Albertsons closed its supermarket at 9803 Edmonds Way on Thursday, the Idaho-based grocery chain confirmed Friday. The company, the nation’s second largest grocery chain, didn’t provide any details about the closure of the 35,000-square-foot store. Albertsons operates a dozen others in Snohomish County. Analysts say the company’s finances have suffered in recent years and that company officials have been seeking a buyer.
Bothell biotech finds a partner
Alder Biopharmaceuticals Inc., a Bothell biotechnology startup focused on antibody-based treatments, has formed a collaborative alliance with pharmaceutical giant Schering-Plough. Alder will work on up to 10 antibody products for Schering-Plough. For each, the local company is eligible to receive milestone payments and potential royalties.
IRS cuts back on mileage deduction
The Internal Revenue Service on Friday set the deductible rate that workers can claim in 2006 for using their personal cars on business at 44.5 cents a mile. That’s less than the temporary rate that the tax agency put in place for the last four months of the year, reflecting higher prices at gas pumps. The temporary rate is 48.5 cents a mile. Next year’s rate is higher than the 40.5 cents a mile that was in effect for most of this year. Many businesses use the IRS rate as a benchmark for reimbursing employees for travel costs.
Ford closure plan shakes up officials
Ford Motor Co. workers and local officials said Friday they’ll do everything in their power to keep plants open after a report suggested that Ford is considering closing five North American plants as part of a major restructuring. Lawmakers and union officials said they would pile on the tax breaks or change plant work rules to encourage Ford to keep the plants open.
Delta Air argues its case for cuts
Delta Air Lines Inc., which has asked a bankruptcy court judge to throw out a collective bargaining agreement with its pilots so it can cut costs, has seen a key measure of profitability drop sharply since 1999, a Wall Street investment banker said on Friday. But if Delta gets the $325 million in pilot wage and benefits cuts it is seeking, the airline will achieve its goal of breaking even in 2006, Timothy Coleman, senior managing director at the Blackstone Group, told the court on the sixth day of hearings on Delta’s request. Coleman said the airline’s plan to cut costs by $3 billion including the pilots’ concessions is the “minimal” it needs to do to turn itself around.
From Herald staff
and wire services
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