New England business briefs, with items on The Boston Globe, Filene's Basement, and more.
Guild still has to OK concessions at Globe
The New York Times Co. backed away from its threatened shutdown of The Boston Globe after the leadership of its unions agreed to contract concessions that will save the paper $20 million.
However, the turmoil on Morrissey Boulevard isn't over yet. The Boston Newspaper Guild still needs to get a fractured membership to approve the changes, which involve big pay cuts and an end to lifetime employment guarantees. Meanwhile, the Times Co. is expected to hunt for a new owner for its money-losing Boston paper.
Filene's Basement gets new lease on life
Another local institution, Filene's Basement, is also getting a new lease on life.
Two New York firms have teamed up to buy the troubled retail chain - or at least its 16 most profitable stores. The deal also includes the redevelopment rights for the chain's flagship store in Downtown Crossing. But the deal, which still needs a bankruptcy judge's approval, doesn't include nine stores, including ones in Braintree and Hyannis, leaving their fate up in the air.
Law, Mugar team to buy into three venues
Boston concert impresario Don Law is returning to his roots by teaming up with philanthropist David Mugar to buy ownership interests in three key local venues - the Boston Opera House, Orpheum and Paradise - from Live Nation for $22.5 million.
Interestingly, Live Nation will continue to promote concerts at those venues – with Law as the president of its New England operations.
Haemonetics gives workers a bonus
Here's a story you don't see very often, especially these days: A company enjoys solid revenue growth, and its employees - but not senior management - pocket a piece of the profits. Of course, Haemonetics Corp. executives will be paid nicely without this bonus.
Still, you've got to admit that the Braintree medical device company showed some class by spreading the wealth, agreeing to spend $2.8 million to give all but nine top executives a onetime bonus equal to 2 percent of each employee's base salary.
The Patriot Ledger