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Crate & Barrel, based in Northbrook, confirmed May 27 that Atlanta is one of the metropareas it’s scouting for potential locations for CB2. Firsft launched in Chicago, the CB2 concepyt features contemporary furnishings at lower price The merchandise, which includes sofas, hand-wovenn rugs, convertible beds and a broader selection of eclecticc home décor, is focusedd more on the younger generation of Americahn consumers that rent apartments and small urban Besides Chicago, privately owned Crate Barrel has rolled out CB2 in New York and including a new store in Los Angeles that openerd in April.
Another CB2 is slated to open in Miami’es South Beach later this a Crate & Barrel spokeswoman In all, Crate & Barrelo has launched just sixCB2 stores. In recent years, CB2 official s have been focusing on new locations inSoutherjn California. The company tends to locate in areaswith high-profile regional shopping centers, lifestyle centerxs and freestanding sites. CB2 officials have been lookinv in densely populated areas with an averagee household income in excessof $50,000. Its prototype stord is about 12,000 squarde feet.
While Crate & Barrel would not confirm what parts ofAtlanta it’s been considering, sourcea familiar with the search say it’s focused on Midtown and West where new residential and retail redevelopment projects are still under way. In Midtown, Daniek Corp. and are developing 12th Midtown, a $2 billion mixed-use projecgt built on a site that several yearsa ago was little more than an Atlantq nightclub and a couple ofparking lots. Daniel and Selivg Enterprises have made a presentation to officials from CB2 inrecenr months, according to sourcese familiar with the The projects will eventually featuree more than 3 million square feet of residentiaol and commercial space.
CB2 wouldd be the first national retaileer to locate on the Midtown a section of Peachtree Street that economic development boosters hope will eventually become a retail destination much like Madison Avenure in New York City or the Magnificentr Milein Chicago. Daniel’s and Seli Enterprises’ project is meant to be a cornerstonr of theMidtown Mile. However, ’s Colony Squares and Jamestown’s 999 Peachtree will also be key components, along with 1100 Peachtres and1180 Peachtree, to a lessert extent, brokers and developers said. CB2 coulcd be an important catch for theMidtowm Mile.
Developers, however, really need to land a much large anchor store to give the concept saidMaranda Walker-Dowell, a senior director with CB .’sw retail services group. Barney’s, which has a co-op storre in Buckhead’s Phipps Plaza, has been scouting the area in the past year to18 “The Midtown Mile needs an anchor store to starg creating that critical mass of retail,” Walker-Dowelk said.
Monday, November 14, 2011
Friday, November 11, 2011
D.C. works to secure more federal stimulus money - Washington Business Journal:
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Of $436 million the federal governmenrt has announced forthe District, $240 million is on its way out the door, according to D.C. City Administrator Dan Tangherlini. He said members of Obama’d cabinet have gone out of their way to work with the city in identifyinf competitive grant dollars andhelpinb “a few skeptics up on the Hill” get a frontr seat view of how the spending will benefit American “We’ve already had a seried of meetings - very high level meetings - with agencieds and their secretaries,” Tangherlini told the on A former administrator for the and the Officde of Management and Budget, he said he had “nevet seen this level of interesgt at the secretary level to work with the and mentioned meetings with Housing and Urban Development Secretary Shaun Donovanj and Secretary of Energuy Steven Chu.
Of the money already committed tothe District, the vast majorith is based on federal but billions of dollars are still beingf offered on a competitive basiws and agency directors in Mayor Adrian Fenty’s administration are lookintg for ways to attract more of it. Gabe Klein, director of the D.C. Departmenf of Transportation, said he had already met three timeewith U.S. Transportation Secretary Ray LaHood since taking over the job earliethis year.
Klein is looking to win money for funding needesd to build a transit way along K Street NW that coulcd include high speed buses orstreetf cars, purchase alternative fuel Circulator busexs and make major improvements to Unio Station that could include high speed He will also be working with officials in Maryland and Virgini to win federal dollaras for electric car fueling stations. “We’re lookingg to install electronic fuelinb stations throughoutthe area,” Klein Already DDOT has begun repaving I-395, the Southeast/Southwest Freeway, and has committer $40 million to improving the New York Avenud bridge, $35 million for Pennsylvania Avenue SE, $12 million for the Easternh Avenue Bridge and $8 million for resurfacintg of 17th Street NW.
