H-Mart grocery store was sold for $14.9 million to local developer John Pietromonaco about a month after it opened in Lynnwood. Regency Centers, a national owner, operator and developer of grocery shopping centers, closed on the sale of the store on Jan. 15. The 77,028-square-foot H-Mart, located on 184th Street SW in Lynnwood, specializes in Asian foods, furniture, home accessories, clothing and ethnic specialties.
Local banks to release earnings
Cascade Financial Corp., parent company of Cascade Bank in Everett, is expected to release its fourth-quarter earnings after the market closes on Tuesday. Frontier Financial Corp. is set to report its fourth-quarter earnings on Thursday morning. Frontier is the parent company of Frontier Bank in Everett. Both banks reported significant losses during the previous quarter.
Airlines expand fare price sale
Major airlines moved Friday to match a fare sale started by Southwest Airlines Co. as the carriers worry about weak demand for travel during a recession. Southwest said that through Monday it would sell seats to almost everywhere it flies starting at $49 to $99 each way. Tickets must be bought at least 14 days before flying, travel must be completed by March 11 and seats are limited, the airline said. AMR Corp.’s American Airlines, Continental Airlines Inc., US Airways Group Inc., JetBlue Airways Corp. and Delta Air Lines matched Southwest.
Harley-Davidson to cut jobs, plants
Harley-Davidson Inc. said Friday it will cut 1,100 jobs over two years, close some facilities and consolidate others as it grapples with a slowdown in motorcycle sales. The Milwaukee-based company also reported its fourth-quarter profit fell nearly 60 percent, and said it is slashing motorcycle shipments in 2009 to cope with reduced demand. The iconic motorcycle maker said it will consolidate two plants in Milwaukee into its facility in Menomonee Falls, Wis.
GE earnings fall 46 percent
In a discouraging report for the American economy, General Electric Co. posted a 46 percent drop in fourth-quarter earnings on Friday and warned of a tough environment this year as it struggles with its ailing finance business. GE’s businesses touch on most sectors of an economy mired in a recession, including medical equipment, real estate and TV stations. And its longtime profit engine, GE Capital, has seen profits sapped as businesses and consumers limit borrowing or default. Shares fell $1.45, or 10.8 percent to $12.03 Friday, after hitting a 52-week low in the session.
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