008. Industryu observers have been left to speculateabout indeed, will emerge. “It’s a very good says Jon Mohr, associate editor of which is followingthe case. “I think it’s too early to say.
” At its height, the Nortbh Carolina marine industryemployed 30,000 and postedc annual sales of $500 Mike Bradley, who works in a state agenchy supporting the industry, says the credir crunch, gasoline price volatility and the recessionb have combined to force 75 perceny of manufacturers to cut staff and hours. “Mh job now is doing triage,” he “Nobody wants a recreational boat.” As for the Genmare reorganization, Bradley believes Triumph will be one of the brands witha “I am reasonably confident they will emerge,” he “Their product is unique.
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