November 20, 2013 in Business

Sandwich shop leaves River Park Square

From Staff And Wire Reports

The Sandwich Garden in River Park Square recently closed its doors after mall management said the business’ lease would not be renewed.

River Park Square is an affiliate of Cowles Co., which also owns The Spokesman-Review.

The shop was the second incarnation of the popular eatery. For more than 20 years, owner Pat Matthews operated the business in the western half of the old River Park Square, but it closed in 1998 when the mall was rebuilt.

Matthews reopened the business in 2009 and had a five-year lease.

Matthews said he will continue operating a catering business.

Construction crews are framing in the space previously occupied by the Sandwich Garden. The new tenant there will be Francesca’s, a retailer that offers women’s clothing, handbags, shoes, jewelry and gifts.

JPMorgan settlement sets $13 billion record

ALBANY, N.Y. – JPMorgan Chase & Co. has reached a record $13 billion settlement with federal and state authorities, resolving claims over the bank’s sales of mortgage-backed securities that collapsed during the U.S. housing crisis.

It is the largest settlement ever between the Department of Justice and a corporation.

The settlement announced Tuesday requires JPMorgan to pay $9 billion and provide $4 billion in consumer relief, including principal reductions and other mortgage modifications for homeowners facing foreclosure.

New Ford Mustang shows design changes

DEARBORN, Mich. – Ford will reveal a new version of its Mustang sports car Dec. 5.

This will be the sixth generation of the iconic pony car, which saw its last full redesign in 2005.

Ford Motor Co. promises a new design and greater refinement for the 2015 Mustang, which should help revive sales.

Mustang sales are flat compared with last year, and it’s currently outsold by the rival Chevrolet Camaro.

United Airlines announces efficiencies

United Airlines says it will cut costs, overhaul its website and shift flying from Asia to Europe as it aims to keep shareholders happy.

United disclosed the initiatives Tuesday as part of a presentation to investors.

The airline, run by United Continental Holdings Inc., is aiming to cut costs by $2 billion per year. A spokeswoman says the plan announced Tuesday does not include furloughs. The airline is also aiming to burn less fuel, make workers more productive and improve its maintenance processes.

United will drop Seattle-to-Tokyo flights, replacing them with a second daily flight from Houston. United has faced strong competition in Seattle from Delta Air Lines Inc.

Best Buy reports profit in third quarter

MINNEAPOLIS – Electronics retailer Best Buy Co. says it returned to a profit in the third quarter as the busy holiday season revs up.

However, the company expects a tough competitive environment during the holiday season and shares fell 8 percent in premarket trading.

Best Buy has been cutting costs, adding employee training and matching online prices to get customers into stores as it faces competition from discounters and online retailers.

The Minneapolis-based company says third-quarter net income totaled $54 million, or 16 cents per share. That compares with a loss of $10 million, or 3 cents per share, in the prior-year quarter. Analysts expected 13 cents per share.

Thoughts and opinions on this story? Click here to comment >>

Get stories like this in a free daily email