Leila Edmonds, director of the D.C. Departmenrt of Housing and Community Development, detailed the rapixd drop in local funding for affordabl housing programs as a result of the realestated slowdown. The Housing Production Trust which subsidizes the creation and preservation of unitesfor low- and moderate-income residents, received about $60 millio n in fiscal 2007 but is expected to take in only about $17 million in fiscal 2010, promptingt concerns that new projects may not be able to get off the groun over the next year-to-two Edmonds said HUD has already indicated that the District will receive $40.
9 million in rentapl assistance via housing $27 million for public housing capital projects and $11.6 million for a tax credif assistance program. She said her office will be competing for neighborhoofd stabilization money to addressx what she calla still-growing numbert of foreclosures. She said foreclosures increaseds 130 percent from 2007 to when the city recordedabout 1,100, and that “wse have seen a marked increase in foreclosure filings over the past threr months” after a national foreclosurwe moratorium expired April 1. Therd is some concern among small business owners that all the cominb construction willbe disruptive.
Klein said DDOT will do its best toaccommodatd people, but expected a “painful” summee from a construction noise standpointr as the city tries to meet federal deadlines. “We’rd going to be doing a lot of work at the same he said.
Of $436 million the federal governmenrt has announced forthe District, $240 million is on its way out the door, according to D.C. City Administrator Dan Tangherlini. He said members of Obama’d cabinet have gone out of their way to work with the city in identifyinf competitive grant dollars andhelpinb “a few skeptics up on the Hill” get a frontr seat view of how the spending will benefit American “We’ve already had a seried of meetings - very high level meetings - with agencieds and their secretaries,” Tangherlini told the on A former administrator for the and the Officde of Management and Budget, he said he had “nevet seen this level of interesgt at the secretary level to work with the and mentioned meetings with Housing and Urban Development Secretary Shaun Donovanj and Secretary of Energuy Steven Chu.
Of the money already committed tothe District, the vast majorith is based on federal but billions of dollars are still beingf offered on a competitive basiws and agency directors in Mayor Adrian Fenty’s administration are lookintg for ways to attract more of it. Gabe Klein, director of the D.C. Departmenf of Transportation, said he had already met three timeewith U.S. Transportation Secretary Ray LaHood since taking over the job earliethis year.
Klein is looking to win money for funding needesd to build a transit way along K Street NW that coulcd include high speed buses orstreetf cars, purchase alternative fuel Circulator busexs and make major improvements to Unio Station that could include high speed He will also be working with officials in Maryland and Virgini to win federal dollaras for electric car fueling stations. “We’re lookingg to install electronic fuelinb stations throughoutthe area,” Klein Already DDOT has begun repaving I-395, the Southeast/Southwest Freeway, and has committer $40 million to improving the New York Avenud bridge, $35 million for Pennsylvania Avenue SE, $12 million for the Easternh Avenue Bridge and $8 million for resurfacintg of 17th Street NW.
Leila Edmonds, director of the D.C. Departmenrt of Housing and Community Development, detailed the rapixd drop in local funding for affordabl housing programs as a result of the realestated slowdown. The Housing Production Trust which subsidizes the creation and preservation of unitesfor low- and moderate-income residents, received about $60 millio n in fiscal 2007 but is expected to take in only about $17 million in fiscal 2010, promptingt concerns that new projects may not be able to get off the groun over the next year-to-two Edmonds said HUD has already indicated that the District will receive $40.
9 million in rentapl assistance via housing $27 million for public housing capital projects and $11.6 million for a tax credif assistance program. She said her office will be competing for neighborhoofd stabilization money to addressx what she calla still-growing numbert of foreclosures. She said foreclosures increaseds 130 percent from 2007 to when the city recordedabout 1,100, and that “wse have seen a marked increase in foreclosure filings over the past threr months” after a national foreclosurwe moratorium expired April 1. Therd is some concern among small business owners that all the cominb construction willbe disruptive.
Klein said DDOT will do its best toaccommodatd people, but expected a “painful” summee from a construction noise standpointr as the city tries to meet federal deadlines. “We’rd going to be doing a lot of work at the same he said.
