Business Briefs
Six Tables garners AAA's 4-diamonds
Six Tables in Mount Pleasant was one of two South Carolina restaurants to earn AAA's Four Diamond rating for the first time, it was announced Monday.
More than 1,800 hotels and restaurants in North America share the distinction.
The other first-time Four Diamonds recipient in South Carolina was Umi Pacific Grille in Myrtle Beach.
The other 2009 Four Diamond-rated restaurants and lodgings in the Palmetto State were repeat recipients, according to the new rankings.
Ford mulling a sale of Volvo subsidiary
DETROIT — Ford Motor Co. is considering selling Volvo Car Corp. as the U.S. automaker seeks to raise cash.
Volvo, which Ford bought in 1999, has been struggling with declining demand and a strong euro, which made its products more expensive.
Ford said Monday it expects its strategic review of the Swedish automaker will take several months. The move is one of several actions Ford is taking to strengthen its balance sheet amid what it called "severe economic instability worldwide."
JPMorgan cutting 9,200 WaMu jobs
NEW YORK — JPMorgan Chase & Co. said Monday it will cut a total of 9,200 jobs at Washington Mutual, which it acquired Sept. 25 after WaMu became the nation's largest bank to fail in the credit crisis.
Of those jobs, 4,000 will be cut by the end of January, JPMorgan said. The other employees will remain with JPMorgan through a transition period, but will lose their positions by the end of 2009.
Media mogul sells stake in game firm
LOS ANGELES — Billionaire media mogul Sumner Redstone and his companies have sold his family's 80.3 million shares in Midway Games Inc. for less than a penny each, according to a filing Monday.
The sale, totaling about $100,000, means a loss of hundreds of millions of dollars. Redstone is expected to use the loss to offset tax gains his National Amusements is realizing from selling assets in an effort to refinance $1.6 billion in debt. Midway is best known for its "Mortal Kombat" video game.
Chicken producer files for bankruptcy
MILWAUKEE — Pilgrim's Pride Corp., the nation's largest chicken producer, filed for bankruptcy protection Monday, hobbled by its debt load and volatile feed prices.
The company said it had $3.75 billion in assets and $2.72 billion in debts. A Pilgrim's Pride spokesman said the company will keep operating throughout the reorganization.
J&J has its eyes on aging population
TRENTON, N.J. — In a move to become a major player in cosmetic and reconstructive surgery, Johnson & Johnson said Monday it will buy cosmetic-product and breast-implant maker Mentor Corp. for $1.07 billion.
Analysts said J&J is paying "a giant premium" for Mentor, with an eye to its long-term value for an aging population. J&J will start a cash tender offer of $31 a share, nearly double Mentor's Friday closing price.
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