BUSINESS BRIEFS
Council sticks to revenue forecast
Advertiser Staff
The state Council on Revenues yesterday unanimously voted to make no changes to its forecast of 1 percent revenue growth for the fiscal year.
In July, the seven-member panel cut its growth forecast from 2 percent to 1 percent due partly to lower visitor arrivals and the twin shutdowns of Aloha Airlines and ATA Airlines. The council said that the economy has shown little change over the past month to require a change in the council's outlook.
"Things haven't changed enough since we last met to warrant a significant change in the forecast," said Paul Brewbaker, chairman of the council.
WAIKELE STEVE & BARRY'S SPARED
The new owner of discount clothing retailer Steve & Barry's said the recently opened superstore at Waikele Center won't be among roughly 100 stores to be closed as part of a turnaround plan for the ailing chain.
The Waikele Steve & Barry's, which opened in April, was part of an aggressive expansion that in part led to the retailer's bankruptcy as some stores were opened in less than ideal locations.
BHY Holdings LLC, an affiliate of investment firms Bay Harbour Management and York Capital Management that bought Steve & Barry's last month after the company filed for Chapter 11 protection, plans to shrink the chain from 276 stores to about 170 stores under a plan to return the company to profitability.
HAWAIIAN NO. 2 ON-TIME CARRIER
Hawaiian Airlines had the nation's second best on-time record in July, according to the U.S. Department of Transportation.
Hawaiian said 83.6 percent of its planes were on time in July, second to Memphis, Tenn.-based Pinnacle Airlines' 85.6 percent.
Hawaiian said its on-time record was affected by "operational issues unique to July." The state's largest airline expects to return to industry-leading punctuality levels in August.
Hawaiian was the industry's top on-time carrier since March, replacing now-defunct Aloha Airlines, which was the industry's top on-time carrier in February.
MATSON BUYS SPACE IN BAY AREA
Matson Navigation Co. has acquired a Northern California warehousing, packaging and distribution company with nearly 1 million square feet of warehouse and distribution space in the Bay Area.
Matson, a unit of Honolulu-based Alexander & Baldwin Inc., acquired Oakland, Calif.-based Pacific American Services LLC through a subsidiary for an undisclosed price.
The purchase by Matson Global Distribution Services follows the acquisition of a 1 million-square-foot industrial park in Savannah, Ga., made by A&B earlier this year for $50 million.
A&B established Matson Global last year as a subsidiary of Matson Integrated Logistics to provide third-party logistics services that include warehousing, distribution, and freight forwarding throughout the United States and internationally.
PUBLIC INVITED TO 'OLELO MEETINGS
The state has scheduled two public meetings for next week on the application by 'Olelo Community Television to renew its cable television franchise.
The first meeting is scheduled for 6 to 8 p.m. Tuesday at the Kapolei Middle School Cultural Center, 91-5335 Kapolei Parkway. The second meeting is scheduled for 6 to 8 p.m. Wednesday at Windward Community College, Hale Alakai Room 102, 45-720 Kea'ahala Road.
For more information, call 586-2620.
