Disney retrenches, will close Southcenter, Westlake stores
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SEATTLE - Two of the Seattle area's five Disney stores will close in coming days as the company eliminates 100 retail outlets nationwide to cut costs in its consumer-products division.
The Disney Store at Westlake Center is to close Sunday. The store in Southcenter will close Feb. 21.
There are no plans to close any of the other Disney stores in the state. Local Disney stores are in the Alderwood Mall, Northgate and Bellevue Square; there are two stores in the Tacoma area.
At Westlake, the vacated space will be filled this summer by The Children's Place, a children's clothing chain based in Secaucus, N.J. Southcenter officials could not be reached about a future tenant there.
Sondra Haley, a Disney spokeswoman, said the company announced last fall a plan to close some existing stores and to redesign the rest. The renovations are to begin in the summer.
EDS acquires TransAlliance,adding ATM business in West
PLANO, Texas - Electronic Data Systems, the No. 2 U.S. computer-services provider, said yesterday it bought closely held TransAlliance to expand its business of processing automated-teller-machine transactions.
Bellevue-based TransAlliance, which provides ATM and other data-processing services to financial institutions in the West, said it does not plan to lay off or transfer any of its 100 employees.
Terms weren't disclosed. EDS had a five-year joint venture with TransAlliance for handling data processing for 21 financial institutions in 13 Western states, EDS spokeswoman Delbra Bristol said
The acquisition includes the Northwest Exchange ATM network and the Accel point-of-sale debit network.
Albertson's to open fewer stores, cut back on inventory
NEW YORK - Albertson's, the second-largest U.S. grocer, is focusing on boosting sales and cutting costs now that the integration of American Stores is complete, its president said yesterday.
Boise-based Albertson's plans to eliminate regional divisions, open fewer stores and reduce inventory, said Peter Lynch, president and chief operating officer.
The company conducts business through 19 divisions and plans to boost sales by remodeling some existing stores and improving promotions.
Costs have risen as it remodeled stores and made other changes following its $12.5 billion purchase of American Stores in 1999.
Consolidated Freightwaysinks pact with Home Depot
VANCOUVER, Wash. - Consolidated Freightways, the third-largest U.S. trucking company, said a new contract with Home Depot may more than triple its business with the nation's biggest home-improvement retailer.
Sales from the contract will be $50 million to $70 million a year, said Consolidated Freightways spokesman Mike Brown. That would be three to four times last year's level, he said, declining to disclose an exact figure.
The trucking company last year had total sales of $2.35 billion.
With the contract, Consolidated Freightways becomes a "core carrier" for Home Depot. The trucker, which carries cargo for multiple customers in each load, agreed to deliver shipments during evening hours that are more convenient for Home Depot
The retailer now uses the Vancouver-based company for an average of 1,100 shipments a day.
Metawave, Samsung joinforces on antenna project
SEATTLE - Metawave Communications announced yesterday a partnership with Korean company Samsung to develop a commercial base station that will use Redmond-based Metawave's antenna technology for wireless carriers. Metawave's smart antennas boost wireless-network capacity.
Nation / World
Loss plunges credit ratingsfor Lucent to near junk level
NEW YORK - Lucent Technologies' credit ratings were cut yesterday to a notch above junk status by Moody's Investors Service and Standard & Poor's, after the telecommunications-equipment giant posted a $1.02 billion first-quarter operating loss.
The downgrades mean Lucent cannot tap the $1.6 trillion market for commercial paper, a short-term debt that is a big source of funding for many companies.
Moody's said its downgrades reflected Lucent's "significant operational difficulties." S&P said its downgrades reflect the belief that Lucent will incur substantial operating losses in the near- to intermediate-term.
The company, "had lost its way in pursuit of growth," said Bruce Hyman, an S&P director, in a conference call.
Shares of Lucent, which is based in Murray Hill, N.J., closed down 56 cents, or 3.65 percent, at $14.80. The shares have fallen 80 percent in the past year.
Moody's cut Lucent's senior unsecured debt rating to "Baa3" from "Baa1" and its short-term debt rating to "Prime-3" from "Prime-2."
S&P cut its equivalent ratings to "BBB-minus" and "A-3" from "BBB-plus" and "A-2."
The new ratings are the agencies' lowest investment grades.
Ford, Navistar plan to buildcommercial trucks together
DEARBORN, Mich. - Ford said yesterday it plans to join forces with truck and diesel-engine maker Navistar to build commercial trucks.
The 50-50 venture, for now unnamed and pending regulatory approval and refinement of various details, will include production of Class 6 and 7 medium-duty commercial trucks to be marketed separately under the Ford and Navistar's International brands.
Under the alliance, the companies also will explore greater cooperation in smaller commercial vehicles and diesel engines for possible applications in Ford's truck products.
Both companies declined to disclose the deal's terms, its potential cost savings or the number of trucks expected to be built.
The trucks will be built at Navistar's plant in Escobedo, Mexico.