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August 19, 1994 - Image 53

Resource type:
Text
Publication:
The Detroit Jewish News, 1994-08-19

Disclaimer: Computer generated plain text may have errors. Read more about this.

1991 sale of the business to its
employees, sent the company
reeling.
Mr. Kosins was known na-
tionally and internationally in in-
dustry circles. Around town, he
gained popularity for his televi-
sion commercials with Detroit
Pistons coach Chuck Daly, espe-
cially during the Pistons' NBA
championship seasons of 1989
and 1990.
"We just couldn't raise enough
cash in time to pay off our debts
and continue to buy merchan-
dise," Mr. Wachter said about this
summer's do-or-die effort. 'That's
why we decided to make the shift
to a 'going out of business' sale."
The "Fighting for Survival" sale
at Kosins began June 9 and last-
ed for nearly two months.
Already marked-down store in-
ventory is being cut an addition-
al 30 percent, giving customers a
final savings of up to .75 percent.
Mr. Woollier said the Joint Op-
erating Agreement (JOA) at the
Detroit News and Detroit Free
Press, which went into effect in
1989, was one of the key factors
which hurt Kosins in its compet-
itive industry.
"For the same amount of mon-
ey, we can now buy 25 percent of
. the advertising space in those pa-
pers than we could before the
JOA," Mr. Wachter said. ❑

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Lannet Profits
Rise 71 Percent

WEST BLOOMFIELD/JEFF THOMPSON
(810) 855-6644

"We create solutions."

PENALTY FOR EARLY WITHDRAWAL RATES SUBJECT TO CHANGE WITHOUT NOTICE. ANNUAL PERCENTAGE YIELD EFFECTIVE AS OF AUGUST 19,1934.

Israeli company Lannet posted a
71 percent rise in second quarter
net profits to $1.2 million from
$724,000 during the same period
last year.
CEO Benny Hanigal said it
was the fourth consecutive quar-
ter of record sales for Lannet. Of
note was the new LANswitch
product, which "generated 14 per-
cent of the second quarter's rev-
enues," according to Mr. Hanigal.

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A Service to Private
Owners, Banks &
Estates

Trade Gap
Is Smaller

The Israeli trade deficit fell by a
third last month to $410 million
as exports rose 3.6 percent and
imports dropped 8.5 percent, the
Central Bureau of Statistics re-
ported.
Exports rose to $1.34 billion in
July from $1.29 billion in June,
while imports fell to $1.75 billion
from $1.91 billion. According to
the bureau, the drop in imports
reflected a sharp decrease in fuel
imports.
During the first seven months
of the year, the trade gap shot up
37 percent to $4.67 billion com-
pared with the same period last
year. ❑

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