Wednesday, October 1, 2014
Inquirer Daily News

Business news in brief

Beatrice Lafon, president of Claire´s European unit, will become CEO of Claire´s following the resignation of James Fielding. The company´s least profitable holiday season in five years prompted the change. The company, whose 4Q same-store sales fell 10.7 percent as a global expansion failed to improve earnings, is hoping to lure customers to its 3,535 stores with a jewelry line with singer Katy Perry and a partnership with Dylan´s Candy Bar.
Beatrice Lafon, president of Claire's European unit, will become CEO of Claire's following the resignation of James Fielding. The company's least profitable holiday season in five years prompted the change. The company, whose 4Q same-store sales fell 10.7 percent as a global expansion failed to improve earnings, is hoping to lure customers to its 3,535 stores with a jewelry line with singer Katy Perry and a partnership with Dylan's Candy Bar. Bloomberg
Beatrice Lafon, president of Claire´s European unit, will become CEO of Claire´s following the resignation of James Fielding. The company´s least profitable holiday season in five years prompted the change. The company, whose 4Q same-store sales fell 10.7 percent as a global expansion failed to improve earnings, is hoping to lure customers to its 3,535 stores with a jewelry line with singer Katy Perry and a partnership with Dylan´s Candy Bar. Gallery: Business news in brief

In the Region

 

CEO departs CDI Corp.

 

Having completed her contract, H. Paulett Eberhart, president and chief executive officer of CDI Corp., has left the Center City-based engineering and staffing company. Chief financial officer Robert Larney has become interim president and chief executive, effective March 30. Eberhart started at CDI in January 2011; Larney arrived in August 2011. Revenues and earnings had declined at CDI, falling from just over $1.1 billion in 2012, to $1.09 billion in 2013. Net income fell by a third, to $12.9 million from $19.1 million. The company had been hurt by reductions in government spending, although its oil, gas and chemical business expanded. The company will pay Eberhart $64,583 a month, until the end of 2014, for consulting, and will award her 20,000 shares of deferred stock if the stock is trading at or above $19.20 a share at that time. Thursday's closing price was $17.23. - Jane M. Von Bergen

 

Aramark wins Titans contract

 

Aramark Holdings Corp., of Philadelphia, won an exclusive 10-year contract to provide food and catering services at LP Field in Nashville, home of the Tennessee Titans NFL team, the Philadelphia company said. The Titans will be its 14th NFL customer, Aramark said. The contract became effective Tuesday. The food-service contract at LP Field had been held by Centerplate, of Stamford, Conn., since LP Field opened in 1999. Aramark last year opened a global business services center in Nashville. - Harold Brubaker

 

Albert leaving Rothman

 

Todd J. Albert, a prominent surgeon and president of the Rothman Institute, is leaving the fast-growing orthopedics practice based in Center City to become surgeon-in-chief and medical director at the Hospital for Special Surgery in New York City, the organizations announced. Albert, who will also leave his posts as chairman of orthopedics at Jefferson Medical College and Thomas Jefferson University Hospitals, will start in New York on July 1. Richard H. Rothman, who founded the Rothman Institute, will take over the position of president until a replacement is found. - Harold Brubaker

 

MeetMe moving to Nasdaq

 

Social-network operator MeetMe Inc., of New Hope, said its shares, now trading on the New York Stock Exchange, will move April 15 to the Nasdaq market. The company will retain the ticker symbol MEET. CFO David Clark said in a statement that the Nasdaq's reach "will enhance our market visibility and contribute to increased liquidity." MeetMe shares fell 23 cents, or 6.74 percent, to close at $3.18. Last month, the company said it eked out net income of $15,000 on revenue of $13.0 million in the fourth quarter of 2013, compared with a net loss of $2 million on revenue of $11.6 million for the same three months in 2012. - Reid Kanaley

 

IPO sought for PBF Logistics

 

PBF Logistics L.P., of Parsippany, N.J., a subsidiary of PBF Energy Inc. that owns a crude-oil-rail unloading terminal at PBF's refinery in Delaware City, Del., said it intends an initial public offering of securities to be listed on the New York Stock Exchange under the ticker "PBFX." The number of "common units" and their price have not been determined, the company said. PBF said PBF Logistics was formed to own or operate crude oil and refined petroleum products terminals, pipelines, and storage facilities. The Delaware City terminal also services PBF's Paulsboro refinery. - Reid Kanaley

 

MF Global payouts to begin

 

Former customers of MF Global Holdings Ltd.'s bankrupt brokerage will recoup all $6.7 billion they are owed following the completion of a payout that will begin on Friday, its trustee said. Nearly 26,500 former commodities and securities customers will share in the payout, which will be made over the next several weeks, said the trustee, James Giddens. The payout comes nearly 21/2 years after the parent company once run by Jon S. Corzine, who had previously been a cochairman of Goldman Sachs and governor of New Jersey, filed for Chapter 11 protection. - Reuters

 

 

 

 

 

 

Elsewhere

 

Anadarko in $5.15B settlement

 

Shares of Anadarko Petroleum Corp. jumped $12.55, or 14.5 percent, to $99.02 after the company announced that it had reached a $5.15 billion deal with the U.S. Justice Department to settle claims arising from the 2009 bankruptcy of paints materials maker Tronox. A U.S. bankruptcy court judge said in December that Anadarko Petroleum may be liable for between $5 billion and more than $14 billion in the legal battle. - AP

 

Rents on the rise

 

With demand for apartments surging, rents are projected to rise for a fifth straight year. Even a pickup in apartment construction is unlikely to provide much relief anytime soon. That bodes well for building owners and their investors. Yet the landlord-friendly trends will likely further strain the finances of many renters. That's especially true for the 50 percent of them who already spend more than one-third of their pay on rent. - AP

 

Mortgage rates tick up

 

Mortgage buyer Freddie Mac said the average rate for the 30-year loan ticked up to 4.41 percent from 4.40 percent last week. The average for the 15-year mortgage increased to 3.47 percent from 3.42 percent. Mortgage rates have risen about a full percentage point since hitting record lows about a year ago. - AP

 

 

 

 

 

 

Business Videos:
Also on Philly.com:
Stay Connected