Harris Sells School To Franchisee for $1.7M

After developing the land and building a day care center, R.S. Harris has sold The Goddard School franchise he brought to 509 E. Winchester Road in Collierville for $1.7 million. Harris’ limited liability company, R.S. Harris LLC, sold the recently completed 8,170-square-foot day care center to the school’s franchisee, Love for Learning LLC.

The school is part of Goddard Systems Inc., a Pennsylvania-based franchisor of child care facilities across the nation. This is the first Goddard franchise in the Memphis area and the fifth in Tennessee, according to Goddard’s Web site.

Harris wasn’t immediately available for comment, but he told The Daily News in February, when he filed a construction loan for the property, that he would develop and build the single-story school and then sell it to the franchisee.

The 1.58-acre parcel is part of the Harley Plaza Subdivision and is southwest of the intersection of Winchester and South Byhalia roads. Harris had targeted another site on Houston Levee Road but couldn’t obtain the conditional-use permit from the town of Collierville.

The total project cost was expected to run about $2 million, including land, development, building, furniture, fixtures and equipment, and franchise fees, Harris said. The building footprint and parking lot occupies one acre of the property. Harris also owns 0.78 acres of land that backs up to the school property.

“It’s going to complement that part of town well,” Harris said earlier this year. “There’s a big need for day care out there.”

Love for Learning filed a $2.2 million loan through Conestoga Bank in conjunction with the purchase.

Source: The Daily News Online & Chandler Reports

– Eric Smith

Smith & Nephew Reports Flat Q3 Earnings

The Memphis-based orthopedics division of Smith & Nephew had revenues of $503 million for the third quarter, which was about flat from the same period a year ago, the London-based company reported Friday when it released its earnings report.

Geographically, orthopedics revenue grew by 1 percent in the U.S., fell by 3 percent in Europe and grew by 1 percent in the rest of the world, the company said.

Companywide, revenues totaled $915 million for the third quarter compared to $930 million for the same period a year ago. The company had an operating profit of $186 million, compared to $135 million during the third quarter of 2008.

– Tom Wilemon

New Federal Bill Sends Money to Memphis

U.S. Sen. Lamar Alexander, R-Tenn., reported Friday that federal funding to combat crime and support at-risk youths in Memphis is included in a conference report to the 2010 Commerce, Justice and Science Appropriations bill approved by the Senate Thursday night.

The Memphis Regional Law Enforcement Project that supports Operation Safe Community will receive $1 million to fight gang-related and violent crime in Shelby County.

Bridge Builders, a college prep education program for at-risk youths in Memphis, will receive $500,000. The program currently serves 1,500 students each year. One hundred percent of the youths who complete the program graduate high school, and 97 percent go on to college.

– Tom Wilemon

Doctor at Memphis VA Center Gets $15 Million Grant

The National Institutes of Health has awarded a $15 million grant to the chief of preventive medicine at the Memphis Veterans Administration Medical Center.

Dr. William C. Cushman will lead a network of VA clinical sites in the Systolic Blood Pressure Intervention Trial.

It’s a $114 million, nine-year clinical trial testing the effects of intensive lowering of systolic blood pressure on preventing cardiovascular disease.

The Memphis VA center will contribute 1,500 participants to the study.

Cushman is a noted clinical scientist and considered an expert in the treatment of hypertension.

– The Associated Press

Wholesale Inventories Fall, Sales Grow in September

Businesses cut inventories at the wholesale level for a record 13th consecutive month in September, but sales rose for a sixth straight time.

The hope is steadily rising sales will encourage businesses to begin restocking shelves, a move that would boost production and bolster an economic recovery. But worries persist that consumer spending, which accounts for 70 percent of economic activity, could falter as various government stimulus programs begin to wane and unemployment keeps surging.

The U.S. Commerce Department reported Friday that businesses reduced inventories at the wholesale level 0.9 percent in September, slightly less than expected. Sales by wholesalers rose 0.7 percent, slightly better than the 0.6 percent gain economists expected.

Steady gains in sales should help convince businesses to stop slashing inventories, which has been a severe drag on growth, economists say. A switch to rebuilding stockpiles would trigger higher factory production and economic growth.

Wholesale inventories are goods held by distributors who generally buy from manufacturers and sell to retailers. They make up about 25 percent of all business stockpiles. Factories hold another third of inventories and retailers hold the rest.

The decline in inventories is the longest stretch on government records that date to 1992. The previous record was nine straight declines during a period that covered the nation’s last recession in 2001.

– The Associated Press

Former NFL Coach Dungy To Speak at The Peabody

Tony Dungy, former head coach of the NFL’s Indianapolis Colts and Tampa Bay Buccaneers, will address members of the local business community at a lunch presented by the Greater Memphis Chamber Tuesday.

Dungy will deliver remarks and entertain questions from noon to 1:30 p.m. at The Peabody hotel, 149 Union Ave.

Dungy has been involved in a number of charitable organizations including the fatherhood program he helped launch,

All Pro Dad, which arranged for his visit to Memphis.

All Pro Dad is a program designed to equip men with the moral and educational tools to make them better fathers and role models.

Dungy also is active in the Fellowship of Christian Athletes, Athletes in Action, Big Brothers Big Sisters, Boys & Girls Clubs, the American Diabetes Association, Basket of Hope, the Black Coaches Association National Convention and Prison Crusade Ministry.

For tickets to the luncheon, call 543-3511 or visit www.memphischamber.com.

– Taylor Shoptaw

IRS Has $1.77 Million In Unclaimed Refund Checks

The Internal Revenue Service may owe you money.

The IRS in Nashville is looking for Tennesseans who are due to receive a combined $1.77 million in 1,849 refund checks that were returned to the IRS by the U.S. Postal Service due to mailing address errors.

All a taxpayer has to do is update his or her address once. The IRS will then send out all checks due. Undeliverable refund checks average $958 this year in Tennessee. Some taxpayers are due more than one check.

Taxpayers can update their addresses with the “Where’s My Refund?” tool at www.irs.gov.

– The Associated Press