Massachusetts business in brief
Mortgage lender cutting work force
Mortgage lender IndyMac Bancorp Inc. is cutting its national work force by nearly 50 percent as the company closes all its mortgage origination businesses except for its reverse mortgage division and its retail bank branch network in California.
The Pasadena, Calif., company plans to cut 3,400 jobs in the next few months out of a work force of 7,200. It was unclear on Monday how many jobs would be lost at IndyMac’s office at the Adams Place complex in Quincy.
IndyMac, like others in the industry, has been suffering from a downturn in the credit and real estate markets. However, it opened its Boston area office in 2006, even after several other rivals had closed local offices.
Fed report: Logan on-time performance getting better
BOSTON – Nearly 80 percent of commercial flights into Logan Airport arrived on time in May, up from 72 percent in May 2007.
On-time departures also increased to 85 percent, compared with 80 percent the previous year, according to a report issued Monday by the federal Bureau of Transportation Statistics. The agency defines on-time flights as those that leave or arrive at the gate within 15 minutes of their scheduled time.
Newark’s Liberty International Airport had the worst performance of 32 major U.S. airports included in the study, with only 63 percent of arrivals and 71 percent of departures on time in May, the agency reported.
Boston’s Bain buying Weather Channel
Bain Capital LLC is getting into the weather business with its latest deal. The Boston private equity firm teamed up with General Electric’s NBC Universal unit and Blackstone Group to buy the Weather Channel from Landmark Communications of Norfolk, Va., for a reported $3.5 billion.
The Weather Channel will be run as a separate operation from its Atlanta headquarters. The deal is expected to close by the end of the year.
Landmark had put the Weather Channel up for sale, along with its daily newspapers, earlier this year.
Bay State gas prices on the rise again
After two weeks of holding steady, gas prices are rising again in Massachusetts.
AAA Southern New England said the average price for regular, self-serve gas in the state rose 2 cents per gallon in the past week to $4.09 a gallon on Monday. A year ago at this time, the average was $2.91 a gallon.
The state’s current average is 2 cents per gallon below the national average of $4.11 a gallon, according to the motorists club.
S. Boston building gets new tenant
BOSTON – A commercial real estate project manager is moving into bigger digs this fall in South Boston’s Fort Point district.
R.F. Walsh Project Management Inc. has signed a lease agreement for 20,100 square feet at 51 Sleeper St. R.F. Walsh is scheduled to leave its 12,700-square-foot office at 280 Summer St. in October. GVA Williams represented R.F. Walsh in the negotiations, and Brickman, the company that owns the Sleeper Street building, was represented by Cushman & Wakefield.
Red Robin to open fifth restaurant in state in Foxboro
FOXBORO – Red Robin Gourmet Burgers Inc. is opening its fifth Massachusetts restaurant in Foxboro at the new Patriot Place shopping center next to Gillette Stadium.
The Greenwood Village, Colo., burger chain will open a 5,150-square-foot shop on July 28 that will accommodate as many as 226 guests. Red Robin also runs restaurants in Plymouth and Wareham, and a franchisee operates Red Robin restaurants in Holyoke and Millbury.