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Adelphia HQ up for sale again, Tops turns modest profit and Mod-Pac buys back more stock

From Business Today:


Adelphia Communications' former headquarters is up for sale. Though it cost $24 million to build when it was constructed, it's on the block for a mere $1.5 million. It's the third time the building has gone up for sale since 2007.

Located in Coudersport, Pa., the sprawling building was home to the Adelphia cable TV empire, founded by John Rigas along with sons Timothy and Michael. The family also owned the Buffalo Sabres. In 2002, they were arrested and charged with conspiracy to commit security fraud. They are now serving prison sentences for looting the company of hundreds of millions of dollars.

Adelphia was the sixth-largest cable company in America. Its corporate operations moved to Colorado and the company's services were sold off.


Things are steady at Tops Markets. Tops Holdings Corp. reported a modest profit along with a 3 percent rise in overall sales. Stronger sales and increased productivity helped offset rising food prices.

Tops earned $293,000 during the second quarter, up from an $8.9 million loss a year ago. Sales increased to $560 million from $542 million, with gasoline sales rising 50 percent thanks to increased gas prices and the addition of three new fueling stations to the company's roster.

Sales of private label goods rose 5 percent, as many customers "traded down" to from premium brands to store products.


Mod-Pac Corp. will be able to repurchase almost 6 percent of its outstanding stock. The specialty printing company is expanding the stock buyback program by nearly 190,000 shares.

Mod-Pac has been buying back its shares since last August.

Who is getting hired, promoted and honored?

Enjoy your last day of August:


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