Daily Briefing

DAILY BRIEFING

November 07, 2008

Jail health provider purchases CMHS

Hanover-based Conmed Healthcare Management, Inc., which provides health care services to county detention centers, said yesterday it had acquired Maryland-based Correctional Mental Health Services LLC for $2.2 million.

CMHS provides behavioral health services to 13 counties in Maryland. The deal includes $1.8 million in cash, about 81,000 shares and assumption of certain liabilities and expenses.

The transaction closed Tuesday.

Andrea K. Walker

Mortgage rates drop to average 6.2 percent

WASHINGTON : Mortgage rates dropped this week, providing a dose of welcome news to prospective homebuyers. Freddie Mac, the mortgage giant, reported yesterday that rates on 30-year, fixed-rate mortgages averaged 6.2 percent for the week ending Nov. 6. That was down sharply from 6.46 percent last week. The retreat in mortgages rates comes as the economy is getting weaker. Thirty-year mortgage rates hit a high for the year of 6.63 percent in late July, and then dropped to a seven-month low of 5.78 percent for the week ending Sept. 18.

Associated Press

Tweeter chain starts liquidation sales

Consumer-electronics chain Tweeter Opco LLC filed for bankruptcy protection for the second time in 17 months and said it has begun liquidation sales at its 94 stores. Canton, Mass.-based Tweeter listed assets and debt of less than $100 million each in Chapter 11 documents filed this week in U.S. Bankruptcy Court in Wilmington, Del. Tweeter operates stores in 17 states, including seven in Maryland, under the Tweeter, Sound Advice, HiFi Buys and Showcase Home Entertainment names. Tweeter said it faced "a severe liquidity crisis brought on by slow sales caused by declines in discretionary consumer spending."

Bloomberg News

Toy maker Mattel to cut 1,000 jobs

NEW YORK : Mattel Inc. said yesterday it is cutting about 1,000 positions worldwide because of the economic downturn that is clouding the holiday outlook for toy makers. Mattel, which makes Barbie, American Girl and Fisher Price products, among others, said the positions amount to 3 percent of its worldwide work force and will reduce its professional and management staff by 8 percent. The company said the cuts will come from a combination of layoffs, attrition and retirements and will not affect holiday toy production.

Associated Press

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