Due to a loss of financial support and being unable to secure alternative financing, East Village Books will close, according to its Web site. A letter written by the owners said: “We realize this announcement is sudden, but we have exhausted every effort over the last few days. The bottom line is that we can no longer personally shoulder the burden of the business operations and have made the heart wrenching decision to close East Village Books.”

Forest City-based Winnebago Industries Inc. was among the three recreational vehicle makers downgraded by Robert W. Baird & Co.; the research company said that even though oil prices are falling and early investment in cyclicals has boosted valuations, the companies’ fundamentals remain “dreadful,” Reuters reported. Winnebago and Thor Industries Inc. were downgraded to “underperform” from “neutral” and Monaco Coach Corp. was downgraded to “neutral” from “outperform.” The industry has been hit hard by economic conditions that have slowed sales of recreational vehicles. In a note to clients, analyst Craig Kennison said Monaco’s survival hinges on its ability to borrow $30 million to $40 million, which is needed to further secure $100 million in credit. Meanwhile, Kennison said, Thor and Winnebago are positioned to survive and will take a greater share of the marketplace as competitors exit.

Meredith Corp. has named Joseph Ceryanec as vice president and chief financial officer, effective Oct. 20. Ceryanec, 47, has spent most of his career at McLeodUSA Inc., where he most recently served as chief financial officer and president of its 13-state Central Region when PAETEC Corp. acquired the company early this year. He replaces Suku Radia, who became president of Bankers Trust Co. early this year.

Dubuque-based multimedia company Woodard Communications Inc. (WCI) has acquired Two Rivers Marketing, a Des Moines-based firm specializing in business-to-business communications. Two Rivers is expected to become a wholly owned subsidiary of WCI in October, which will allow the firm to continue operating independently with the same organizational structure and business practices. A plane crash killed Two Rivers’ co-founder and president Tom Dunphy in November 2006. WCI has nearly 600 employees across six operating divisions: The Dubuque Telegraph Herald, weekly publications, radio broadcasting, commercial printing, niche magazines and Mission Creative, a full-service advertising agency. Two Rivers has 75 employees.

MidAmerican Energy Holdings Co., a subsidiary of Berkshire Hathaway Inc., is scheduled to announce at a press conference in Hong Kong today that it has agreed to purchase 225 million shares, or about 10 percent interest, in BYD Co. Ltd. The investment is valued at 1.8 billion Hong Kong dollars, or approximately $230 million in U.S. currency. BYD is focused on researching, developing, manufacturing and selling rechargeable batteries, automobiles, electric automobiles and related products. “MidAmerican is pleased to make an investment in BYD – a high-caliber organization, committed to making a dramatic environmental impact with their products,” said David Sokol, chairman of MidAmerican, in a release. “As worldwide discussions relating to global climate change and environmental respect continue, the technologies being developed by BYD will be an integral part of the future.”



Consumer spending remained unchanged in August, the worst performance in six months, as the wave of spending related to stimulus checks faded out, the Associated Press reported. The figures in the Commerce Department’s report are worse than the 0.2 percent gain economists expected. Personal incomes were up 0.5 percent after a 0.6 percent drop in July. But after-tax incomes, which were affected by the stimulus program, dropped 0.9 percent. Consumer spending accounts for two-thirds of total economic activity.