After-tax profits of large U.S. retail corporations averaged 1 cent per dollar of sales in the second quarter of the year, up 0.9 cents from the preceding quarter, the Commerce Department said. But profits were down 0.4 cents from the second quarter of 1989, according to a report compiled by the department's census bureau.
First Maryland Bancorp's bid to enter the District by buying D.C.-based Columbia National Bank from Century Bankshares was approved by the D.C. Council. The $3 million purchase, which the Fed approved in May, is expected to be completed by the end of the month. Columbia has assets of $28 million and a single branch at 13th and E streets NW.
Trump's restructuring of $675 million of Taj Mahal debt is closer to agreement, with an adviser to the bondholder's committee saying he is "cautiously optimistic" about reaching a negotiated settlement before a $47.3 million interest payment comes due Nov. 15.
CBS reported a 30 percent decline in earnings in the third quarter, citing higher television expenditures, partly for news coverage of events in the Middle East. The network said net income fell to $43.5 million in the quarter ended Sept. 30, compared with $61.9 million a year earlier.
May Department Stores and its subsidiary, Associated Dry Goods Corp., may have their debt ratings downgraded, Moody's Investors Service said. The review of the debt of the 298-store chain, which includes the Hecht Co. and Lord & Taylor, was sparked by the increased leverage resulting from May's buyback of an additional $250 million of stock and its expected $325 million acquisition of Richmond's Thalhimers department store chain.
Marriott will sell its Wags restaurants in the Chicago area to Chicago-based Lunan Family Restaurants Inc. for an undisclosed price. The deal, which covers 29 Wags and one undeveloped site, is expected to close in late December or early next year. The restaurants will be converted to Shoney's units.