Borders Group names Pfeffer CEO; results swing to a loss of $800,000

Article Abstract:

Borders Group Inc.'s Robert F. DiRomualdo leaves the post of CEO to Philip M. Pfeffer, a veteran from Random House before its acquisition by Bertelsmann. DiRomualdo will continue as chairman of the country's second-largest book retailer. The chain started out as one bookstore near the University of Michigan growing to five stores by 1989 and 240 superstores in 1998 plus Waldenbooks, Books etc., and a handful of stores overseas. At the same time, it was announced that the company showed an $800,000 loss in its 3rd quarter.

Executive changes & profiles, Book Stores, Officials and employees, Appointments, resignations and dismissals, Bookstores, Book publishing, Borders Group Inc., Pfeffer, Philip

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Fleet Financial sues Advanta for $126 million

Article Abstract:

Fleet Financial acquired the credit-card business of Advanta Corp. in February 1998 and is now suing the firm for $126 million. Fleet says Advanta overstated its assets and understated its liabilities. Advanta says Fleet misunderstood the agreement they entered. Advanta will defend itself saying the charges are without merit.

Comment:

Co. suing Advanta for alleged misdeeds involving credit-card business

Legal issues & crime, Consumer Lending, Personal credit institutions, Consumer Finance Institutions, Cases, Consumer finance companies, Consumer credit, Advanta Corp., ADVN, Quick and Reilly Inc., FLT

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