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mr. phillips said the company 's expected margin improvement will be all but inevitable given that the company 's profitability was dragged down this year by an expensive move to <unk> <unk> new new york headquarters |
the move <unk> at about $ N million actually came in at about $ N million he said |
but margins will be helped too by some other <unk> steps |
ogilvy eliminated the mail room staff closed the executive <unk> room and after the takeover let go half a dozen financial executives |
wpp which assumes financial control of its businesses in a <unk> way instituted a new financial system and plans to <unk> some floors in ogilvy 's new headquarters building to outsiders |
the fact that the agency will now be part of a u.k. company under british accounting rules will also make the profit picture look better |
<unk> 's klein steps down |
arthur klein president of young & rubicam 's new york office stepped down temporarily in the wake of charges by a federal grand jury in new haven conn. that he the agency and another top executive <unk> <unk> tourist officials to win its account in N |
in an internal memo alex <unk> the agency 's chairman said mr. klein decided to remove himself to minimize negative reaction from prospective clients and others and to prepare for his defense |
the fact that he is in the process of defending himself against the present charges could <unk> have an adverse impact on <unk> mr. <unk> wrote |
he said mr. klein will return to his post at the end of the trial at which he will be <unk> |
mr. klein will work with mr. <unk> on some of the agency 's joint venture activities and acquisitions while the case is pending |
peter <unk> president of <unk> 's ad operations will assume mr. klein 's day-to-day role |
wells rich 's new partner |
wells rich greene named <unk> heller as an executive vice president and creative partner in its image group which <unk> on fashion and <unk> <unk> advertising |
ms. heller N had headed up boston agency <unk> a unit of wcrs |
the agency with about $ N million in billings will be <unk> with some of its staffers absorbed by wcrs 's della femina mcnamee unit in boston ms. heller said |
she said it was too early to say what would happen to its clients including reebok and apple |
at wells rich ms. heller will concentrate on accounts that include philip morris 's benson & hedges cigarette brand which relies on print ads ms. heller 's specialty |
as previously reported the account is troubled with philip morris asking backer spielvogel bates ogilvy & mather and possibly others to try their hand at developing new creative work |
wells rich declined to comment on the status of the account as did the other agencies |
waxman industries inc. said holders of $ N face amount of its N N N convertible subordinated debentures due march N N have elected to convert the debt into about N common shares |
the conversion price is $ N a share |
the company said the holders represent N N of the face amount of the debentures |
waxman sells a variety of hardware products for the home repair market |
r.h. macy & co. the closely held department store chain said in a financial filing friday that its sales for the fiscal fourth quarter ended july N were up N N to $ N billion against $ N billion a year earlier |
comparable store sales for the quarter were up N N |
the net loss for the quarter was $ N million against a year-earlier loss of $ N million |
the loss in the fourth quarter of N reflected in part expenses for an unsuccessful bid for federated department stores inc. as well as the restructuring of some of its department store operations |
for the year sales were up N N to $ N billion compared with $ N billion in fiscal N |
sales for both years reflect 12-month performances for each year of i. <unk> bullock 's and <unk> <unk> |
macy acquired those three businesses in may N |
on a comparable store basis including the new acquisitions for both years sales for fiscal N were up N N |
macy reported a net loss for fiscal N of $ N million compared with a net loss of $ N million for fiscal N |
the company 's earnings before interest taxes and depreciation which bondholders use a measurement of the chain 's ability to pay its existing debt increased N N in fiscal N to $ N million from $ N million |
the $ N million figures includes the new acquisitions |
excluding those businesses earnings before interest taxes and depreciation for N would have been $ N million |
as of feb. N N the <unk> <unk> stores will operate as i. <unk> stores |
altogether macy and its subsidiaries own or lease N department stores and N specialty stores nationwide |
although management led a leveraged buy-out of r.h. macy in july N the company still makes financial filings because of its publicly traded debt |
the company estimates its total debt at about $ N billion |
this includes $ N billion of long-term debt $ N million in short-term debt and $ N million of the current portion of long-term debt |
in a letter to investors chairman edward s. finkelstein wrote that he expects the company to benefit from some of the disruption faced by our competitors |
while our competitors are concerned with their financial viability and possible ownership changes we will be concentrating on buying and selling merchandise our customers need and want |
mr. finkelstein is apparently referring to b. altman and <unk> teller two new york retailers that have recently filed for chapter N bankruptcy protection as well as the retail chains owned by financially troubled campeau corp |
those chains include bloomingdale 's which campeau recently said it will sell |
other retail properties for sale include saks fifth avenue and marshall field retailers now owned by b.a.t plc the british tobacco conglomerate |
in his letter mr. finkelstein also referred to the recent san francisco earthquake |
mr. finkelstein flew to san francisco the day after the earthquake and found that N to N of his company 's stores had sustained some damage including the <unk> of most windows at the i. <unk> store on union square |
the volume and profit impact on our fiscal first quarter will not be positive but looking at the whole fiscal year we do n't see the effect as material wrote mr. finkelstein |
rjr nabisco inc. said it agreed to sell its baby ruth <unk> and <unk> candy businesses to nestle s.a. 's nestle foods unit for $ N million |
