News in brief

Instagram CEO put

on Wal-Mart board

Instagram Chief Executive Officer and co-founder Kevin Systrom, 30, has been appointed to Wal-Mart's board of directors, the retailer said Monday. His term began last week.

He is the board's 15th member, with the 14 others elected by shareholders at Wal-Mart's annual Shareholders Meeting in Fayetteville in June. Systrom also will serve as a member of the company's Technology and eCommerce Committee, as well as the company's Compensation, Nominating and Governance Committee.

"Kevin's entrepreneurial background and his technical and digital expertise will be invaluable," Wal-Mart board Chairman Rob Walton in a release.

Instagram, a photo-and-video sharing social networking service, was acquired by Facebook in August 2012. Systrom leads the day-to-day operations of Instagram, which now boasts more than 200 million active accounts.

-- Cyd King

Boscos shuts down

in LR's River Market

Boscos Restaurant and Brewing Co., a River Market fixture since 2003, closed its doors for the last time Sunday.

Andrew Feinstone, a manager and co-owner of Boscos, said Monday that slowing sales took a toll, causing the company to decide to "focus on other projects."

"Our sales were just kind of declining," Feinstone said. He said several "little things" over the years affected the restaurant, including nearby construction on projects such as the Arcade Building, the rebuilding of the Riverfest Amphitheater and added restaurants.

"I guess I probably should have paid closer attention," said Feinstone, who is based in Memphis.

Feinstone said more than 30 full- and part-time workers lost their jobs. The company is trying to help those workers find other jobs, he said.

Feinstone said the company is already looking for someone to take over the location, including its brewing equipment. Boscos recently closed its Nashville location, leaving only a restaurant in Memphis open.

-- Glen Chase

Arkansas Index slips

after choppy trading

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, fell 0.61 to 345.14 Monday.

"The major averages were choppy on Monday as hesitant investors weighed mixed economic data and increasing geopolitical tensions," said Bob Williams, senior vice president and managing director of Delta Trust Investments Inc. in Little Rock.

Windstream and P.A.M. Transportation were weak, with both issues dropping more than 2 percent, Williams said.

Tyson Foods was the sole standout on the upside, gaining nearly 3 percent in active trading, Williams said.

The index was developed by Bloomberg News and the Arkansas Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.

Business on 09/30/2014

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