|
CNNfn after the bell
|
 |
November 23, 1998: 6:19 p.m. ET
Heller Financial to cut 200 jobs; SunAmerica names new chief executive
|
NEW YORK (CNNfn) - A layoff announcement by a financial services firm and weaker-than-anticipated sales by a clothing manufacturer highlighted Monday's batch of after hours news.
Heller Financial Inc. (HF) announced it will cut its domestic workforce by more than 200 employees, or 15 percent, as part of a consolidation plan aimed at improving operating efficiency. The commercial finance company said it will take a charge in the fourth quarter, but nevertheless expects results to fall in the current range of analyst estimates.
The board of directors at US Airways Group Inc. (U) authorized a $500 million share buyback plan, which will begin after the company has completed stock purchases approved earlier this year.
Burlington Coat Factory Warehouse Corp. (BCF) said its second quarter sales declined by about 2.6 percent amid unseasonably mild weather that adversely affected the demand for coats. Sales of coats declined to 26 percent of total sales from 32 percent in the first 12 weeks of the second quarter.
Concord EFS Inc. (CEFT) and Electronic Payment Services Inc. reported they will merge in a stock swap. The acquisition is structured as a tax-free reorganization in which Concord will issue 32.31 million shares of common stock for all of the outstanding shares and options of EPS.
SunAmerica Inc. (SAI) announced that Jay Wintrob has been named chief operating officer of the company. Wintrob also will remain vice chairman of the financial services company, a position he has held since 1995. 
|
|
|
|
|
 |
|
