NATIONAL

Trade group predicts 1.6% sales decline in remodeling products

U.S. sales of home-repair and remodeling products should drop 1.3 percent to $308.9 billion this year as the housing market isn't expected to improve until mid-2008, a trade group for the home-improvement industry said Tuesday.

The Home Improvement Research Institute said the decline would be the first since 1991 and only the third since it began tracking industry figures in 1977.

The forecast, produced in conjunction with research firm Global Insight, is weaker than one in February, when the group estimated 1.6 percent growth in the residential repair and remodeling products market.

It now expects consumer market sales to be flat and the harder-hit professional markets to post a 5.1 percent decline.

The institute expects overall sales to increase 2.2 percent next year, then rebound even more in following years.

SHAREHOLDER ACCESS Wen-dy's International Inc. has agreed to let a major shareholder have access to crucial information about the third-largest hamburger chain so he can decide whether to bid for the company.

Billionaire investor Nelson Peltz has said his company, Triarc Cos., which owns fast-food chain Arby's, would be a natural buyer for Wendy's.

CUTBACKS EarthLink plans to cut about 900 jobs and close four offices as part of a broad restructuring plan.

The company again lowered its financial guidance for the year.

DRUG SUPPLIER BOUGHT Medco Health Solutions Inc., the country's largest prescription benefit manager, said Tuesday it will pay $1.5 billion in cash for PolyMedica Corp., long the largest U.S. supplier of diabetes treatment products.

Buying PolyMedica, which has nearly 1 million patients and includes the well-known Liberty Healthcare brand, expands Medco's foothold in a fast-growing drug category worth more than $25 billion a year.

JOB CUTS LandAmerica Financial Group Inc., the third-largest U.S. title insurer, said it will cut 1,100 jobs, or about 8 percent of its work force, by the end of the year to reduce costs as mortgage originations decline.

LandAmerica also will buy back 1.5 million shares, or about 9 percent of outstanding common shares, by the end of March 2009, the Richmond, Va.-based company said.

The stock has lost about half its value since June.

LOCAL

Whole Foods says it has financing for Wild Oats deal

Whole Foods Market Inc. said Tuesday it has lined up financing to complete its $565 million purchase of Boulder-based rival natural-foods grocer Wild Oats Markets Inc., ending a six-month battle against federal regulators who tried to block the deal on antitrust grounds.

The company said it took out a five-year, $700 million loan to fund the deal, which also includes the assumption of $137 million in Wild Oats debt.

Whole Foods spokeswoman Kate Lowery said it's too early to comment on the fate of Wild Oats' unopened flagship store in Boulder or the fate of Wild Oats' corporate employees in Boulder. Whole Foods has said it will find jobs for all of Wild Oats' store-level employees but some headquarters positions may be eliminated.

ADVERTISING DEAL R.H. Donnelley Corp. expanded an advertising agreement with Yahoo! Inc. to attract local advertisers.

The contract covers 14 Western and Midwestern states where North Carolina-based Donnelley distributes Qwest's phone directories.

Donnelley will enable advertisers to place listings on the first and second pages of search results on the Yahoo Local site.

ECONOMY

Markets, housing weaken consumer confidence

Consumer confidence weakened in August as volatile financial markets and housing problems took a toll, a private research group said Tuesday.

The New York-based Conference Board said its consumer confidence index declined to 105.0 from a revised reading of 111.9 in July, which was a six-year high.

Although the index was down, it was slightly stronger than the 104.5 that Wall Street analysts expected.

"A softening in business conditions and labor market conditions has curbed consumers' confidence this month," said Lynn Franco, director of the Conference Board Consumer Research Center. "In addition, the volatility in financial markets and continued subprime housing woes may have played a role in dampening consumers' spirits."

THIS JUST IN . . .

• BioWest 2007 is accepting applications and business plans from emerging biotechnology or medical device companies for its Venture Showcase on Dec. 7 at the Grand Hyatt Denver hotel. Applications are available at biowestconference.com and must be submitted by Sept. 28. For information, go to cobioscience.com or call 303-592- 4088.

• Metrolist Inc., a real estate multiple listing service serving the Denver area, named Ellen Phelps as director of product development.

• Fisher, Sweetbaum, Levin & Sands PC has added William B. Stanton and Mark E. Honhart to its litigation department.

• Intertech Plastics Inc. completed the $1.2 million remodeling and expansion of its Denver manufacturing facility to 120,000 square feet.

• The Denver chapter of the National Association of Women Business Owners honored three women for their excellence in business and community at its ninth annual Outstanding Women in Business Awards Luncheon. Peggy Sundstrom, founder and principal of Sundstrom and Associates, received the Member of the Year Award; Heather Gallien, president and co-founder of Idee-Force, received the Jean Yancey NAWBO Small Business Award; and Jennifer Jasinski, owner and executive chef of Rioja and Bistro Vendôme restaurants, received the Jean Yancey NAWBO Large Business Award.

• The Envision Group added Tristan Mraz as graphic designer, Chelsea Iacovetto as production artist and Lisa Hillmer-Poole as account coordinator.

• First National Bank of Colorado hired John W. Burke as vice president, corporate banking.

• Policy Communications Inc. in Golden added Greg Schnacke as senior vice president; Bonnie Turner as executive director of its nonprofit organization NextGen Energy Council; and Darrell Proctor as director of communications and new media.

• Denver-based Alpine Access promoted Beth Capra to senior vice president of finance.

• FirsTier Bank appointed Chic Hall as market president of its Boulder branch.

Rocky staff and wire reports

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