The Tennessean from Nashville, Tennessee • Page 42

2 tunly. Auiurt 1 1988 THE TINNESSEAN BUSINESS Vanguard announces hospital deal Proffitt's hedging on growth Education and Research Founda If the deal announced yesterday where they are going," Ohmer said. Proffitt's management has long maintained it would like to expand its Midstate offerings. "Brad Martin is on the acquisition trail," said analyst Ken Gass-man, referring to Proffitt's recent purchase of Saks Holdings which operates 76 Saks stores under various names. By JULIE BELL Staff Writer Nashville-based Vanguard Health Systems yesterday announced a definitive agreement to pay $460 million for eight hospitals from a Philadelphia-based nonprofit from which it initially agreed to buy six hospitals, then nine.

Even now, there's nothing definite about the deal. The reason: Allegheny Health, founded in Tennessee, moved its corporate headquarters in November from Knoxville to Birmingham. "It's a chance for Proffitt's Inc. to thank them (the vendors) for their business, as well as an opportunity to let them know where Proffitt's Inc. is and tion recently filed for Chapter 11 bankruptcy, meaning the court will have final say over AHERF's sales.

In addition, Allegheny continues to accept and review additional offers for its hospitals. Yesterday, for example, the company said It had received a letter of Intent from Santa Barbara, Tenet Healthcare to buy the same eight hospitals Vanguard wants. The company said it has agreed to complete due diligence with Tenet "We maintain our obligation to review additional offers made by other health-care organizations interested in acquiring AHERF's Eastern Region entities and providing them full opportunity to pursue a transaction," Anthony Sanzo, Allegheny's new president and chief executive officer, said. "All interested parties will be afforded an opportunity to make offers in accordance with the procedures established by the Bankruptcy Court" comes to fruition, Vanguard will pay AHERF after closing up. to $80 million in addition to thai purchase price if the hospitals exceed certain projections.

tj Philadelphia-area hospitals involved in the Vanguard deal: All gheny Hahnemann, 618 beds; Allpr gheny MCP, 465 beds; Christopher's Hospital for Children, 183 beds; Allegheny Graduate, 330 beds; Allegheny City Avenue, 228 beds; and Allegheny Parkview, 200. Palmer golf firm plans layoffs in Ooltewah i naag 7. Closing the, Tennessee plant, will reduce operating expenses, the company said. Arnold Palmer with 1997 sales of $28.5 hasn't had a quarterly profit Bloomberg News OOLTEWAH, Tenn. Arnold Palmer Golf maker of First Flight golf equipment, said it will fire 89 workers, or 44 of its workforce, and take an undisclosed fiscal third-quarter charge to move golf-equipment operations to its Arkansas plant as it cuts costs.

The company said it will begin firing immediately the 64 workers at its plant here, and move its club and bag making, assembly and shipping operations to its golf-bag plant in Pocahontas, Ark. It also will fire 25 corporate workers at its Ooltewah headquarters, reducing the total workforce to 112 from 201. fc ti nr- irtniimmf ftiMM! ami i.ihiiiUJUwwi 52-WMk Vol. Wekly Chang YTD HI Lo Name Dlv Yield PE Wkly. HI Lo last Frj.

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31. It has been in the OoltewahChatta-nooga area since 1931.1 Albertson's to swallow local Bruno's, FoodMai i 52-WMk HI Lo Nam Vol. Weakly Chang YTD Wkly. HI Lo Lait Frl. Wkly Chg Dlv Yield PE American Airlines 132 150 American General 4 Everyone, including; the restaurant business, Is fighting! for that ASHLEY CALDWELL J.

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As a result, grocers scramble for business. "It really is tough," said Ashley Caldwell of H.G. Hill Food Stores, which The Shelby Report rates as fourth in the Nashville area. "Everyone, including the restaurant business, Is fighting for that (market). It makes it difficult" Caldwell predicted that all players will have to sharpen their operations to square off against a major force like Albertson's.