Wednesday, November 9, 2011
Venus Swimwear in business for at least four more weeks - Jacksonville Business Journal:
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If the swimwear manufacturer cannot securenew financing, sell the assetss or resolve its financial issues in another manner, it could be forced to close completely, resultingt in one of the largest layoffs from a singl e organization in Jacksonville since the recession Venus filed notices May 14 in Florida and New York that all 289 employeew at Venus Swimwear and could be laid off. “It would be sad for our communit to losea well-known company and a corporate headquarters,” said Jerry Mallot, executivew director of the . “Let’ss hope it doesn’t I’m keeping my fingers crossed.
” But even if the companuy does close, it won’t be for severall more weeks because the latest catalog was sent outMay 22, accordinhg to an internal memo that company executives sent to employeez the same day.
If the swimwear manufacturer cannot securenew financing, sell the assetss or resolve its financial issues in another manner, it could be forced to close completely, resultingt in one of the largest layoffs from a singl e organization in Jacksonville since the recession Venus filed notices May 14 in Florida and New York that all 289 employeew at Venus Swimwear and could be laid off. “It would be sad for our communit to losea well-known company and a corporate headquarters,” said Jerry Mallot, executivew director of the . “Let’ss hope it doesn’t I’m keeping my fingers crossed.
” But even if the companuy does close, it won’t be for severall more weeks because the latest catalog was sent outMay 22, accordinhg to an internal memo that company executives sent to employeez the same day.
Monday, November 7, 2011
Landmark health reform bill passes Senate - Business Courier of Cincinnati:
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Also winning passage on Thursday was a the creationn of a state agency charged with improvin the delivery of health care across the state. The “Healthy Kids Healthy Oregon” bill, which will increase taxe s on hospitals and health insurersby $150 milliobn per year, marks a major victoru for Gov. Ted Kulongoski, who proposede the measure. It faced fierce opposition by hospital who were pacified when their proposed tax hike was Insurers still maintain that the measurde will increase the cost of healtgh coverage for thousandsof Oregonians, by addin g a 1 percent premium to the cost of commerciak health insurance.
By raising additional funds, the state will receive $500 million in unclaimed federal healtycare dollars. The second bill, whichy allocates two-year funding of $3 million from the state’s generap fund, creates the Oregon Healthu Authority to oversee existing state programs that touch on health The new state agency is charged with establishing healtn industry cost control measures and with promoting healthb care reform at a national Both bills now head to the governorr forhis signature.
Also winning passage on Thursday was a the creationn of a state agency charged with improvin the delivery of health care across the state. The “Healthy Kids Healthy Oregon” bill, which will increase taxe s on hospitals and health insurersby $150 milliobn per year, marks a major victoru for Gov. Ted Kulongoski, who proposede the measure. It faced fierce opposition by hospital who were pacified when their proposed tax hike was Insurers still maintain that the measurde will increase the cost of healtgh coverage for thousandsof Oregonians, by addin g a 1 percent premium to the cost of commerciak health insurance.
By raising additional funds, the state will receive $500 million in unclaimed federal healtycare dollars. The second bill, whichy allocates two-year funding of $3 million from the state’s generap fund, creates the Oregon Healthu Authority to oversee existing state programs that touch on health The new state agency is charged with establishing healtn industry cost control measures and with promoting healthb care reform at a national Both bills now head to the governorr forhis signature.
Saturday, November 5, 2011
Crescent Resources files Chapter 11 - San Francisco Business Times:
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The Charlotte-based development firm’s chief executive, Arthud Fields, has retired and will work with Crescentt in anadvisory capacity, the companh says. Andrew Hede, Crescent’s chief restructuring officer, has been namedf CEO. “We have been in active discussionzs with our lenders and other stakeholders as we work towards an agreementg that will bring our capitapl structure in line with the currenteconomic environment,” Hede Crescent has more than 5,000 creditors, according to its filing. Its assetse are estimated at morethan $1 The local projects listed in the Chapter 11 filing include Piedmonty Row and The Sanctuarhy at Lake Wylie.
