Liberty Media's purchase of Kirkland-based Celebrate Express is expected to become final after a majority of shareholders approved the deal...
Liberty Media’s purchase of Kirkland-based Celebrate Express is expected to become final after a majority of shareholders approved the deal Thursday.
Celebrate, an Internet and catalog retailer of party supplies, will continue to employ about 50 people in Kirkland, said Chief Financial Officer Kristopher Galvin.
Englewood, Colo.-based Liberty Media, an owner of various e-commerce businesses, announced in June it planned to buy Celebrate for $31 million, or $3.90 a share, a 70 percent premium over the company’s closing price at the time.
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Liberty said it would combine Celebrate with its BuySeasons.com unit, which sells Halloween costumes.
Top sales exec quits SonoSite
Top SonoSite sales executive Thomas Dugan will leave to take a job with a Florida company, the Bothell ultrasound-device maker said Thursday.
Dugan, senior vice president for global marketing and U.S. sales, will resign as of Sept. 11. He will join St. Petersburg-based Smith & Nephew as head of North American business for the company’s Advanced Wound Management Division.
SonoSite has not yet named a replacement.
RadioFrame snags $28 million
RadioFrame Networks said Wednesday it had raised $28 million in debt and venture capital.
The money, provided by existing investors Ericsson Venture, Ignition Partners, VantagePoint Venture Partners and others, brings the total raised by the privately held company to $100 million.
The Redmond-based telecommunications-technology provider said it would use the funds to expand its wireless communication business.
EgyptAir orders 2 Boeing 777s
Boeing won an order from EgyptAir for two 777- 300ER jetliners valued at $529 million at list prices.
The planes, which will have 49 full lie-flat beds, will be delivered on lease in January 2010.
The order includes an option to buy two more planes and had previously been attributed to an unidentified customer on the company’s Web site.
The agreement is one of more than 355 unfilled orders for the 777, a backlog worth $91 billion, the company said. The jetliner is the best-selling large twin-engine airplane in the world, with more than 1,000 orders since it was introduced in 1994.
Toyota lowers global sales target
Toyota lowered its global sales target for 2009 by 700,000 vehicles to 9.7 million Thursday, showing that even one of the world’s most durable automakers is being hurt by rising material costs, a slowing U.S. market and soaring gas prices.
Toyota had previously set a 2009 global sales goal of 10.4 million vehicles.
The lower target would still be a 2 percent increase from the company’s 2008 sales goal of 9.5 million.
But even that figure was reduced last month from an initial 9.85 million units.
Toyota has been on such a potent growth track in recent years it is getting closer to ending General Motors’ 77-year run as the world’s top automaker by sales.
Dell profit hurt by restructuring
Computer maker Dell said Thursday its fiscal second-quarter profit fell 17 percent, hurt in part by lower prices and restructuring charges.
The earnings were short of Wall Street estimates, and Dell shares plunged.
Dell said lower PC prices cut into earnings.
In a conference call, Chief Financial Officer Brian Gladden said Dell made “strategic pricing” changes in Europe, the Middle East and Africa to speed up growth.
The company also deferred some profits from that region to a later quarter.
Investors sent Dell shares down $2.54, or 10 percent, to $22.67 in after-hours trading. Earlier, the stock dropped 42 cents to close at $25.21.
Sears fails in bid to attract shoppers
Beleaguered retailer Sears reported a hefty drop in second-quarter profit as sales slumped, despite a restructuring aimed at drawing back shoppers who’ve taken their checkbooks elsewhere.
The company led by financier Edward Lampert also delivered a downbeat outlook, predicting sales and gross profit margins will feel continued pressure from the sluggish economy.
The performance — the latest in a string of dismal news for the Hoffman Estates-based operator of Sears and Kmart stores, left some analysts unimpressed.
Buyers in Asia, Europe lift Tiffany
Rising sales in Asia and Europe boosted Tiffany & Co.’s second-quarter profit on Thursday, signaling that strong international demand for jewelry is helping offset U.S. economic weakness.
Fellow jeweler Zale Corp. posted a loss for its fiscal fourth quarter but forecast 2009 profit above Wall Street expectations and noted significant growth opportunities in Canada.
The softening domestic economy, which has crimped discretionary spending for many Americans, has jewelers focusing on international efforts to offset sluggish sales in the U.S.
Compiled from Bloomberg News and The Associated Press