Airlines launch summer fare war
America's biggest airlines slashed fares yesterday as an all-out war for the summer skies broke out among Northwest Airlines, USAir, Continental, Delta, United and American.
The opening volley was fired late Thursday when Northwest, the nation's fourth-biggest carrier, announced discounts of as much 33 percent on special summer fares to North American and some trans-Atlantic destinations.
Under the Northwest offer, tickets must be purchased by May 18 and travel completed between May 27 and Sept. 15.
Heico to acquire Nutri-System
Heico Acquisitions of Chicago has reached a tentative agreement to take control of Nutri-System Inc.
Heico says it will move swiftly to get packaged food to the diet firm's 857 franchised centers and reopen 283 closed company stores.
Chrysler to consolidate ad-buying
Chrysler Corp., one of the nation's biggest advertisers, will consolidate the way it buys ads in order to further cut expenses, the automaker said yesterday.
Under the restructuring, each of the three agencies that work for Chrysler will continue to create its car and truck ads. But only BBDO North America will do the work of purchasing time on television and space in other media, eliminating some duplicative costs. Chrysler spends about $567 million a year on advertising.
President Clinton yesterday named Securities and Exchange Commission member Mary Schapiro, 37 and an SEC commissioner since 1988, as acting head of the agency pending the confirmation of his choice, Arthur Levitt Jr.
Mr. Levitt, a newspaper publisher and former head of the American Stock Exchange, was tapped to succeed Richard C. Breeden, a Bush administration appointee who is stepping down next week.
Quaker State to keep subsidiary
Quaker State Corp., based in Oil City, Pa., yesterday withdrew an offer to sell a subsidiary, Truck-Lite Co. of Falconer, N.Y., that makes safety and interior lights for trucks, automobiles, and trailers.
The company said it revised its view of Truck-Lite's prospects, partly due to positive results in the first quarter.