Crescent says it intends to operat its continuing businesses without any significant interruptiohn during the restructuring The companysays that’s possible because of a recently obtainesd debtor-in-possession financing facility of $110 milliom from a group of its existing As part of the Chapter 11 Crescent says it seeks court approval “tol make certain payments and to maintain key agreementes with employees, customers, vendors and partners of continuing operation to ensure the company can maintain its commitment to deliveringg a high level of amenities and Crescent says the filing is necessary to reorganiz its finances, reduce its debt level and improve its capitalo structure.
“We intend to reach an agreement on our new capitapl structure and emerge frombankruptcu quickly,” Hede says. The Chapter 11 petitions were filed inthe U.S. Bankruptc Court in the Westermn Districtof Texas, Austin division. The company has 120 days from the filingf date to submit areorganization plan. A hot line has been set up as part of the Cresceny restructuringat (877) Attorney Eric Taube of LLP in Texas, will represent Crescent in the proceedings. , Ranger Construction Co., and are amont Crescent’s largest unsecured creditors in Charlotte. In the Charlotte Business Journal reported that Crescent had adopted an aggressive new business strategyu driven bya $1.
2 billionm term loan that must be paid in full by Septembef 2012 — selling assets at fire-saled prices. In October, Crescent sold 4,500 acrea in Berkeley County, S.C., to for $40 In December, the company sold a Florida apartmeny projectfor $11.35 million, less than half the $27 milliom it paid for the complex three year earlier. This year, the firm has closed on the sale ofa 773-acrew tract of land in Oconee S.C., for just over $10 Locally, Crescent recently sold 18.4 acres in Fort Mill to a warehousingv company for $1.6 million. The company — jointly owned by and — is best knowj here for high-end real estate communitieas such as The Peninsula and BallantyneCountry Club.
Before the Chaptert 11 filing, Crescent faced payments of $50 millio by the end of this $75 million in 2010 and $100 million in 2011 on its
The Charlotte-based development firm’s chief executive, Arthud Fields, has retired and will work with Crescentt in anadvisory capacity, the companh says. Andrew Hede, Crescent’s chief restructuring officer, has been namedf CEO. “We have been in active discussionzs with our lenders and other stakeholders as we work towards an agreementg that will bring our capitapl structure in line with the currenteconomic environment,” Hede Crescent has more than 5,000 creditors, according to its filing. Its assetse are estimated at morethan $1 The local projects listed in the Chapter 11 filing include Piedmonty Row and The Sanctuarhy at Lake Wylie.
Crescent says it intends to operat its continuing businesses without any significant interruptiohn during the restructuring The companysays that’s possible because of a recently obtainesd debtor-in-possession financing facility of $110 milliom from a group of its existing As part of the Chapter 11 Crescent says it seeks court approval “tol make certain payments and to maintain key agreementes with employees, customers, vendors and partners of continuing operation to ensure the company can maintain its commitment to deliveringg a high level of amenities and Crescent says the filing is necessary to reorganiz its finances, reduce its debt level and improve its capitalo structure.
“We intend to reach an agreement on our new capitapl structure and emerge frombankruptcu quickly,” Hede says. The Chapter 11 petitions were filed inthe U.S. Bankruptc Court in the Westermn Districtof Texas, Austin division. The company has 120 days from the filingf date to submit areorganization plan. A hot line has been set up as part of the Cresceny restructuringat (877) Attorney Eric Taube of LLP in Texas, will represent Crescent in the proceedings. , Ranger Construction Co., and are amont Crescent’s largest unsecured creditors in Charlotte. In the Charlotte Business Journal reported that Crescent had adopted an aggressive new business strategyu driven bya $1.
2 billionm term loan that must be paid in full by Septembef 2012 — selling assets at fire-saled prices. In October, Crescent sold 4,500 acrea in Berkeley County, S.C., to for $40 In December, the company sold a Florida apartmeny projectfor $11.35 million, less than half the $27 milliom it paid for the complex three year earlier. This year, the firm has closed on the sale ofa 773-acrew tract of land in Oconee S.C., for just over $10 Locally, Crescent recently sold 18.4 acres in Fort Mill to a warehousingv company for $1.6 million. The company — jointly owned by and — is best knowj here for high-end real estate communitieas such as The Peninsula and BallantyneCountry Club.
