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BRIEFCASE COACH OPENS FIFTH LOS ANGELES SHOP.

Byline: - Daily News Staff and Wire Services

SHERMAN OAKS - Coach added a store to its extensive portfolio, opening its fifth Los Angeles location at the Sherman Oaks Fashion Square.

The 2,500-square-foot store is laid out with white maple, white brick walls and satin nickel hardware, showing the redesign that is being implemented in all of Coach's 204 stores.

Its product lineup includes various bags, outerwear and watches.

Applause to show quarter's profits

WOODLAND HILLS - Within days of announcing completion of its restructuring plan, Woodland Hills-based gift and licensing company Applause announced Monday it will post profits for the fourth quarter of 2001.

It marks the first time the company - which is privately held - has shown a quarterly profit in more than four years.

Applause is also projecting significant profits for 2002, citing an overall business plan implemented by Chairman and CEO Bob Solomon after he acquired the company's assets in March.

Sitestar rebuys its own stock

SHERMAN OAKS - Sitestar Corp., a Sherman Oaks-based technology investment firm, announced Monday it repurchased 10.6 million shares of its common stock through privately negotiated transactions.

The stock repurchase from various shareholders was finalized at the end of business on Nov. 19.

Sitestar's board had previously authorized the repurchase of 350,000 shares of common stock. The board subsequently authorized the repurchase of an additional 12 million shares.

The stock repurchase represents about 11.5 percent of Sitestar's fully diluted total shares outstanding.

Northrop finishes public offerings

CENTURY CITY - Northrop Grumman Corp. announced the successful completion of its public equity offerings Monday.

The defense giant said it issued 9.2 million shares of common stock and 6.9 million equity security units.

Net proceeds from the sale of both common and equity security units totaled about $1.45 billion, which will be used to reduce debt and for general corporate purposes, according to the company.

Interest rates up on Treasury bills

WASHINGTON - Interest rates on short-term Treasury securities rose in Monday's auction.

The Treasury Department sold $16 billion in three-month bills at a discount rate of 1.920 percent, up from 1.900 percent last week. An additional $16 billion was sold in six-month bills at a rate of 1.990 percent, up from 1.960 percent.

The three-month rate was the highest since Nov. 5, when the bills sold for 1.975 percent. The six-month rate was the highest since Oct. 29 when the rate was 2.005 percent.

In a separate report, the Federal Reserve said Monday that the average yield for one-year constant maturity Treasury bills, the most popular index for making changes in adjustable rate mortgages, rose to 2.35 percent last week from 2.24 percent the previous week.

Christian music unit now Warner's

NASHVILLE, Tenn. - Gaylord Entertainment Co. has sold its Christian music division, Word Entertainment, to Warner Music Group for $84.1 million in cash.

Word Entertainment has a music catalog containing more than 75,000 masters and also is a leader in printing and distributing hymnals and choral music. The deal, which was announced on Monday, is expected to be completed in January.

The company is home to some of Christian music's top-selling performers including Amy Grant, Sixpence None The Richer, Rachael Lampa, Sandi Patti, Point of Grace, Jaci Velasquez, Nicole C. Mullen and Marc Schultz.

Warner is already home to record companies such as The Atlantic Group, Elektra, Warner Brothers, London-Sire and Rhino. It is a division of AOL Time Warner Inc.
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Title Annotation:Business
Publication:Daily News (Los Angeles, CA)
Geographic Code:1USA
Date:Nov 27, 2001
Words:578
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