Brown &Cole Stores has issued layoff warning notices to 65 employees at the Food Pavilion store in Smokey Point. The notices are a formality, said spokeswoman Sue Cole, since the Bellingham-based grocery chain hopes to sell the store to a new owner in the next month. Two weeks ago, Brown &Cole announced plans to sell eight of its supermarkets, including the Food Pavilions in Smokey Point and Arlington and the Thrifty Foods in Stanwood.
Microvision sale raises $10 million
Microvision Inc. of Bothell has raised $10 million by selling convertible stock notes and warrants to four institutional investors. The money will be used to pay off a loan and for general operations of the company, which makes augmented-vision devices.
OfficeMax breakup sought by investor
An investment firm with a sizable stake in OfficeMax Inc. said in a regulatory filing Friday that it favors the breakup of the office products retailer and might take action to ensure the company considers such a step. K Capital Partners LLC, which owns nearly 6 million shares, or 6.2 percent of OfficeMax, said it has hired the Blackstone Group to explore options available to the slumping retailer.
Staples founder quits as chairman
Staples Inc. founder Thomas Stemberg has resigned as chairman of the world’s largest office products retailer and will be replaced as board leader by chief executive Ron Sargent. In a statement issued by Staples, the 56-year-old Stemberg said Friday, “the time is right for me to move on, and for Ron to assume the role of chairman.”
Qwest officials may face fraud charges
The Securities and Exchange Commission is preparing to file civil charges against several former Qwest Communications International Inc. executives based on its investigation into accounting fraud allegations, published reports said Friday. Among those who could be named are former CEO Joe Nacchio and former chief operating officer Afshin Mohebbi.
First flight Okay for Chinese airline
China’s first private airline of the communist era launched its maiden flight Friday. Okay Airways Co. flew a Boeing 737-900 with 81 people aboard from the airline’s base in the eastern city of Tianjin to Kunming, a popular tourist spot in the mountainous southwest. Okay says it will fly six Boeing 737 aircraft.
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