Originally created 07/24/02

Business briefs



AROUND TOWN

Eastern Pacific shuts; 135 lose jobs

Johnston, S.C.-based Eastern Pacific International closed its doors Monday, leaving about 135 people without jobs.

The company, a producer of wood veneers, opened about a year ago, said Edgefield County Administrator Wayne Adams.

By noon Monday, most of the company's employees were sent home, Mr. Adams said. The closing is a result of competition from foreign markets, especially those in Mexico and Canada.

The company, owned by Larry Connelly, is said to be filing either for Chapter 11 bankruptcy or personal bankruptcy, Mr. Adams said.

Company officials referred comment to their attorney in Columbia, who was not immediately available for comment Tuesday.

Bi-Lo opens second Aiken location

Bi-Lo will open its second Aiken store today at Rutland Drive and York Street (U.S. Highway 1).

The 42,163-square-foot store will anchor a shopping center also occupied by a 7,500-square-foot Dollar General and a 3,000-square-foot Household Rentals store. Other tenants include Garden China Buffet restaurant, First Franklin Financial, Pro Nails and PayDay Lending.

The Bi-Lo will employ 100 people. The shopping center, which still has four undeveloped out-parcels, was developed by Augusta-based Planned Commercial Development LLC.

Human resources group to cover law

The Augusta chapter of the Society for Human Resource Management will have a presentation on legislative issues affecting employers during its July meeting today from 11:45 a.m. to 1 p.m.

The meeting, featuring the organization's state legislative chairwoman, Liz Poythress, will be at the Radisson Suites hotel at 3038 Washington Road. Call Dawn McCraith at 738-5046 for more information.

BRIEFLY

UPS says union talks harmed its earnings

ATLANTA - United Parcel Service said Tuesday that business lost during labor talks with the Teamsters will hurt third-quarter earnings by 4 to 5 cents per share, but the company expects most nervous customers to return soon.

The package delivery giant and the union struck a deal last week that gives workers a 22 percent pay raise over six years and adds 10,000 jobs. UPS-employed Teamsters still must approve the agreement.

Battered Tyco reports profit loss

CONCORD, N.H. - Tyco International Ltd., hit by accounting worries, reported a net loss of $2.32 billion for its third fiscal quarter Tuesday as a result of write-downs and the shedding of its finance unit, CIT Group Inc.

The loss, which was equivalent to $1.16 a share, compared with earnings of $1.18 billion, or 64 cents per share, in the same period a year ago.