Business in Brief - Friday

RESUMED: Boeing said on Thursday that it has resume test flights of the upcoming 787 Dreamliner jet, after a month-long delay.(Ben Stansall/AFP/Getty Images)

Transportation

Boeing to Resume 787 Test Flights

Boeing Co. on Thursday said that it would resume its 787 Dreamliner test flights after its latest round of delays and technical issues. After an onboard electrical fire, which forced it to stop testing last month, the company said that it had resumed testing on Thursday. “As we return to flight test and determine the pace of that activity, we remain focused on developing a new program schedule,” said Scott Fancher, head of the 787 program, in an AFP report. According to Boeing, the company has installed an updated electric distribution system that has undergone extensive testing.

Travel

Hilton, Starwood Settle Espionage Lawsuit

Hotel giants Hilton Worldwide and Starwood Hotels & Resorts have agreed to settle a lawsuit on Wednesday in which Starwood accused Hilton of using stolen trade secrets to advance itself to the detriment of Starwood’s business. The suit alleged Hilton of acting on confidential information regarding Starwood to strategically position its Waldorf Astoria Hotels and Resorts (formerly Waldorf=Astoria Collection) and create a new brand called Denizen Hotels. In the settlement, Hilton denied the allegations. “Hilton Worldwide regrets the circumstances surrounding the dispute, and is pleased to bring an end to this prolonged litigation,” Hilton chief executive Christopher J. Nassetta said, according to a press release. Starwood said Hilton obtained such information about the hotel chain after Hilton hired several Starwood executives with inside knowledge of such matters.

Retail

Jo-Ann Stores Sold for $1.6 Billion

U.S. fabric store chain Jo-Ann Stores on Thursday said it agreed to be acquired by a private-equity firm affiliated with Leonard Green & Partners LP, for $1.6 billion in cash. The valuation estimates Jo-Ann at $61 per share, 34 percent higher than the company’s closing stock price on Wednesday. “We are excited about the prospect of working with Leonard Green & Partners as we further capitalize on opportunities to accelerate the expansion and upgrade of our stores and pursue market share gains,” said Jo-Ann CEO Darrell Green in a statement. Jo-Ann Stores currently holds no debt, and its shares have been climbing year-to-date following positive earnings reports.