Kent, Wash.-based Pay ‘N Pak Stores considered...

Kent, Wash.-based Pay ‘N Pak Stores considered and rejected as illusory the revised acquisition proposal by Paul Bilzerian announced on June 10 . . . Singer Co. announced that it will take a pretax charge of $45 million against operating earnings in the second quarter to cover unexpected costs in the development phase of three aerospace electronics programs . . . May Department Stores said it has agreed to sell its seven-store Stewart division, part of L.S. Ayres Co., in Kentucky; five of the locations will go to Snyder’s Inc. and one each to Burlington Coat Factory and Rouse Co. . . . Viacom Inc.’s common stock has begun trading on the American Stock Exchange under the ticker symbol VIA . . . The Investment Company Institute reports that the assets of the nation’s 383 money-market mutual funds fell $2.46 billion in the week ended June 10.