Business Notebook

January 1, 2013 

Local & State

Midlands

A.C. Moore closing Harbison store after losing lease

A.C. Moore arts and crafts store at 275 Harbison Blvd. is telling customers it will close Feb. 16 after losing its lease. A sign on the door says the store is liquidating its inventory as it prepares to move out of the space. And store staff are telling customers that the Berlin, N.J.-based store wants to stay in the market and is looking for another location in the Columbia area. Store managers referred questions by the media to the corporate office. Efforts to reach the media relations team for further details were unsuccessful Monday.

Nation & World

Stocks rally in final hours

Stocks rallied in the final hours of trading for the year as a budget deal began to take shape in Washington. The Dow Jones industrial average jumped 166 to end at 13,104 Monday. It had waffled through much of the morning, then shot higher at midday after news began to emerge that negotiators were homing in on a deal. The Dow is coming off five straight days of losses. For the year, it gained 7 percent. The Standard & Poor’s 500 index rose 23 to end the year at 1,426. That’s a gain of 13 percent for the year. The Nasdaq composite rose 59 to 3,019. Rising stocks outnumbered falling ones six to one on the New York Stock Exchange. Trading volume was higher than in recent days, 3 billion shares.

Use of mobile devices to visit library websites increases

A new Pew study reports that around 13 percent of Americans age 16 and older used a mobile device to visit a library website during the past year. Patrons ages 18-49 were the most likely to use a mobile device for the library, while those 65 and older were the least likely. According to Pew, a 2009 University of Washington study showed 6 percent of those 16 and older using a mobile device to access a library site. The latest survey from the Pew Research Center’s Internet & American Life Project was released Monday. Pew has been conducting a series of studies on e-books and e-reading devices. The survey of 2,252 people was conducted via land lines and cellphones from Oct. 15 to Nov. 10. The sampling error margin is plus or minus 2.3 percentage points.

Tribune Co. emerges from bankruptcy

Tribune Co. emerged from a Chapter 11 restructuring Monday, more than four years after the media company sought bankruptcy protection. The reorganized company is starting with a new board of directors and new ownership that includes senior creditors Oaktree Capital Management, Angelo, Gordon and Co., and JPMorgan Chase and Co. Tribune closed on a new, $1.1 billion senior secured term loan and a $300 million revolving credit line. The loan will fund payments required under the reorganization plan, and the credit line will fund ongoing operations. The company also will issue about 100 million shares of class A and class B stock to former creditors, along with warrants to buy the shares.

Kristy Eppley Rupon and The Associated Press contributed.

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