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General Cinema Shuts Down Theaters in Texas
General Cinema Theaters has pulled out of Tarrant County, Texas, making
those theaters the latest casualty in an industry that is struggling
nationwide, according to the Fort Worth Star-Telegram. General
Cinema confirmed yesterday that it closed older theaters in Arlington,
Fort Worth and Bedford, and one in Richardson, on Oct. 5. General
Cinema's Massachusetts parent, GC Cos., disclosed in September that it
would consider filing for chapter 11 if it doesn't get relief from
creditors. 'There are about 37,000 screens nationwide now,' said David
Allen, an analyst who follows the industry for the Morgan Stanley Dean
Witter investment firm. 'That's from 10,000 to 13,000 too many. You will
see more consolidations and more bankruptcies and more closings over the
next two or three years.'
Nursing homes May See More Medicare Funds
U.S. nursing home operators who have been left reeling because of cuts
in government support and overly aggressive expansion may see some
relief in the form of more dollars from Washington, according to a
Reuters report. Congress is soon expected to come up with a bill that
will increase the amount of money nursing homes receive for looking
after elderly patients who are unable to pay for care. Shares in the
two remaining publicly traded nursing home operators that are not in
bankruptcy reorganization, Manor Care Inc. and Beverly Enterprises Inc.,
have climbed in anticipation of more money from Washington.
Sen. Chuck Grassley (R-Iowa), chairman of the Special Committee on
Aging, wants to link the additional funds to improved care and an
amelioration of a nursing shortage. The current plan being negotiated
in Congress would increase nursing home funding by $2 billion over the
next five years. Taxpayers contribute about $39 billion a year in
federal money to nursing homes through Medicare and Medicaid. Since the
beginning of 1999, 1,857 nursing homes have filed for bankruptcy, about
11 percent of the 16,967 in the United States, according to the American
Health Care Association.
Associated Materials Acquires Alpine Window Facility
Associated Materials Inc. yesterday announced that it has acquired
substantially all of the assets of Alpine Industries Inc. for $7.5
million in cash and the assumption of certain liabilities, according to
a newswire report. Included in the acquired assets is Alpine's window
fabrication facility located in Bothell, Wash. This facility
manufactures vinyl windows for the new construction, manufactured
housing and remodeling markets.
Alpine and its parent company, Reliant Building Products Inc., filed
a voluntary petition for relief under chapter 11 on July 11. Alpine's
sales and profits were significantly impaired by the bankruptcy
proceeding and Alpine is not currently expected to realize a profit for
at least six months. Associated Materials is a manufacturer of exterior
residential building products.
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