Archive: April 5, 2009 - April 11, 2009

Balducci's Shutting D.C. Store

Gourmet grocer Balducci's is planning to shut down its only store in the District at the end of June in another blow for the embattled chain. The store on New Mexico Avenue near American University is one of four locations -- the others are in Ridgefield, Conn., and New York...

By Terri Rupar | April 10, 2009; 3:03 PM ET | Comments (7)

Early Briefing: Chevy Chase Drops Chevys

Chevy Chase Cars, whose Chevrolet sign on Wisconsin Avenue has been a Bethesda landmark for decades, is dropping Chevy in favor of Nissans, the company told its customers this week. Tom Heath reports that the 70-year-old dealership will continue to sell Acuras, Honda's luxury brand, but is ending ended its...

By Terri Rupar | April 10, 2009; 9:43 AM ET | Comments (1)

Early Briefing: Potential Boon for Satellite Firms

National Intelligence Director Dennis C. Blair announced this week that the United States plans to rely more on the private sector for its satellite mapping and reconnaissance needs. While the National Reconnaissance Office develops, builds and operates a new type of intelligence-gathering satellite, the Department of Defense and the U.S....

By Terri Rupar | April 9, 2009; 9:45 AM ET | Comments (0)

Avalon Pharmaceuticals Gets 'Going Concern' Notice

Avalon Pharmaceuticals of Germantown said its auditor has expressed concern about the biotech's ability to continue as a going concern. The company, which develops cancer treatments, said that without expense cuts or new revenue or financing, the company will not be able to fund its operations "significantly beyond May." Clinical...

By Terri Rupar | April 8, 2009; 4:24 PM ET | Comments (0)

Early Briefing: AIG and Kincora

In 2005, when AIG was brought in on planned development Kincora in Loudoun County as an equity partner, developers touted the financial giant's "ability to ride economic cycles," reports Derek Kravitz. Then came the company's starring role in the nation's economic collapse, and the tarnishing of its once-sterling image. "I...

By Terri Rupar | April 8, 2009; 7:30 AM ET | Comments (0)

Patton Boggs Adds Bankruptcy Lawyers

Patton Boggs LLP has hired away three lawyers from Foley & Lardner to head its bankruptcy division, one of few business lines at law firms that are expanding in a slowing economy, staff writer V. Dion Haynes reports. Patton Boggs has named Erika L. Morabito, Michael P. Richman and Mark...

By Dan Beyers | April 7, 2009; 9:47 AM ET | Comments (0)

NII Holding's Shares Continue To Slide

Shares of NII Holdings Inc., a Reston wireless service provider to Latin American businesses, reduced its 2009 subscriber growth forecast Monday, sending shares sharply lower. The stock fell 18 percent Monday, and are down another 6 percent in morning trading. The Associated Press reported that the company said it now...

By Dan Beyers | April 7, 2009; 9:42 AM ET | Comments (1)

Morning Brief: Cheap Flights To NY

Southwest Airlines is wading into the airfare wars between New York and the Washington area, with an announcement of new one-way flights from Baltimore for as little as $49. The airline is introducing three daily nonstop flights between LaGuardia and Baltimore-Washington International Marshall airports beginning June 28, according to this...

By Dan Beyers | April 7, 2009; 8:55 AM ET | Comments (3)

Revolution Money Receives Another $42 Million

By Thomas Heath Revolution Money, a Florida-based financial services company, has received another $42 million from investors, including money from an affiliate of Goldman Sachs as well as from former AOL moguls Steve Case and Ted Leonsis. "In the toughest funding environment for young startups, this is probably the largest...

By Dan Beyers | April 6, 2009; 9:28 AM ET | Comments (1)

Sallie Mae Plans To Return Jobs To U.S.

By Thomas Heath Sallie Mae announced today plans to move 2,000 overseas jobs back to the United States from locations in India and Phillipines. The jobs are projected to cost the Reston-based student lender about $35 million annually because of higher labor expenses. A few new jobs will be in...

By Dan Beyers | April 6, 2009; 9:14 AM ET | Comments (16)

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