Troubled Arthur Andersen LLP named two senior partners, C.E. Andrews and Larry Rieger, to oversee reforms that would separate its auditing and consulting businesses. The move was part of a rescue plan put forward by ex-Federal Reserve chairman Paul Volcker, which hinges on the government dropping obstruction of justice charges for the destruction of Enron Corp. documents. Andersen also is facing civil suits by Enron, its creditors, and Enron stockholders. A court-appointed mediator reported substantial progress toward a settlement Friday. A company spokesman, meanwhile, said that job cuts are "inevitable," although no final decision has been made.
Northrop Grumman Corp. extended but did not raise its hostile takeover bid for TRW Inc. With its tender offer for outstanding TRW shares set to expire last Friday, the defense contractor set April 12 as its new deadline. It is offering $47 per share and, a spokesman said, now has tendered 1.7 percent of TRW's common stock. TRW is asking investors attending its April 24 annual meeting to reject proposals calling for a special committee to reconsider Northrop's twice-rejected $5.9 billion offer and to release confidential financial data that would help in deciding whether to increase the bid.
TJX Companies Inc., a Framingham, Mass.-based holding company, announced plans for a $41 million distribution center in South Bend, Ind. The warehouse, in a mainly Latino area of the city, will employ 800 people within five years, officials said. TJX owns discount retail chains such as T.J. Maxx, Marshalls, HomeGoods, and A.J. Wright.