Macy to close more storesR. H. Macy & Co. Inc. said...

BUSINESS DIGEST

January 29, 1993

Macy to close more stores

R. H. Macy & Co. Inc. said yesterday that it expected to close several more underperforming department stores this year, with a decision on which branches to be shut coming by early March.

Genetic Therapy cuts offering

Genetic Therapy Inc. of Gaithersburg said yesterday that its offering of 1.5 million shares was priced at $10 a share. The company had planned to sell 2 million shares and price them as high as $14 a share.

Analysts said they believed the lower pricing and number of shares reflected a decline in biotechnology stocks in the past few days as well as a large number of public offerings this month. The stock closed at $10 yesterday.

Marriott delays restructuring

The Marriott Corp. said it would delay the company's controversial restructuring plan after bondholders agreed to a two-week delay in a court hearing scheduled in a suit aimed at blocking the plan.

The two-week delay in the hearing, which now will take place Feb. 11, would result in an accompanying two-week delay in the company's restructuring plan, a Marriott spokesman said. Unless the court blocks it, the company would be restructured in early June instead of mid-May, the spokesman said.

P&G earnings rise 13%

Procter & Gamble Co. announced a 13 percent rise in quarterly earnings yesterday, but said profits slipped in the first six months of its current fiscal year.

Times Mirror 4th-quarter charge

Times Mirror Co. said yesterday that it will take a fourth-quarter charge as a result of job cuts at its flagship newspaper, the Los Angeles Times. The company said it would announce details of the charge in its 1992 earnings report, which is scheduled for next week.

The company offered a voluntary separation program in November to 5,200 workers, and 668 staffers have applied to the buyout plan. Originally, Times Mirror had intended to cut 500 jobs from the paper in 1993.

Lamar Alexander on Martin board

Lamar Alexander, former governor of Tennessee and secretary of education in the Bush administration, was elected to the board of Martin Marietta Corp. He had previously served on Martin's board from February 1989 until March 1991, when he was appointed to George Bush's Cabinet.

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