Also . . .
* Bank One Corp. said it will cut 5,100 jobs, or about 5.6% of its work force, to lower costs as the nation’s fourth-largest bank struggles to boost its slumping earnings and stock. The Chicago-based bank, which previously said it would cut jobs, disclosed the number in its annual report, filed with the Securities and Exchange Commission. Bank One has warned four times in the last seven months that it wouldn’t meet analysts’ earnings estimates and has seen its stock lose half its value. Most of the job cuts, which are being accomplished through firings and attrition, are concentrated in the credit card and consumer lending businesses. Shares fell 13 cents to close at $27.63 on the NYSE.
* Loehmann’s Inc., a discount clothing chain under Chapter 11 bankruptcy protection, said it will close 11 more stores in California and eight other states as part of a proposed reorganization plan. Locally, stores in Fullerton and Palm Springs will be shuttered. Loehmann’s will continue to operate 44 stores in 16 states under the plan, to be filed next week in U.S. Bankruptcy Court. It operated 69 stores in 22 states before filing for bankruptcy protection in May.
* Wendy’s International Inc. appointed John T. Schuessler, formerly head of its U.S. operations, as chief executive and president of the fast-food restaurant concern. Wendy’s founder Dave Thomas continues as senior chairman of the board. Thomas, well-known for his appearance in commercials for the company, had temporarily served in the three top roles at the company after Gordon F. Teter, chairman, CEO and president, died unexpectedly in December. Schuessler, 49, joined Wendy’s in 1974 as a manager trainee for a franchisee in Atlanta.
* OfficeMax Inc.’s board adopted a plan to prevent hostile takeovers after an investor group led by Mexican billionaire Carlos Slim Helu indicated it wanted to buy as much as 25% of the third-largest U.S. office supply chain’s stock. The group already owns at least 8% of OfficeMax’s shares. The so-called poison pill prevents an investor from owning more than 15% of the company’s shares.
* The American magazine industry will lose one of its oldest and best-known titles in May when Life publishes its last monthly issue. Parent company Time Inc. will continue to put out occasional issues for special events as well as books that carry the Life brand.
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