Traub returns to retailing
Almost a year after he retired as chairman of Bloomingdale's, Marvin Traub is back in the retail business, this time as an owner. An investment fund he formed with his former right-hand man at Bloomingdale's, Lester Gribetz, has acquired Conran Stores Inc., which operates Conran's Habitat in the United States.
The seller is Storehouse PLC, a British retail company that
operates British Home Stores and Mothercare. MTLG Acquisition Corp. will operate 19 Conran's stores with about 400 employees in New York, Washington, Boston, Philadelphia, Los Angeles and other cities. Mr. Traub declined to disclose how much MTLG paid for the company.
Harford bank dividend 100%
The board of Harford National Bank has declared a 100 percent stock dividend to be paid Dec. 15 to stockholders of record Nov. 5. The company, with $93 million in assets and five branches in Harford County, has about 92,000 shares of stock outstanding and 465 stockholders.
GM pension liability to grow
General Motors Corp. said yesterday that despite a growing unfunded pension liability, it doesn't expect to increase its planned level of contributions this year.
In a filing with the Securities and Exchange Commission, GM said the gap between what it owes and what it paid into the funds will increase $2.8 billion by the end of the year. If added to the company's previous liability of $8.6 billion, the shortfall could rise to as much as $11.4 billion.
Allegany rejects Kelly offer
The Allegany County Commissioners yesterday rejected a $1.5 million offer from a group wanting to buy the idled Kelly-Springfield tire plant in Cumberland and hire 400 people to make tires.
The commissioners had set Friday as the deadline for the group called Cumberland Tire & Rubber to submit its final offer, but then extended the deadline to yesterday. Yesterday afternoon, the group sent a seven-point counterproposal asking for changes in the $1.5 million factory purchase. The county rejected the counteroffer.
COMSAT to raise dividend
Communications Satellite Corp. expects to increase its dividend of 35 cents a share in 1993 as a result of its projected double-digit growth in both revenues and net income over the next four years, Bruce Crockett, president and chief executive officer, said.
Comsat, based in Washington, is a diversified communications company composed of four units.