Jan. 29–ALLIANCE CUTS COLLEGE-FUND FEES: Alliance Capital Management, which manages Rhode Island’s state-sponsored college savings plan — the CollegeBoundFund — has lowered its fees, according tothe State Investment Commission, which oversees the pension fund. The SIC reported the rate decrease yesterday at its monthly meeting.
The reduction was based on a settlement with New York Attorney General Eliot Spitzer in December requiring New York-based Alliance to reduce mutual-fund fees by 20 percent and freeze them for five years. Alliance was facing allegations that its executives allowed short-term trading by hedge funds and brokers that hurt long-term investors.
Rhode Island’s so-called 529 plan allows investors to save for college education in a tax-sheltered account featuring an array of Alliance mutual funds.
WILSONS TO CLOSE MALL STORE: Wilsons The Leather Experts Inc. will close its Providence Place mall store as part of a restructuring effort the apparel chain expects will help it shed $50 million in inventory, according to a company news release.
The Brooklyn Park, Minn., company said this week it would close 111 stores in 30 states and eliminate 1,000 jobs. No store closings are planned for Massachusetts, where the chain has stores in Emerald Square Mall, North Dartmouth Mall, Silver City Galleria and Swansea Mall. I
n Rhode Island, the company also operates two stores in Warwick, at 1300 Post Road and in Warwick Mall. About 490 stores will remain in the chain after the closings.
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