Business

Business briefs

Great Floors opens new Lacey store

LACEY - The grand opening of the new Great Floors store in Lacey started Wednesday and continues through Saturday, store manager Scot Suits said.

The 48,000-square-foot store at 7800 Martin Way E. replaces the 16,000-square-foot store Great Floors used to operate off Lacey Boulevard. It closed on June 12, Suits said.

Operating hours for the retailer of flooring materials are 9 a.m. to 7 p.m., weekdays; 9 a.m. to 6 p.m., Saturdays; and 11 a.m. to 5 p.m. Sundays, he said.

Cable

Adelphia founder, son ordered into prison

NEW YORK - A federal judge on Wednesday ordered Adelphia cable TV company founder John Rigas and his son, Timothy Rigas, to report to prison Aug. 13, nearly three years after they were convicted in one of the largest corporate frauds in U.S. history.

Both men had been free on bail while they appealed, but U.S. District Court Judge Leonard Sand said the time had come for the two to start paying their debt to society.

Neither the 82-year-old Rigas patriarch nor his 51-year-old son reacted visibly to the judge's order, which had been expected.

Acquisitions

Guitar Center board OKs private buyout offer

WESTLAKE VILLAGE, Calif. - Guitar Center Inc., the largest U.S. musical instrument retailer, said Wednesday its board had accepted a $1.9 billion cash buyout offer from a private equity firm.

The deal with affiliates of Bain Capital Partners LLC came amid speculation that a buyout was in the works. Guitar Center had hired investment bank Goldman Sachs & Co. to auction the company.

Bain Capital offered to pay $63 per share, which represents a premium of 26 percent over Guitar Center's closing price Tuesday of $50.06. The stock price closed at $59.98 on Wednesday.

Economy

Federal Reserve expected to tackle inflation issue

WASHINGTON - Keeping inflation under control as the economy emerges from a yearlong sluggish spell is certain to be a matter of lively debate for Federal Reserve policymakers.

Fed Chairman Ben Bernanke and his central bank colleagues on Wednesday afternoon opened a two-day meeting where the economy's current and future performance will be assessed. The strength of the anticipated economic rebound, the depth of the housing slump, problems with risky mortgages, the state of the employment climate, and the direction of gasoline and other energy prices also will figure prominently in those discussions.

  Comments