Nordstrom's Bellevue store to be renovated

Nordstrom plans to begin a multimillion-dollar, yearlong renovation of its Bellevue Square store in January, the company said.

The location — opened in 1958 as a shoe store — had its last major remodel in 1995. The company plans to expand designer areas on the second floor, update its cosmetics area and add new finishes to its dressing rooms. "It's really part of our commitment to keep our existing stores fresh and relevant," Nordstrom spokeswoman Deniz Anders said.

Nordstrom also plans to relocate and build a new 144,000-square-foot store at the Tacoma Mall, to be finished in fall 2008.

Eastsider named editor-in-chief

Mark Fefer, an Eastside native who spent nine years as a staff writer, arts and culture editor and jazz critic at the Seattle Weekly, is the alternative paper's new editor-in-chief.

He replaces Knute Berger, who resigned this summer.

Fefer's first stint at the Weekly ran from 1995 until 2004, when he moved to New York. He has worked most recently as an editor at Bloomberg News.

The 30-year-old Weekly has experienced a major staff exodus since January, when a Phoenix-based chain known until recently as New Times Media assumed ownership. In addition to Berger, the paper's publisher, managing editor, advertising director, production director, design director, music editor and several longtime writers have left.

Live Search to go from beta to final

Microsoft said it will move its Live Search service and its Live.com Web portal from beta trials to final status today in 47 markets worldwide. It has also finalized its Live Local Search service in the U.K. and the U.S. The company also said it would migrate the Web search feature this week on its MSN portal to Live Search.

6 companies vie for Army contract

Boeing said it is among six companies selected to bid for satellite-communications work under a five-year U.S. Army contract valued at as much as $5 billion.

The contract for the World-Wide Satellite Systems program calls for six satellite terminal types, operating on various military and commercial bands, Boeing said Monday.

While no work has been awarded, the Army has pre-qualified Boeing, General Dynamics and four smaller companies to put in bids when satellite services are needed, the Army said.

$3.4 billion settles huge tax dispute

Drug giant GlaxoSmithKline agreed to pay $3.4 billion in the largest tax settlement in IRS history, resolving a dispute from the 1980s over the multinational company's U.S. profits.

The disagreement concerned how much of the profits from certain drugs, particularly the ulcer and heartburn medication Zantac, should be attributed to U.S. subsidiaries of Glaxo and, therefore, subject to tax.

Glaxo said the settlement will not have a significant effect on its reported earnings.

Purchase reports boost shares

Shares of chip maker Freescale Semiconductor surged Monday on news reports that the company was in talks to be purchased by a consortium of investment firms for $16 billion.

Shares rose $6.31 to close at $37.06.

The stock boost came after a report in the New York Times on Monday said Freescale was the target of a buyout by a group of investment companies including Texas Pacific Group Ventures and The Blackstone Group.

In a statement, Freescale confirmed that it was "in discussions with parties relating to a possible business transaction" but declined further details.

CEO, counsel firings reportedly urged

A federal monitor urged the board of directors of Bristol-Myers Squibb to fire Chief Executive Peter Dolan and the drug maker's general counsel, according to a newspaper report.

The monitor, former federal Judge Frederick Lacey, recommended late Monday to a special session of the company's board that it terminate Dolan and general counsel Richard Willard, The Wall Street Journal reported on its Web site, citing a person familiar with the matter.

The meeting was attended by the U.S. Attorney for New Jersey, Christopher Christie, who appointed Lacey. The board is scheduled to meet formally today.

Lacey made his recommendation after finding that Bristol-Myers's actions in pursuing a deal to delay generic competition to the company's best-selling drug, the blockbuster blood thinner Plavix, violated the terms of a deferred prosecution agreement, the person said. Christie backed Lacey's recommendation, leaving the board no choice but to follow it, the person added.

The deferred prosecution agreement was put in place last year after Christie's three-year investigation into a $2.5 billion scandal at the company involving "channel-stuffing," or overloading wholesalers with inventory to meet quarterly sales targets.

Compiled from Seattle Times business staff, The Associated Press and Bloomberg News