Business Briefs: 10-11-13

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rue21 sale completed

The sale of Cranberry teen clothing retailer rue21 to a private equity investor has been completed, and the company's stock was scheduled to stop trading on the Nasdaq market Thursday. The sale valued at about $1.1 billion hit some bumps along the way, as rue21 dealt with declining sales. Shareholders voted in September to accept the offer of $42 a share. The company's shares had been trading around $34 when the planned sale was announced in May. Funds associated with London-based Apax Partners, which already was an investor in the company when it made the offer, have acquired all of rue21's outstanding shares. Rue21, which offers affordable fashion and often opens stores in underserved markets, has 982 stores in 47 states.

Citizens offers help

Citizens Bank said it is offering assistance to customers furloughed by the federal government shutdown. The program, which will run Oct. 15 through Nov. 4 (unless the shutdown ends earlier) includes rebates on certain checking, savings and credit card fees; access to certificates of deposit without incurring a fee and assistance with loan payments. For details call 1-800-922-9999.

Kroff branches out

Kroff Inc., a North Side-based chemical company that specializes in water treatment systems, said it launched Kroff Food Services to provide processing, water management and other services to the beef industry.

Charity execs earn more

Top executives of charities nationwide earned a median salary of about $126,000 in 2011, up 2.5 percent from 2010, according to a new compensation study Charity Navigator. The survey included 3,929 mid- to large-sized charities and the median was based on data from federal 990 forms filed for fiscal year 2011 or 2012. Of the top 30 major metropolitan markets in the study, Pittsburgh ranked 13th highest with a median salary of $146,661 for nonprofit executives.

Airlines' inquiry denied

A court-appointed official says American Airlines and US Airways shouldn't get to know the names of all the people that the government interviewed and what they said before the Justice Department sued to block the airlines' proposed merger. A trial is scheduled to start Nov. 25 in Washington.

JetBlue to allow sharing

JetBlue will let family members and friends pool their frequent-flier points, a move aimed at attracting leisure travelers. No other U.S. airline lets customers share points although foreign carriers, including British Airways, offer similar plans.

Store sales up modestly

Several retailers reported modest sales gains for September as revenue at stores opened at least a year -- a measure of a retailer's health -- rose 2.7 percent, according to a preliminary tally by the International Council of Shopping Centers. That was a slower pace than the 3.5 percent increase posted in August. Only a sliver of retail chains report monthly sales figures, and the list doesn't include Wal-Mart Stores, Macy's Inc. and many other large chains.

-- From staff and wire reports

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First Published October 10, 2013 8:00 PM


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