Thu. Nov. 03, 2011 Storm hurts iParty’s Halloween sales
Dedham’s iParty Corp., a chain of 52 party goods stores, cited last week’s storm as a big reason why its calendar October sales fell 11.1 percent from the same period a year ago. For a chain that sells costumes, Halloween is Christmas and Valentine’s Day rolled into one. But because of the storm, 11 of the chain’s party stores and one temporary Halloween store lost power and were temporarily closed during what normally is a super busy stretch. Mass. tax take up in Oct. but misses benchmark
Massachusetts revenue officials say the state collected $1.45 billion in taxes in October, up 8 percent from the same month a year ago but slightly below the state’s benchmark for the month. Revenue Commissioner Amy Pitter said that income tax collections were up more than 12 percent from a year ago and sales tax revenue increased by more than three percent. But corporate tax collections declined by more than 11 percent from October 2010. The state missed last month’s revised benchmark by $12 million. Puth leaves State Street Global Markets
David Puth has decided to leave his post of leading State Street Global Markets, the investment research and trading arm of State Street Corp. Puth held the post for three years, State Street said. He is leaving to “pursue other opportunities” in the financial services industry, Boston-based State Street added. Mike Rogers, executive vice president and head of Global Services Americas, will assume leadership of State Street’s Global Markets business in addition to his current responsibilities. TJX same-store sales rose 3% in Oct.
TJX Cos., which operates such retail chains as T.J. Maxx and Marshalls, reported that October same-store sales rose 3 percent from a year ago. Same-store sales, which are sales at stores open at least a year, are regarded as a key measure of a retailer’s health. The October increase came despite unseasonably warm weather in some parts of the US and Canada. High temperatures hurt the sales of cold-weather apparel, said Framingham-based TJX, which reaffirmed its third-quarter outlook. Verastem files for an IPO
Verastem Inc., a Cambridge biopharmaceutical company that looks to create drugs that selectively target cancer cells, has filed a registration statement for a proposed initial public offering of its common stock, or an IPO. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Despite a tough climate for life sciences companies attempting to raise venture capital funding, Verastem managed to raise $32 million earlier this year. Hospitality Properties Trust buy Sonesta Hotel chain
Boston’s Sonesta International Hotels Corp. is being acquired for $174 million by an affiliate of Panjiva: Floods in Thailand likely to mean higher US prices for shrimp and rice
Such items as coconuts, shrimp, and rice may cost more because of supply-chain disruptions caused by massive flooding in Thailand. That’s one conclusion that can be drawn from an analysis by Panjiva. A firm with offices in New York and Cambridge, Panjiva uses technologies developed under the leadership of company cofounder James Psota, a computer scientist from the Massachusetts Institute of Technology. With those technologies, Panjiva analyzes bills of lading for ships bringing goods to the United States. Feds authorize release of heating funds
State officials received authorization from the federal government to begin dispensing nearly $78 million in assistance to thousands of Massachusetts households that need help paying heating bills. Those funds were tied up as officials awaited an award letter from Washington that triggers the state’s ability to dole out the money, which many cash strapped households use to secure heating oil deliveries. Those deliveries usually begin Nov. 1, but had to be put off. The letter arrived yesterday. Sanofi moving some research jobs to Mass.
French drug maker Sanofi SA told employees today that it will be shuttering a research lab in Bridgewater, N.J., next year and moving an unspecified number of jobs to the Boston area, where it has established its US research and development hub. Mass Biologics Laboratories to cut 50 jobs
The University of Massachusetts Medical School in Worcester today said it will eliminate nearly 50 of 250 jobs at its Mass Biologics Laboratories, the nation’s only publicly owned, Food and Drug Administration-licensed manufacturer of vaccines and other biologic products. The labs produce a tetanus and diphtheria vaccine sold throughout the United States, but recent changes in federal immunization guidelines are expected to reduce demand for the vaccine, according to the medical school. Aveo reports wider loss in third quarter
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