TBO.com - TBO is Tampa Bay Online

BIZ BITS

ADVERTISEMENT

The Tampa Tribune

Published: March 13, 2009

OSI Clarifies Consultant Use

OSI Restaurant Partners, the parent of Outback Steakhouse, on Thursday said it has not retained a restructuring adviser, contrary to a national media report.

This week, the Bloomberg business news service reported that a private equity firm that owns Tampa-based OSI has hired two restructuring specialists, AlixPartners LLP and Miller Buckfire & Co., to advise the restaurant company. OSI is dealing with declining business and steep losses recently.

Thursday, OSI issued a statement saying it has retained both companies, but not in a restructuring role. Rather, it retained AlixPartners last year to help it improve its supply chain, and it has retained Miller Buckfire to help it buy back bonds that it previously issued.

Iridesse Jewelry Chain To Close

The Iridesse pearl jewelry chain will shut across the country, including its store at International Plaza in Tampa.

Tiffany & Co. started Iridesse in 2004, and it has grown into a chain of 16 stores. Tiffany is closing the chain because of the troubled economy, the company told the Wall Street Journal this week.
Sears Tower To Change Name

The tallest building in America is getting a new name.

Chicago's Sears Tower will be renamed Willis Tower after London-based Willis Group Holdings. The insurance broker announced the name change and other details of its agreement with the building's owners Thursday.

Willis is moving five local offices and nearly 500 employees into the 110-story building. The move is expected to be completed by late summer.

Willis will occupy more than 140,000 square feet at $14.50 a square foot. The company says it's not paying anything extra for the naming rights.

The 1,451-foot skyscraper is owned by a real estate investment group formed in 2004 to buy the tower.
Dow Rallies For 240-Point Gain

Investors have been clamoring for months for a bit of good news. On Thursday, they got a load of it.

The Dow Jones industrials shot up about 240 points, bringing its gains over the past three days to more than 600 points. It is the index's biggest three-day jump since November.

The gains came as an accounting board told Congress it may recommend a let-up in accounting rules for troubled banks.

Stocks also got a boost after Bank of America's CEO said the company has been profitable this year and General Electric got its credit rating cut less than expected. General Motors also said it will not need a $2 billion loan it previously requested from the government.

A staff and wire report

Share this:

Loading Comments...

Email Print

ADVERTISEMENT