Archive for Thursday, June 17, 2004

Briefcase

June 17, 2004

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Bass Pro to anchor project in K.C. area

Springfield, Mo.-based Bass Pro Shops announced Wednesday that it was expanding into the Kansas City market with a store in Independence, Mo.

The company has reached a deal to open its fifth Missouri store at a site near the southwest corner of the Interstate 70 and Interstate 470 intersection in Independence. The project will include a 160,000-square-foot store and lodge-themed hotel development. The site also is expected to feature a 60-foot waterfall and an 18-acre lake. The store and lodge are tentatively scheduled to open in spring 2006.

The Bass Pro Shops will be the anchor for a larger project at the intersection that will include about 500,000 square feet of retail and restaurant space.

Development

North Lawrence building to house restaurant, bar

Construction work has begun to renovate a long vacant Lawrence building into a restaurant and bar.

A group of investors, led by Lawrence resident Jesse del Campo Jr., has purchased the former Fifi's Banquet Connection building at 1350 N. Third St.

Del Campo said a name or theme for the bar and restaurant had not been determined. He wasn't sure when the business would open.

Aviation

Boeing touts interest in new 7E7 airplane

The head of Boeing Co.'s 7E7 program on Wednesday said the airplane manufacturer was in detailed talks to sell its new fuel-efficient passenger jet to more than 30 airlines.

Mike Bair, senior vice president of the 7E7 program for Boeing Commercial Airplanes, said the talks could amount to more than 600 orders.

He said he was optimistic that around 500 orders could be received by the 7E7's first scheduled flight in the summer of 2007.

Earnings

Goodyear delays report

Goodyear Tire & Rubber Co. postponed a release of its first-quarter financial statements and instead issued a summary projecting record first-quarter sales of about $4.3 billion and a sharply narrowed loss of $75 million to $85 million. The release was scheduled for Wednesday.

Goodyear had sales of $3.5 billion and a loss of $196.5 million in the first quarter of 2003.

The tire maker said it needed more time to complete its financial statements and expected to release them by June 30 as required by creditors. Goodyear released its fourth-quarter 2003 results two months late on May 19, a delay due to a company investigation of accounting irregularities in its European operations.

Investigation

Qwest executives settle insider-trading probe

A judge approved a $25 million deal Tuesday that settled five shareholder lawsuits accusing Qwest Communications and former executives, including Kansas University graduate Philip Anschutz, of insider trading.

The settlement will require Qwest to change corporate governance and appoint a committee of independent directors to consider separating the roles of chairman and chief executive officer.

The lawsuits accused 16 former and current executives and directors, including Qwest founder Anschutz, of earning millions by misusing nonpublic information to profit from insider trading in the stock of Qwest and other companies.

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