i " TERRACE STANDARD ~ Business Review Out & About Bank buys property THE ROYAL BANK has purchased the Hairwaves building on Lakelse Ave. with an eye to knocking it ‘| down aud using it for future parking. “We're getting pretty cramped in here and if we were ever to expand we'd need space here and that re- quires more parking space,’’ said branch manager Dave Wilson. He said any expansion is likely at least two years away, and added the building's plans are unrelated to plans of the bank to merge with the Bank of Montreal. What's happening to Hairwaves? Manager Teri Hedberg says the hairstyling salon -| will move into a newly renovated space a block west beside Chalky’s pool hall around June 2nd. Pulling back VALHALLA PURE store owner Lovis Bibaud says he’s closed his Prince Rupert store but says the Terrace operation is going strong. He said the Rupert store opened last June — just in time for the Skeena Cellulose slowdown and then the collapse in tourism after Alaskan ferries cancelled their Prince Rupert stops last summer and fall. "Our options were to pull back to Terrace and reconsolidate: or maybe lose two stores down the road,'’ Bibaud said, adding he opted to shut the Rupert store on the Easter holiday. ‘‘It was a proactive step rather (han wait for something to happen.” Bibaud says he’s giving up about 30 per cent of his sales by getting out of Prince Rupert, but added the move and buying out his partner to become the sole owner will slash his overhead by at least 60 per cent. “We're doing fine here,’? he added. ‘‘We had a stronger April in 98 than in °97."* Kmart gets set to change JUNE 21st is scheduled to be the last day of apera- tion of Terrace’s Kmaart store. Tentative plans are that the store will close for two days after the longest day of the year and will re-open as a Zellers, said store manager Roger L’Heureux. That reopening will be what’s called a soft opening, because ihe transformation and change of fixtures ‘won't yet be complete. He said they’re aiming for August 1st for the grand ‘opening of the store as a Zellers. The switch is happening because the Hudson Bay Company, which also owns Zellers, purchased the ’ Kmart chain earlier this year. Joining L’Heureux in management is a Zellers- trained official — merchandise manager Bikrim Grewal. Also new when the store switches over to Zellers will be a pharmacy. SCI needs more cash, report say SKEENA CELLULOSE should Iook at ways to top up its working capital, says a government-appoinled consultant. If the company continues to operate on cash flow, it could mean more pain for contractors, says Ralph Tormey, who was appointed in January to assess how SCI’s financial woes have impacted small businesses and northwestern com munities. - ‘*The company is being managed by cash AMlow and accordingly is reacting to forces other than market or weather conditions,’ he noted in his final report, released last month. ‘Such operation is nat only expensive to the com- pany but may prove to be catastrophic to contractors and sub-contractors who no longer have the financial resilience to absorb such losses,’’ Torney warns. The company extended shutdowns — which began April 13 — at its Smithers and Camaby sawmills until May 19. And that’s just a tentative date. Skeena says it’s nearing the end of its $120-million line of credit, The latest closure is blamed on poor markets and an ex- cess of logs and chips. The province has already acted on two of Torncy’s recommendations from his interim report, submitted in January, says Don Zadravec, spokesperson for the Ministry of Employment and Investment. Sicele was appointed CEO after Tomey recommended the compa- ny’s management structure P@eLARIS ATVs Our competition is finally catching on. But they’re not catching up. -ment is closc to acting on be reviewed, And the government has set up a five-year, $65-million loan guaratitee program for smali and medium-sized businesses affected by the se. elt ER ee PO, Partacipate in a Rural Dialogue The Government of Canada wants to hear from Canadians in rural and remote communities. - How can federal programs and services better support communities in rural Canada? What are the challenges and the opportunities for your community? ~~ , Talk about these and other issues with your neighbours, community leaders, friends and family. Call for a workbook and send in your responses, Your input, submitted by July 31, will be important as the Government of Canada designs future policies and works with other levels of government to strengthen rural communities, 7 Call 1-888-781-2222 Or consult the Internet at www.rural.ge.ca Gouvernement du Canada G MM i conoca company’s problems, Zadravec says the govern- two other suggestions put forward by Torney: ap- pointing a board of directors and setting up a system of advance payments to con- tractors and suppliers. In his final report, Torney recommends a further man- agement review be con- ducted to ensure the compa- ny has not experienced a “brain drain” of key ex- pertise during its restructur- ing process. Although a pre- up to 50% oFF ALL No. 2 PRODUCTS FACTORY DIRECT Spring Clearance Sale on Now! GEL Also Available vious review noted the com- pany’s solid wood opera- tions, including the Smithers and Camaby sawmills, are well run, Torney says 4 comprehensive review should include all opera- tions, He notes that some operations have a dis- proportionate number of management staff, com- pared to employces. For the most part, Tomey’s report remains un- changed from his interim as- sessment. Some key recom- mendations: Mi Appoint an advisory committee, made up of rep- resentalives of forest-rclated businesses and community leaders, to give input to the board of directors. Torney suggesis Terrace Mayor Jack Talstra, creditor. . spokesperson Justin Rigsby, and Lance Hamblin of Houston be considered, Retaining Wall Units SPECIALS } 8”X16” patio slab $3.00 ea. LS 16”X16" patio slab $2.99 ea. 24°X24”" patio slab $6.95 ea. : Portland Cement $9.00 bag |} x Building or renovating this year? We provide more than concrete and concrete pumping. 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