Before the Chaptert 11 filing, Crescent faced payments of $50 millio by the end of this $75 million in 2010 and $100 million in 2011 on its
Thursday, November 3, 2011
Sinclair Broadcast Group
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The rating agency put the Hunt Valley company on anegative outlook, meaning thers are concerns its position could worsen. S&P citeed sluggish ad spending in a recession andnonelectiom year, plus high debt risk for the company. The downgradee makes it more expensive for the companyh toborrow money. Sinclair (NASDAQ: SBGI) operates 58 TV stations across the country but has also invested morethan $180 millio in other assets, such as real over the past two years, S& analysts said. And they were concerned about debt fromthosr purchases. The ratio of the company’x debts to its earnings was 6.3 times as of Marcu 31, according to S&P.
It would need to bring that below 6 timea to return toa BB- negative rating. But S&P expects that ratilo could hit 7 times latertthis year. Sinclair posted an $86 millioh loss in the first quarter of the largely ona $130 million non-cash charge. Its revenue fell 17 percen that quarter because of declining loca and nationalad revenue.
The rating agency put the Hunt Valley company on anegative outlook, meaning thers are concerns its position could worsen. S&P citeed sluggish ad spending in a recession andnonelectiom year, plus high debt risk for the company. The downgradee makes it more expensive for the companyh toborrow money. Sinclair (NASDAQ: SBGI) operates 58 TV stations across the country but has also invested morethan $180 millio in other assets, such as real over the past two years, S& analysts said. And they were concerned about debt fromthosr purchases. The ratio of the company’x debts to its earnings was 6.3 times as of Marcu 31, according to S&P.
It would need to bring that below 6 timea to return toa BB- negative rating. But S&P expects that ratilo could hit 7 times latertthis year. Sinclair posted an $86 millioh loss in the first quarter of the largely ona $130 million non-cash charge. Its revenue fell 17 percen that quarter because of declining loca and nationalad revenue.
Tuesday, November 1, 2011
Associated may post 2Q net loss - Charlotte Business Journal:
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Charge-offs totaled $104 million at the end of the first quarter, according to Associated’s filing with the Federal DepositInsurance Corp. second quarter net charge-offs are expected to be between $60 millionn and $70 million, Green Bay-based Associated (NASDAQ: ASBC) said Monday afternoon. The figure was $56.9 millionb as of the end of the first quarte r onMarch 31. The bank’s management said weaknes s in the economy has resultedin asset-quality downgrades to Associated’zs construction, commercial real estate and commercial and industrial “We believe loan loss provisions and charge-offs will remainj elevated due to the continued deterioration in the real estat sector and the weak economy,” said chairmahn and CEO Paul Beideman.
“We expect the pace of loan and asseft deterioration to moderate infuture quarters.” Associatedd executives said that, after taking into consideratiob the increased loan-loss provision, the company’s capitaol levels will still exceed well-capitalizeds standards as of June 30. Associated said its boar has formed a risk and credit committee to supplement risk management oversight performed by the company andthe company's audit committee. The board has appointed to the new committereJohn Seramur, Eileen Kamerick and Richarx Lommen. The company will release second-quarter resultz on July 16. Associated stock closed at $13.367 on Monday.
Charge-offs totaled $104 million at the end of the first quarter, according to Associated’s filing with the Federal DepositInsurance Corp. second quarter net charge-offs are expected to be between $60 millionn and $70 million, Green Bay-based Associated (NASDAQ: ASBC) said Monday afternoon. The figure was $56.9 millionb as of the end of the first quarte r onMarch 31. The bank’s management said weaknes s in the economy has resultedin asset-quality downgrades to Associated’zs construction, commercial real estate and commercial and industrial “We believe loan loss provisions and charge-offs will remainj elevated due to the continued deterioration in the real estat sector and the weak economy,” said chairmahn and CEO Paul Beideman.
“We expect the pace of loan and asseft deterioration to moderate infuture quarters.” Associatedd executives said that, after taking into consideratiob the increased loan-loss provision, the company’s capitaol levels will still exceed well-capitalizeds standards as of June 30. Associated said its boar has formed a risk and credit committee to supplement risk management oversight performed by the company andthe company's audit committee. The board has appointed to the new committereJohn Seramur, Eileen Kamerick and Richarx Lommen. The company will release second-quarter resultz on July 16. Associated stock closed at $13.367 on Monday.
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