Nynex to eliminate 16,000 jobsNynex Corp. joined other...


January 25, 1994

Nynex to eliminate 16,000 jobs

Nynex Corp. joined other local phone companies yesterday in beginning to shed its monopolist's bulk, saying it would eliminate 16,800 jobs during the next three years.

The company attributed most of a $1.6 billion accounting charge in the fourth quarter to the restructuring. The charge resulted in a $1.2 billion fourth-quarter loss for Nynex.

Japan's auto output falls 10.2%

Japan's auto production in 1993 fell by 10.2 percent -- the largest decline in 46 years -- and the nation will likely be toppled by the United States this year as the world's No. 1 automaker, the Japan Automobile Manufacturers Association said yesterday.

Auto production in Japan, the world's top automobile producer since 1980, fell to 11,227,545 vehicles in 1993. U.S. output rose 12.0 percent from the previous year's total, to 10,867,658.

Crystal Brands files for Chap. 11

Crystal Brands Inc., the debt-burdened maker of Gant, Salty Dog and Izod brand clothing, said it filed for Chapter 11 bankruptcy court protection to reorganize its finances.

The bankruptcy filing, made late Friday in New York, follows three difficult years in which the Southport, Conn., company has struggled through big losses, cash shortages and a large debt burden.

White Marsh to get a Wal-Mart

Wal-Mart Stores Inc. yesterday confirmed reports that it is building a store in Baltimore County at White Marsh Boulevard and U.S. 1. The 116,097-square-foot store, which is to open this fall, will provide 245 jobs, Wal-Mart said.

The Bentonville, Ark.-based retailer, the nation's largest, also is building a combination Wal-Mart and Sam's Club in Laurel, which is to open in the spring or summer.

Westinghouse wins military deal

Westinghouse Electric Corp. has won a $49 million Air Force award for development of radar system upgrades, the Pentagon said yesterday.

Westinghouse's Electronic Systems division in Linthicum will develop a radar system improvement program for Boeing AWACS airplanes owned by NATO and the U.S. Air Force.

Nutri/System picks local ad firm

Gray Kirk/VanSant, one of Baltimore's largest advertising agencies, has won a contract with Nutri/System Inc., a weight-loss company based in Horsham, Pa. Gray Kirk will provide research, strategic planning, creative and production services. Nutri/System's total advertising expenditures are $30 million annually. The amount Gray Kirk will receive was not disclosed.


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