"You always have to consider the competition," she said. "It only drives us to do what we do even better. We see it as a challenge." The proposed sale Is part of Bruno's reshuffling aimed at streamlin- Fleming Companies 08 Fords 1660 GanneltN 76 GneTiEctncN 120 General Mccs 2 OOP HeatMou Renat kxram Moo nc ing its operations and returning Itself to financial health. The plan also includes the sale or closure of 20 other locations Bruno's officials could not estimate the chain's Tennessee employment But the total reorganization would affect 1,200 full-time employees and 1,106 part-time workers. Existing Bruno's and Food Max workers will be considered for new jobs with Albertson's, according to the companies.

Some severance packages will be offered to eligible employees. If the plan is approved, Bruno's will own and operate 164 supermarkets in Alabama, Mississippi, Florida and Georgia. Bruno's will have shrunk by more than one-third since it was bought by Kolberg Kravis Roberts and Co. in 1995. 144 WiComlorlPTOd A JON Realty Corp KmartN KrogrN Mercantile SloersN 1 2W MuiiermdustnetN NatensBamN 152 mm Bruno's checking out Albertson's Inc.

plans to buy 11 Bruno's and FoodMax locations in Middle Tennessee. 1 FoodMax 2261 Murfreesboro, Rd. Nashville FoodMax 4670 Lebanon Rd. Hermitage FoodMax 5527 Edinondson Pk. Nashville FoodMax 110 S.

Gallatin Rd. Madison FoodMax Super Center 845 Nashville Highway Columbia FoodMax SuperCenter 1 1 0 Indian Lake Blvd. Hendersonville FoodMax 710 Memorial Blvd. Murfreesboro Bruno's Super Center 7604 Highway 70 S. Nashville Bruno's Super Center 8105 Moore's Lane Brentwood Bruno's.

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500 660 60 007 50, 55000 56 604 00, 600 7U0 67 501 00 Fad Mm m-rfun ail rp 2 400600 560043 00; 500700 5600000. nit: i Cat's music stores come back to Nashville, looking to dominate ZZZ3 IF YOU CAN AFFORD THIS, YOU CAN PROBABLY AFFORD THE HOME THAT GOES WITH IT. wanted to make it easier for people to own a home. Especially people who didn't have a lot of money. Or perfect credit.

So wc developed a range of affordable home loans. Which are all flexible and affordable in slightly different ways. In fact, even the phone tall is free. 1-800-240-3862. Or visit a branch, mortgage office or www.firsttmionmortgage.com.

Cat's also maintains single stores in Chattanooga, Jackson, Tenn, Dyers-burg, and Evansville, which Carlock characterizes as the "stray Cat's." "A lot of people thought we rode off Into the sunset" after the Nashville stores were sold In 1988, Car-lock said. The original Cat's store was founded In 1973 as a retail outlet for Music City Record Distributors, which had operated out of Nashville since 1953. At 28H West End the flagship Cat's store gained a reputation for holding concerts In Its parking lot for burgeoning local acts, such as Jason and The Scorchers, the White Animals and Danny Tate. The concerts were spearheaded by Steve West, a Cat's district manager who now heads 328 Performance Hall and Go West Productions. "That was one of our signatures doing those outdoor shows," Car-lock said.

"We want to crank It up again, but we have to do what the shopping center owners will Yule's suburban market "We're taking the music to the people as opposed to having one huge store and expecting the market to drive to you," Carlock explained. "Our philosophy Is to put smaller stores where (the competition) alnf The Franklin store, where most of the grand opening activities will occur this week, Is located In the Bruno's shopping center at 2020 Fieldstone Parkway. The Smyrna location, 232 N. Lowry, Is a temporary site. Carlock Is negotiating to occupy a new store under construction In the Enon Springs Shopping Center, still under construction.

The Hermitage facility, also still In negotiation, would emerge at the corner of Lebanon Road and the Andrew Jackson Parkway next to the H.G. Hills store. Cat's has 23 stores, Including seven In Memphis, three In Charleston, S.C, two In the Trinities In East Tennessee, and four In Knoxville. Have a Bah With Tlie Tcnncsscan Sports section. rmrvr fiiT mim To subscribe, call 242-NEWS, Cl''H TtMt I'flKW (irp.