Business briefs
Abercrombie says it’s not for sale anymore
Teen clothing retailer Abercrombie & Fitch Co. has decided not to consider a sale of the company. Earlier this year, Bloomberg news service had identified South Sidebased retailer American Eagle Outfitters, as well as Express Inc., as being in merger talks with Abercrombie. In Monday’s announcement, the New Albany, Ohiobased retailer noted that on May 10 it had started preliminary talks with several parties. Mall-based retail has been hard hit of late, hurt in part by the shift toward online shopping.
Pleasant Hills restaurant hit with consumer alert
The Baltimore House on Curry Hollow Road in Pleasant Hills was hit with a consumer alert by the Allegheny County Health Department after an inspector found more than a dozen food safety violations. Some of the problems included holding food at unsafe temperatures, failure to date mark foods, lack of a certified food safety manager, inadequate cleaning and
sanitizing of food contact surfaces, the dishwasher not sanitizing and fruit flies throughout the facility.
Pittsburgh-area gas prices hold steady
Pump prices in the Pittsburgh region stayed flat over the last week, averaging $2.54 a gallon on Monday, according to GasBuddy’s survey of more than 700 stations in southwestern Pennsylvania. Regional gasoline prices have fallen 18 cents a gaIlon since peaking at $2.72 a gallon on April 24. The average price nationally rose five cents a gallon to $2.28 a gallon.
Operators of Treesdale, Rivers Club acquired
Apollo Global Management has agreed to purchase ClubCorp, which owns more than 200 golf and country clubs, for $1.1 billion. Apollo, a private equity firm, said it would pay $17.12 per share in cash, a 30.7-percent premium over the company’s closing share price Friday. Dallas-based ClubCorp was founded in 1957 and operates in 28 states, Washington, D.C., China and Mexico. It also owns sports and business clubs, with a combined total of 430,000 members. ClubCorp’s website lists locations in the Pittsburgh area owned or operated by the company, including Diamond Run Golf Club in Sewickley; the Rivers Club at One Oxford Centre, Downtown, and Treesdale Golf & Country Club in Gibsonia.
U.S. agency moves to allow class-action suits against financial firms
The nation’s consumer watchdog is adopting a rule Monday that would pry open the courtroom doors for millions of Americans, restoring their right to bring class-action lawsuits against financial firms. Under the Consumer Financial Protection Bureau rule, banks and credit card companies could no longer force customers into arbitration and block them from banding together to file a class-action suit.
Elliott girds for battle with Buffett in Texas utility bid
Billionaire Paul Singer’s Elliott Management Corp. is promising a lengthy takeover battle if Warren Buffett doesn’t improve the terms of his offer for Oncor Electric Delivery Co., according to a July 5 letter released Monday. Elliott, the largest creditor to Oncor’s bankrupt parent, Energy Future Holdings Corp., is pushing the Texas utility to allow for alternate proposals. Elliott values Oncor at approximately $18.5 billion and the reorganized parent entity at $9.3 billion, according to the letter.