Arrow-right Camera
The Spokesman-Review Newspaper
Spokane, Washington  Est. May 19, 1883

Business in brief: Rockwell Arms gun store filing for bankruptcy

From staff and wire reports

Coeur d’Alene gun dealer Rockwell Arms Inc. is filing for bankruptcy.

The business was started in Sandpoint by attorney Doug Marks. The business moved to Coeur d’Alene, where it had a storefront at 225 W. Appleway Ave.

Rockwell has drawn the ire of some customers, who complained to the Better Business Bureau that the company accepted thousands of dollars for guns and other products through online orders and then didn’t fulfill orders.

The BBB issued a warning Monday that Rockwell’s accreditation had been revoked and that the business had been given an “F” rating for failing to respond to 14 complaints since April 10.

Marks said Monday evening his company has some assets and he hopes to pay customers and vendors.

“We had hoped to file for bankruptcy by now,” he said.

In a letter posted on the Rockwell website, Marks acknowledged the problems: “We know we have caused many of our customers irritation as our reduced staff has been unable to respond to inquiries while trying to figure out a way forward. We apologize for our failure to communicate with those of you who have outstanding orders with us, and we will be corresponding with you soon.”

Construction hits 6-year high

WASHINGTON – U.S. construction spending climbed in April to the highest level in more than six years, fueled by healthy gains in housing, government spending and nonresidential construction.

Construction spending advanced 2.2 percent in April to a seasonally adjusted annual rate of $1 trillion, the highest level since November 2008, the Commerce Department said Monday. Spending had risen a more modest 0.5 percent in March.

The gain included a 0.6 percent rise in residential construction and a 3.1 percent jump in nonresidential activity such as office buildings, hotels and shopping centers. Government projects increased 3.3 percent, reflecting the biggest jump in spending on state and local projects in three years.

The April advance was the biggest one-month gain in three years and left construction activity more than 4 percent above where it was a year ago.

China, South Korea sign pact

SEOUL, South Korea – South Korea and China signed a free trade deal Monday that will remove tariffs on more than 90 percent of goods over two decades. Trade ministers from the two countries met in Seoul to sign the pact between two of Asia’s biggest economies.

The agreement covers 22 areas including finance and online commerce but won’t include rice and autos.

South Korea’s trade ministry said the deal would boost the country’s gross domestic product by nearly 1 percentage point. The agreement will give South Korea’s small- and medium-size companies wider access to the Chinese market while boosting China’s investment in South Korea, the ministry said.

Disney CFO to resign

LOS ANGELES – The Walt Disney Co. said Monday that its chief financial officer, Jay Rasulo, will resign at the end of June, clearing the path for another top executive, Tom Staggs, to succeed Bob Iger as eventual CEO.

A new chief financial officer was not named Monday, but Rasulo, 59, will serve as an adviser to assist in the transition.

Barton Crockett, a media company analyst with FBR Capital Markets & Co., said the move is clearly related to succession planning, something Disney has managed poorly in the past, especially with the resignation of Michael Eisner in 2005 following a shareholder revolt.