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Wegmans says logo reissue represents a return to friendly neighborhood values

BY Alaric DeArment

ROCHESTER, N.Y. Wegmans is harkening to the past.

The family-owned grocery chain announced Thursday that it would adopt a new logo for its stores, a script-style logo reminiscent of the 1930s and 1940s. The Rochester, N.Y.-based chain was established in 1916.

The chain will change to the new logo gradually, starting with advertisements and then moving into employees’ uniforms and then into bags. High costs may delay changes to storefront signs from the current block-letter logo, first introduced in the 1970s.

“When we looked back at some of our earliest logos, they conveyed the warmth and personal attention to detail that we hope reflect our brand,” said Colleen Wegman, daughter of chief executive officer Danny Wegman, in a statement. “The family culture in our company continues to grow.”

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Arca, Nuvelo biotechs announce merger

BY Alaric DeArment

BROOMFIELD, Colo. A private biotech company is merging with a publicly traded California biotech, the two companies announced Thursday.

Arca Biopharma will maintain its headquarters in Broomfield, Colo., after its merger with San Carlos, Calif.-based Nuvelo. The merger will be completed next year. Arca?s owners could receive up to 67 percent of Nuvelo’s stock, while Nuvelo would receive 33 percent of

Arca’s.

Arca’s application with the Food and Drug Administration for approval of the drug Gencaro was accepted for review Tuesday. The drug treats heart failure.

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InSight fights bankruptcy, reports losses for fiscal 2008

BY Alaric DeArment

LAKE FOREST, Calif. After emerging from bankruptcy, diagnostic imaging company InSight Health Services Holding adopted fresh-start reporting in accordance with the American Institute of Certified Public Accountants’ statement of position 90-7, but its revenues have still decreased in the fiscal year ended June 30, the company announced Thursday.

InSight said its revenues had decreased from $287 million in the year ended June 30, 2007 to $265 million for the year ended June 30 of this year. For the quarter ended June 30, revenues decreased to $64.8 million, from last year’s $71.2 million.

Net cash provided by operating activities was about $3.6 million for the year ended June 30 and resulted primarily from net income and changes in certain assets and liabilities, partially offset by non-cash income and cash used for reorganization. Non-cash income includes reorganization items, partially offset by non-cash charges of impairment of goodwill and other intangible assets, depreciation and amortization and amortization of bond discount.

As of June 30, InSight had about $29.1 million in cash, cash equivalents and restricted cash, and approximately $22 million of availability under its revolving credit facility, based on its borrowing base.

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