Last Kash & Karry stores closeThe last two Kash & Karry...

BUSINESS DIGEST

December 24, 1992

Last Kash & Karry stores close

The last two Kash & Karry grocery stores have closed, throwing about 85 people out of work, the company's owner said yesterday. Scott Scherr, son-in-law of the company's founder, said that the stores, on Reisterstown Road and the Baltimore National Pike, had been taken over by a supplier to whom the stores owed money.

Kash & Karry once had eight Baltimore-area stores, and was the first to tout the "warehouse" style of grocery marketing.

Mr. Scherr bought the chain five years ago, when it had shrunk to four stores. He closed two of the stores because they were money-losers, but said the remaining two were profitable.

He said he had been paying off his debts, but not quickly enough to satisfy creditors.

EEOC sues Kidder, Peabody

The Equal Employment Opportunity Commission yesterday filed an age discrimination suit against Kidder, Peabody & Co., alleging the company illegally fired middle-aged executives to create room for younger managers.

The civil suit, filed in Manhattan federal court, alleged that Kidder's Investment Banking Division wrongfully discharged managers over the age of 40. The class action suit was filed on behalf of all individuals who may have been wronged.

Michael Milken to be transferred

Former junk-bond financier Michael Milken will be transferred Jan. 4 to a halfway house in Los Angeles, after spending 22 months at the federal prison in Pleasanton, Calif., officials said. He will remain at the undisclosed facility from 6 p.m. to 6 a.m. until March 2, when he will have completed a two-year reduced sentence for his role in the sale of troubled bonds that cost banks, investors and taxpayers billions of dollars in the 1980s.

Jamesway to close 13 stores

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New Jersey-based Jamesway Corp. said it will close 13 stores, including Jamesway store and one My House specialty store in Maryland.

The company said it will take a one-time pretax charge in the fourth quarter of about $46 million, including provisions for store closures and costs for remodeling of its remaining stores.

U.S. Savings Bonds tables

Redemption values for U.S. Savings Bonds will appear in the Business section of The Sun on Saturday, Dec. 26. The tables list how much bonds bought in a given month and year are worth in principal and interest as of January 1993. The tables cover Series E and EE bonds and Savings Notes dating from 1941 through the present.

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