Woodies gets 7th court extensionWoodward & Lothrop Inc...

BUSINESS DIGEST

July 15, 1995

Woodies gets 7th court extension

Woodward & Lothrop Inc. said it received bankruptcy court approval to extend to Sept. 19 from July 21 its exclusive right to file a bankruptcy reorganization plan.

The Washington-based department store chain, which owns 29 Woodward & Lothrop and John Wanamaker department stores, said the court also extended its right to solicit acceptances for the plan until Nov. 20 from Sept. 19.

Woodward & Lothrop sought its seventh extension of its exclusive filing period because of the recent agreement to sell 24 Woodward & Lothrop stores in Pennsylvania, Maryland, Delaware and Virginia to a four-member group led by Federated Department Stores Inc.

Cosmetic Center sales rise 9%

Cosmetic Center Inc.'s sales rose 9 percent in June to $9.3 million from $8.5 million in the same month in 1994.

The Savage, Md.-based distributor of cosmetic supplies opened its 71st store on June 30. The store is the 10th opened in fiscal 1995, with an additional four stores set to open by Sept. 30, the end of its fiscal year.

Oil firms sued for back royalties

Texas regulators filed suit yesterday seeking tens of millions of dollars in back royalties from eight major U.S. oil companies.

The suit claims the companies -- Amoco Production Co., Chevron U.S.A. Inc., Exxon Corp, Marathon Oil Co., Mobil Oil Corp., Phillips Petroleum Co., Shell Western E&P Inc., and Texaco Exploration and Production -- underpaid royalties on oil pulled from state-leased land by basing royalty payments on posted prices set by the companies instead of futures prices set by the market.

Ford to build Jaguar in Britain

Ford Motor Co. said it will spend $636 million to produce its new Jaguar X200 sports sedan in Britain, reflecting newfound optimism about the luxury car unit.

Ford said it would build the sedan in Britain after the British government promised to contribute to the project. Ford, which bought Jaguar in 1989, had threatened to move the unit to Detroit in order to reduce production costs.

Boeing to take $600 million charge

Boeing Co. said it will take a $600 million pretax charge against second-quarter earnings to pay for early retirement packages.

About 9,500 employees -- 8 percent of Boeing's work force -- took the offer announced in March. The charge will reduce second-quarter net income by $500 million, the Seattle company said.

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