Nike launches Air Jordan that comes in a briefcase

Air Jordan, the most successful brand of Nike basketball shoes, is taking a vertical leap with a new $200 version that comes in a silvery metallic briefcase instead of a shoebox.

The Air Jordan XVII is being accompanied by a $10 million national advertising campaign, with TV spots orchestrated by filmmaker and rabid basketball fan Spike Lee.

Ever since Michael Jordan teamed up with Nike during the 1984-85 season, the Air Jordan routinely has sold out when a new version is introduced. In fact, Nike moved each launch day to Saturday by 1998 because of complaints that children would skip school to line up for the latest version.

On Feb. 9, the 17th model of the top-of-the-line Air Jordan will go on sale just in time for the NBA All-Star Game.

Bankrupt retailer: Kmart expects to announce store closings by March 20

Kmart Corp. plans to announce next month which of its stores it wants to close as part of a turnaround effort.

The company’s bankruptcy lawyer, John Butler Jr., said the retailer still planned to return to financial health by July 2003.

Kmart hopes to tell a bankruptcy judge on March 20 which poorly performing stores it wants to close, Butler said.

Kmart has not said how many of its more than 2,100 stores it will close, but analysts speculate it will be in the hundreds.

Butler said he wanted the company’s creditors and vendors to know Kmart is moving quickly to close stores that aren’t making enough money, cut other costs and cement relationships with important suppliers.

Earnings: Dow Corning reports loss in fourth-quarter, job cuts

Dow Corning Corp. announced Friday that it planned to cut 700 jobs 8.2 percent of its global work force in an effort to reduce costs.

Once the world’s largest maker of silicone breast implants, Dow Corning sought bankruptcy protection in 1995 after thousands of implant recipients sued.

The company has been under Chapter 11 bankruptcy protection since then and isn’t expected to emerge from it this year, spokesman Kevin Wiggins said.

Dow Corning said Friday that the job cuts from its work force of 8,500 people and other actions would reduce expenses more than $100 million per year. The expense reductions will be immediate.

Dow Corning reported a $51.2 million loss for its fourth quarter. That compared to a profit of $27.5 million in the same quarter a year earlier.

Economy: Manufacturing activity increases in Kansas, nation

An important gauge of manufacturing activity ticked higher in January, suggesting that the battered sector is poised to emerge from its 18-month slump, an industry group reported Friday.

The Institute for Supply Management, formerly known as the National Association of Purchasing Management, said its index of business activity rose to 49.9 in January from a revised 48.1 percent in December. Anything above 50 signifies growth in manufacturing.

Individual purchasing management index figures in Kansas rose to 41.9 from December’s weak 35.5. The index indicates that while the state’s economy is weak, the worst of the recession may be over. January’s new orders of 45.5, production of 39.4 and employment of 33.3 all were up for the month but remained in the recessionary range.