Published: Friday, February 18, 2011
Business Briefs: Bankrupt firm releases Everett waterfront claim
The Port of Everett has reclaimed a chunk of its waterfront -- at a price. The port announced Thursday that a bankruptcy judge had dismissed the remaining legal claims against the port's north marina property by a Chicago developer. Everett Maritime, a company formed by Maritime Trust of Chicago, had claimed the property as an asset during its bankruptcy. For the last two years, the claim prevented the port from during much with the 65 acres, which had been planned for waterfront condos and commercial buildings. The port paid $50,000 to convince Everett Maritime to release its claim, said spokeswoman Lisa Lefeber. Port commissioners will consider what to do next with the property at a retreat that starts at 1 p.m. Thursday at port offices at 1205 Craftsman Way, in Everett. The retreat is open to the public. The port will also meet in a retreat open to the public at the same location at 2 p.m. Tuesday to talk about other topics.
Investment firm takes over Haggen
Bellingham-based Haggen Inc., which operates six food stores in Snohomish County and 24 more elsewhere in Washington and Oregon, has sold a majority ownership to Comvest Group, a private investment firm. The Haggen family will retain a minority stake in the company. Don Haggen, former co-chairman of the company's board, said the move will strengthen the company in what is a competitive industry. Haggen recently announced that it was closing its Everett TOP Foods store. The move means that chief executive and president Jim Donald will step down and become a consultant and Clarence Gabriel will take over the reins.
Cost controls boost Nordstrom profits
Upscale department store chain Nordstrom Inc. says its fourth-quarter profit rose 35 percent as it tightened inventory controls, saw improved consumer credit and made strong sales at full price, and it's upbeat about 2011. The company also said Thursday that it's buying the website HauteLook Inc., which sells clothes on limited-time promotions. Nordstrom posted profit of $232 million, or $1.04 per share, for the quarter that ended Jan. 29. That compares with $172 million, or 77 cents per share, a year earlier.
Fed may reconsider 12-cent swipe fee cap
The Federal Reserve told Congress on Thursday that it may reconsider its proposal to limit the fee that banks charge merchants for debit card transactions to 12 cents per swipe, the latest twist in a battle over billions of dollars. The financial overhaul bill that President Barack Obama and Congress enacted last summer ordered the Fed to issue rules that would set the fees at a reasonable rate. Currently, merchants typically pay between 1 percent and 2 percent of the transaction's total. The Fed's proposed cap would be a major victory for merchants, who say higher fees hurt their business.
From Herald news services
Investment firm takes over Haggen
Bellingham-based Haggen Inc., which operates six food stores in Snohomish County and 24 more elsewhere in Washington and Oregon, has sold a majority ownership to Comvest Group, a private investment firm. The Haggen family will retain a minority stake in the company. Don Haggen, former co-chairman of the company's board, said the move will strengthen the company in what is a competitive industry. Haggen recently announced that it was closing its Everett TOP Foods store. The move means that chief executive and president Jim Donald will step down and become a consultant and Clarence Gabriel will take over the reins.
Cost controls boost Nordstrom profits
Upscale department store chain Nordstrom Inc. says its fourth-quarter profit rose 35 percent as it tightened inventory controls, saw improved consumer credit and made strong sales at full price, and it's upbeat about 2011. The company also said Thursday that it's buying the website HauteLook Inc., which sells clothes on limited-time promotions. Nordstrom posted profit of $232 million, or $1.04 per share, for the quarter that ended Jan. 29. That compares with $172 million, or 77 cents per share, a year earlier.
Fed may reconsider 12-cent swipe fee cap
The Federal Reserve told Congress on Thursday that it may reconsider its proposal to limit the fee that banks charge merchants for debit card transactions to 12 cents per swipe, the latest twist in a battle over billions of dollars. The financial overhaul bill that President Barack Obama and Congress enacted last summer ordered the Fed to issue rules that would set the fees at a reasonable rate. Currently, merchants typically pay between 1 percent and 2 percent of the transaction's total. The Fed's proposed cap would be a major victory for merchants, who say higher fees hurt their business.
From Herald news services
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