Foxwoods CEO a victim of the layoffs

The chief executive officer of Foxwoods Resort Casino has become among the first of about 700 employees to lose their jobs by Oct. 17. The Mashantucket Pequot tribe, which owns the casino, says Patricia Irvin’s last day was Friday. Her job has been eliminated, and the duties will be shared by the acting president of Foxwoods and the general manager of its MGM Grand facility. Revenues at Foxwoods and the nearby Mohegan Sun casino have dipped in the lackluster economy as they have encountered rising expenses. Annual slot machine revenue at Foxwoods fell in each of its last three fiscal years, by a total of 7 percent since 2005.

Progressive Gaming owes fees to Hasbro

Progressive Gaming International Corp., which sells software that operates electronic gambling devices used in casinos, said yesterday it is trying to work out a payment schedule for money it owes Pawtucket toy maker Hasbro Inc. In a regulatory filing, Las Vegas-based Progressive said it failed to make a $1-million payment due in September to Hasbro as part of a legal settlement. Subsequently, based on a request from Hasbro, a U.S. District Court judge in Providence ordered Progressive to pay the toy maker $1.7 million — the full amount remaining under the unspecified settlement agreement. Progressive said it is attempting to restructure its payment terms to Hasbro. The settlement came in a 2005 lawsuit filed by Hasbro in which it alleged that Progressive had improperly calculated the royalty payments due under a licensing deal. The deal allowed Progressive to use the names and trademarks of some Hasbro games on its gambling machinery. Hasbro claimed Progressive owed it $6 million in unpaid royalties.

Narragansett Bay Insurance gets high rating

Narragansett Bay Insurance Co., based in Pawtucket, said yesterday it entered into a renewal rights agreement with Adirondack Insurance Exchange. The deal involves more than 4,500 policies with premiums of about $10 million and will result in the appointment of independent agents who currently service the accounts. “The acquisition of the Adirondack policies demonstrates our determination to grow our homeowners business and our ability to add capacity,” said Stewart H. “Nick” Steffey Jr., chief executive officer of Narragansett Bay. Having emerged from the former Pawtucket Mutual, Narragansett Bay Insurance recently acquired a funding agreement totaling $200 million from three private-equity investors to expand the company’s homeowners business. Backed by highly rated reinsurers, the company has received an “A Exceptional” financial stability rating by Demotech Inc., an independent financial analysis and actuarial service for property and casualty insurers. Adirondack Insurance Exchange is managed by Adirondack AIF LLC, a member of OneBeacon Insurance Group.

A. Duie Pyle opens service center in Johnston

A. Duie Pyle, a transportation company based in West Chester, Pa., has opened an 18-acre service center in Johnston that employs 60 people, said Peter Latta, chairman and owner. Although the company had a service center in Webster, Mass., building two $30-million facilities — one in Johnston and another in Northboro, Mass. — was determined to be more efficient. “Building these two new facilities provided opportunities to create an infrastructure to better serve our customers,” Latta said. The Johnston center, which will serve Rhode Island, Eastern Connecticut and Southeastern Massachusetts, is located at Exit 5 of Route 295.

Bryant’s MBA program garners praise

For the second year in a row, Bryant University’s MBA program has been named one of the best in the country, according to the 2009 edition of “Best 296 Business Schools,” released yesterday by The Princeton Review. “We select schools for this book based on our high regard for their academic programs and offerings, institutional data we collect from the schools and the candid opinions of students attending them who rate and report on their campus experiences at the schools,” said Robert Franek, vice president of publishing at Princeton Review. The editors cite Bryant’s excellent facilities as well as the cohort and team approach to its part-time MBA program, initiated in 2006. In cohort-based education, students move through the program as a cohesive group of 30 to 35. Each student is also assigned to a study team for the length of the program (typically two years).

‘Lizzie Borden’ businesses settle out of court

Two Massachusetts businesses that battled over the use of the “Lizzie Borden” name have settled out of court. The owner of a new museum and gift shop in Salem has agreed to change its name so it won’t be confused with the Lizzie Borden Bed and Breakfast in Fall River, which is located in the home where Borden’s father and stepmother were killed with a hatchet in 1892. The owner of the Fall River business sued in federal court, saying The True Story of the Lizzie Borden Gift Shop and Museum infringed on his trademark of Lizzie Borden Museum and would siphon his business away. Leonard Pickel, owner of the Salem business, said yesterday that the settlement agreement allows him to use the Lizzie Borden name in a tag line describing his business, but he can’t use the full name in the name of his business.

Jean Coutu Group reports quarterly loss

Canadian drugstore chain Jean Coutu Group Inc. Monday reported a second-quarter loss because of its stake in Rite Aid Corp., the money-losing U.S. pharmacy chain. Jean Coutu acquired about one-third of Rite Aid last year by selling its Warwick-based Brooks-Eckerd drugstore chain to the third-biggest U.S. drugstore chain for $3.4 billion in cash and stock. The Jean Coutu net loss was $39.1 million (Canadian) or 16 cents a share, compared with net income of $8.3 million (Canadian), or 3 cents, a year earlier, the Longueuil, Quebec-based company said. It said sales missed analysts’ estimate as consumers slowed spending. Rite Aid reported Sept. 25 that its second-quarter loss more than doubled to $222 million, or 27 cents a share, because of declining sales and higher financing costs. It was Rite Aid’s fifth straight unprofitable quarter.

GateHouse Media submits plan to NYSE

GateHouse Media Inc., the financially troubled newspaper company that owns the Herald News of Fall River and the Taunton Daily Gazette in Massachusetts, said Monday it submitted a business plan to the New York Stock Exchange demonstrating the ability to meet listing requirements. GateHouse will continue to suspend its dividend and it had repaid amounts outstanding under its revolving credit facility as of Sept. 30, the company said in a statement.

Physicians in short supply in Mass.

According to a new report, Massachusetts is facing a critical shortage of doctors needed to make its landmark health-care law a success. The report by the Massachusetts Medical Society says at least a dozen physician specialties — including oncology, neurology, and dermatology — are facing shortages. Doctors practicing the primary-care specialties of internal medicine and family medicine are also in short supply. The report said the state needs to do a better job recruiting and retaining doctors, especially for community hospitals. The society, which represents more than 20,000 doctors and medical students, said Massachusetts also needs to be more welcoming to doctors, in part by changing malpractice laws and increasing doctors’ pay. Massachusetts’ landmark health-care law is designed to mandate insurance for nearly all residents.