the sale at a higher price than some analysts had expected helps the food and tobacco giant raise funds to pay debt and boosts nestle 's N N share of the u.s. candy market to about N N |
the candy businesses had sales of about $ N million last year which was roughly N N of total revenue for rjr 's <unk> <unk> unit according to a memorandum distributed by rjr 's owner kohlberg kravis roberts & co. to bankers last december |
the nestle acquisition includes a candy plant in franklin park ill. which employs about N workers |
the sale which had been expected is part of kkr 's program to pay down $ N billion of a $ N billion bridge loan by february |
roughly $ N billion of that debt has already been repaid from previous asset sales and rjr expects to use another $ N billion from the pending two-part sale of most of its del monte unit |
that sale however could still fall through if financing problems develop |
thus it remains crucial for rjr to obtain top dollar for its smaller assets like the candy brands |
louis <unk> jr. chairman and chief executive officer of new york-based rjr called the sale a significant step in the company 's divestiture program as well as a a strategic divestiture |
since kkr bought rjr in february for $ N billion of debt it has agreed to sell nearly $ N billion of rjr assets |
rjr 's executives have said they will <unk> with certain brands in particular that are n't leaders in their markets |
rjr nabisco and <unk> <unk> will concentrate more on our own core businesses mr. <unk> said friday |
baby ruth and <unk> are both among the <unk> N <unk> bars in the u.s. but rjr 's overall share of the roughly $ N billion market is less than N N |
nestle 's share of N N before friday 's purchases is far below the shares of market leaders <unk> foods corp. and <unk> inc. which have about N N and N N of the market respectively |
this means nestle is now in the <unk> business in a big way said <unk> <unk> publisher of <unk> <unk> <unk> magazine |
for them it makes all kinds of sense |
they 've been given a mandate from switzerland to expand their u.s. <unk> operations |
nestle s.a. is based in <unk> switzerland |
the new candy bars make an important contribution to our nestle foods commitment to this very important strategic unit said c. alan macdonald president of nestle foods in purchase n.y |
aetna life & casualty co. 's third-quarter net income fell N N to $ N million or $ N a share reflecting the damages from hurricane hugo and lower results for some of the company 's major divisions |
catastrophe losses reduced aetna 's net income by $ N million including $ N million from hugo |
last year catastrophe losses totaled $ N million when net was $ N million or $ N a share |
the year-earlier results have been restated to reflect an accounting change |
the insurer has started processing claims from the northern california earthquake nearly two weeks ago |
but because these claims are more difficult to evaluate and have been coming in more slowly the company has no estimate of the impact of the earthquake on fourth-quarter results |
in new york stock exchange composite trading friday aetna closed at $ N down N cents |
in the latest quarter aetna had a $ N million loss on its <unk> line compared with earnings of $ N million last year |
profit for its commercial insurance division fell N N to $ N million reflecting higher catastrophe losses and the price war in the property\/casualty market for nearly three years |
however aetna 's employee benefits division which includes its group health insurance operations posted a N N profit gain to $ N million |
third-quarter results included net realized capital gains of $ N million which included $ N million from the sale of federated investors in august and a $ N million tax credit |
in the nine months net rose N N to $ N million or $ N a share from $ N million or $ N a share last year |
out of the <unk> of <unk> are coming words of <unk> |
here at a <unk> stadium near the black township of <unk> yesterday were eight leaders of the african national congress seven of whom had spent most of their adult lives in prison for sabotage and conspiracy to <unk> the government |
here were more than N anc supporters gathering for the first anc rally inside south africa since the black liberation movement was banned in N |
here was the state security <unk> poised to <unk> on any words or acts of <unk> let alone revolution |
but the words that <unk> over the <unk> <unk> messages of peace unity negotiation and discipline |
we stand for peace today and we will stand for peace tomorrow said walter sisulu the anc 's former secretary general who along with five of his colleagues served N years in prison before being released two weeks ago |
some members of the huge crowd shouted <unk> peace <unk> |
these are <unk> times in south african politics |
the government and the anc the <unk> of enemies are engaged in an elaborate <unk> dance designed to <unk> each other to the negotiating table |
pretoria releases the anc leaders most of whom were serving life sentences and allows them to speak freely hoping that the anc will abandon its use of violence |
the anc leaders speak in <unk> of <unk> <unk> discipline hoping the government will be encouraged to take further steps such as <unk> nelson <unk> the most prominent anc figure and <unk> the organization |
the government of president <unk> de <unk> is using this situation to improve its international image and head off further economic sanctions |
meanwhile the many organizations inside the country that back the anc are taking the opportunity to regain their strength and <unk> their supporters even though the state of emergency which has severely curtailed black opposition remains in force |
the result is that the <unk> and <unk> are happening |
six months ago government approval for an anc rally was <unk> |
equally <unk> is that the anc given the chance to hold a rally would extend a hand <unk> <unk> to the government |
in a message read out at the rally <unk> anc president oliver <unk> who ca n't legally be quoted in south africa said the country was at a <unk> and that mr. de <unk> may yet earn a place among the <unk> of our country if he chooses a path of genuine political settlement |
still this does n't mean that either the government or the anc is changing <unk> or that either has moved significantly closer to the other |
the government may ease repression in some areas but it still keeps a tight grip in others |
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