Delta’s losses mounting

Delta Air Lines said its third-quarter losses will be nearly twice as much as previously expected, sending its stock tumbling along with others in the airline sector.

Delta expects to lose about $350 million in the third quarter because of sluggish revenue and demand, the carrier said Friday. The loss comes to about $225 million after one-time items are excluded.

The announcement came a day after Delta told employees it was cutting another 1,500 flight attendant jobs, and a trade group warned the entire airline industry could lose a record $8 billion this year.

Delta shares sank 24.4 percent, or $2.81 a share, to close Friday at $8.69 on the New York Stock Exchange.

Retail: Kmart targets July for end of bankruptcy

A Kmart Corp.’s official said he expects the retailer to emerge from bankruptcy early next summer.

“I think we have a shot at doing it this July or earlier,” Kmart Chairman James Adamson said.

Adamson said he doesn’t expect additional store closings or employee cutbacks this year. But that could change before the company files a reorganization plan early next year.

The Troy, Mich.-based retailer has reported sales are down 12.1 percent from a year ago.

But the company said it expects a trend of improving sales for the rest of this year. Saturday, the company recorded its best sales day since it filed for Chapter 11 bankruptcy protection on Jan. 22.

The company operates a store and a distribution center in Lawrence.

Aviation: Bombardier Aerospace to cut 50 Wichita jobs

Bombardier Aerospace said Friday it was cutting almost 2,000 jobs in Canada, the United States and the United Kingdom, but expects to meet its earnings target for the year.

The cuts represent about 6.5 percent of its worldwide aerospace work force. About 50 jobs will be cut at the company’s Wichita plant.

Friday’s moves “will enhance Bombardier’s financial flexibility in the context of the uncertainties of this unpredictable economic environment,” such as a possible war with Iraq and financial trouble at U.S. airlines, president and chief executive Robert Brown said.

Honors: Lawrence Hallmark plant wins volunteer award

Lawrence’s Hallmark Cards production facility has won a statewide volunteer award.

The plant, 101 McDonald Drive, received one of six “You Make a Difference” awards from the Kansas Commission on National and Community Service. The company received the award for its Volunteer Involvement Pays program.

The program awards $200 grants to nonprofit organizations that company employees choose to volunteer their time to. In 2001, Hallmark awarded grants totaling more than $19,000 to 40 Douglas County nonprofit organizations.

For receiving the “You Make a Difference” award, Hallmark received a $1,000 award, which it will donate to Lawrence’s Roger Hill Volunteer Center.