Boscov's faces slowdown
Two years after taking over 10 Macy's stores, including three in the Baltimore market, the Boscov's department store chain is wrestling with a "perfect storm" of slowed consumer spending and the credit crunch. Kenneth S. Lakin, chairman of the Reading, Pa.-based company, said that the department store chain had recently laid off 200 people at its headquarters and 10 to 20 at individual stores.
Vanda shares sink 73%
Shares of Vanda Pharmaceuticals fell 73 percent Monday to their lowest level since the Rockville company went public two years ago. Vanda said the Food and Drug Administration rejected its schizophrenia drug, iloperidone. The FDA said it would require two additional clinical trials for approval, one to test iloperidone's efficacy in conjunction with another drug and one to gather more safety data.
Under Armour profit falls
Baltimore-based sports apparel company Under Armour Inc. announced that profit fell in the second quarter. The 75 percent decline was less than analysts predicted, and revenue rose 30 percent, thanks to successful sales of a new performance trainer sneaker. Net income was $1.4 million, or 3 cents a share, for the quarter that ended June 30, down from $5.7 million, or 11 cents a share, a year ago.
Turner unveils condo prices
With his unconventional condo project in a former Locust Point grain elevator nearly done, developer Patrick Turner unveiled pricing for the 228 upscale units. Preview pricing on the more than 30 floor plans starts at $264,000 for a one-bedroom condo; in the $450,000s for a two-bedroom unit; and in the $550,000 range for a sky townhouse. The priciest units will cost about $1.5 million.
McCormick gets FTC OK
Spice maker McCormick & Co. has been given regulatory approval to complete its $604 million cash acquisition of Lawry's seasoning company, but must sell its Season-All business because of competitive concerns. The Sparks-based company said that the Federal Trade Commission had granted conditional approval for it to buy Lawry's from Conopco Inc., an indirect subsidiary of Unilever.