CNF TAKES WRITE-OFF, LAYS OFF 400

CNF TAKES WRITE-OFF, LAYS OFF 400    CNF Inc. said will write off $23 million, net of taxes, over the next two quarters and has laid off 400 employees due to the business failure of one of subsidiary Menlo Logistics’ customers, Homelife.
   The majority of the charge will be taken in the second quarter. The company will announce its second-quarter results Wednesday.
   Homelife, a retail furniture business that was formerly a unit of Sears, said it has closed its stores nationwide due to adverse financial conditions. Menlo Logistics had a contract with Homelife to provide supply chain management services.
   John H. Williford, president and chief executive officer of Menlo Logistics, said the write-off would not affect Menlo’s other clients and that the unit of CNF expects to post solid profits for the year.