Battered by the economy, the U.S. Postal Service is offering early retirement to 150,000 workers, cutting management and closing offices, the agency said Friday. The Postal Service lost $2.8 billion last year and faces larger losses this year, despite a rate increase — to 44 cents for first-class mail — scheduled for May 11. The agency will reduce management staff nationwide by 15 percent. And another 150,000 postal workers will be offered early retirement.
Alderwood owner faces La. mall foreclosure
Growth Properties Inc., an owner of Lynnwood’s Alderwood mall, faces the foreclosure of its shopping center in New Orleans, La., reported the Wall Street Journal on Friday. Citigroup Inc. and two other lenders filed court documents seeking the foreclosure of the New Orleans mall, has a $95 million mortgage that came due Monday and wasn’t paid. General Growth has asked lenders for an extension on several past-due debt payments.
Skagit Publishing Co. announces job cuts
Staff cuts have been announced by Skagit Publishing Co. of Mount Vernon, publisher of the Skagit Valley Herald. According to an article published Friday, those leaving the company include Editor Don Nelson. Also leaving are a news assistant and two reporters who previously wrote for the Courier-Times and The Argus. Publisher Stedem Wood announced the cuts Thursday, saying revenues have suffered from lower sales in real estate, automotive, retail, classified and other advertising.
New rules bar title insurance kickbacks
New regulations take effect Saturday in Washington to prevent title insurance companies from paying kickbacks to real estate agents for referrals. Insurance Commissioner Mike Kreidler’s office drafted new rules at the direction of the 2008 Legislature. The rules cover advertising, industry associations, business lunches and promotional items like pens and mugs. If something is not specifically approved, it is not allowed.
UAW, automakers talks going slowly
Concession talks involving General Motors Corp., Chrysler LLC and the United Auto Workers have slowed to a crawl, people close to the matter said Friday. GM and Chrysler are nearing a March 31 deadline to get concessions from the union and debtholders as they try to finish restructuring plans required under the terms of their government loans. The companies are living on $17.4 billion in federal loans and have requested $21.6 billion more. Under the terms of their loans, GM and Chrysler must reduce labor costs so they are equal to Japanese automakers with U.S. factories.
Herald news services
Talk to us
> Give us your news tips.
> Send us a letter to the editor.
> More Herald contact information.
