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VOL. 127 | NO. 215 | Friday, November 02, 2012

Daily Digest

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Owner of Cordova Abbay's Files $1.3 Million Loan

Abbay Hyde Enterprises LLC, the owner of the Abbay’s fast-food restaurant at 2345 N. Germantown Parkway in Cordova, has filed a $1.3 million on the property.

The Walls, Miss.-based company filed the deed of trust through First Tennessee Bank NA. The loan closed in August but wasn’t recorded by the Shelby County Register of Deeds until this week.

Built in 2006, the 3,979-square-foot restaurant sits on a 1.1-acre outparcel of the Countrywood Crossing shopping center in the Galleria of Memphis Planned Development.

The restaurant is on the east side of Germantown Parkway between Rockcreek Parkway and Market Plaza Drive, just south of Interstate 40. The Shelby County Assessor of Property’s 2012 appraisal is $1.5 million.

Robert I. Abbay IV signed the trust deed as member of Abbay Hyde Enterprises, which bought the land from the center’s developer, TomBo Properties Inc., in 2005 for $876,413 to build the freestanding restaurant.

The family-owned Abbay’s also has restaurants in Jackson, Tenn., Olive Branch and Southaven.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Fred's: Key Sales Measure Down in October

Memphis-based Fred’s Inc. said Thursday that a key revenue figure fell 0.8 percent in October as more customers used layaway, which did not contribute to its tally for the month.

The measure, revenue at stores open at least a year, is considered an important indicator of a retailer’s financial performance because it excludes sales from recently opened or closed stores.

Total sales for the four weeks that ended Oct. 27 increased 3 percent to $140 million.

The retailer recently launched a holiday season layaway program that only required $1 down on the purchase. This increased traffic in its stores and dramatically increased layaway sales. However, because layaway sales aren’t recognized for accounting purposes until customers make their final payment, the company saw weaker sales trends this quarter but expects layaway sales will help its fourth-quarter performance.

Fred’s said total sales for its third quarter were up 1 percent to $450.6 million from $444.4 million last year. Revenue from stores open at least a year declined 2.5 percent, compared with an increase of 1.5 percent in the third quarter last year.

This shift in trends caused the company to lower its third-quarter earnings forecast. Fred’s now expects to earn 18 to 23 cents per share. Analysts polled by Factset had expected the company to earn 23 cents per share for the period.

Fred’s expects the layaway sales will help its full-year results and forecast earnings between 96 cents per share and $1.02 per share, above the 98 cents per share that analysts had predicted.

– The Associated Press

Shelby Early Vote to Top 200,000

Early voting in Shelby County seemed certain to pass the 200,000 mark on the last day of the early voting period in advance of the Nov. 6 Election Day.

Through Wednesday, Oct. 31, the next to last day of early voting, 192,176 Shelby Countians had voted early.

The 19,360 who voted early just on Wednesday was the second highest daily total of the period.

The total through Oct. 31 compared to 226,923 who voted early in 2008 at the same point in the early voting period.

– Bill Dries

St. George's to Host Musician Caroline Jones

St. George’s Independent School is hosting Caroline Jones, a New York City-based singer, songwriter, guitarist and producer, Friday, Nov. 2.

Jones, the daughter of hedge fund manager Paul Tudor Jones and the niece of The Daily News owner Peter Schutt, will spend the day visiting all three St. George’s campuses. She’s the featured artist for a music program in memory of a student, Rebecca Meriwether Cooper Klyce, who died while in the first grade at St. George’s.

The Rebecca’s Light program brings visiting artists to St. George’s for an annual performance.

Jones will begin the day at 8 a.m. with a concert at St. George’s Memphis campus at 3749 Kimball Ave.

She will follow with a 9:55 a.m. concert at the Collierville campus at 1880 Wolf River Blvd. followed by workshops with choral and instrumental students.

She will wrap up the day with a 1:30 p.m. concert at the school’s Germantown campus, 8250 Poplar Ave., with a reception to follow.

– Andy Meek

Shelby Farms to Host Conservation Celebration

ArtsMemphis and Ducks Unlimited will host Conservation Through Art Family Day, a free event sponsored by Baptist Memorial Health Care Corp., Nov. 4 at the Shelby Farms Visitor Center.

The event, from 2 p.m. to 5 p.m., will feature outdoor activities for the entire family including fishing, conservation games, duck calling lessons and working dog demonstrations.

Organizations offering activity booths include the Metal Museum, the Orpheum Theatre, New Ballet Ensemble and School and Theatre Memphis.

Whole Foods Market will provide an eco-friendly learning game and healthy snacks.

The event will include performances by Voices of the South, Watoto Memphis and Prizm Ensemble.

Conservation Through Art is a biennial event between ArtsMemphis and Ducks Unlimited designed to raise public awareness for the arts and area conservation efforts.

Since its inception in 2005, the event has raised more than $3 million.

– Andy Meek

Curley Returns to Bass Berry in Compliance Group

Matthew Curley has returned to Bass, Berry & Sims PLC as a partner in the firm’s compliance and government investigations practice group.

He came back from Middle Tennessee, where during 2011 and 2012 Curley served as an assistant U.S. attorney and chief of the civil division for the Middle District of Tennessee. During his previous tenure with Bass Berry, Curley represented health care providers in connection with internal investigations regarding potential regulatory and compliance issues and various federal criminal and civil proceedings. He’ll continue to focus on representing clients in those areas.

– Andy Meek

Nichols to be Honored by Briggs Foundation

Jackie Nichols, founder and executive producer of Playhouse on the Square, will receive the Thomas W. Briggs Community Service Award Monday, Nov. 5, in a private ceremony at Dixon Gallery and Gardens.

The Thomas W. Briggs Community Service Award is given annually to benefit the work of a Mid-South organization in the field of community service. Its purpose is to recognize an individual whose creativity, effort, commitment, professionalism and initiative have enabled the organization to excel in its mission.

Nichols is responsible for enabling Playhouse on the Square to flourish, and for shaping the company from the ground up. The path leading to Playhouse and The Circuit Playhouse began in 1963 while he was still in high school with a group of young actors called The Circuit Players.

From the Youth Theatre programs that have brought the arts into the lives of a new generation, to community outreach programs such as pay-what-you-can performances allowing low-income families and individuals to experience the world of professional theater, Nichols has made a commitment to promoting and enhancing the awareness and importance of the arts in Memphis.

– Sarah Baker

Jobless Aid Applications Drop 9,000 to 363,000

Applications for U.S. unemployment benefits dropped 9,000 to a seasonally adjusted 363,000 last week, a level consistent with modest hiring.

The report comes just before Friday’s October jobs data, the last broad snapshot of the economy before the presidential election Tuesday. The still-weak job market has been a top issue for voters.

The Labor Department said Thursday that the four-week average of applications for unemployment aid, a less volatile gauge, declined to 367,250. The average has been around that level for three months.

A department spokesman said Superstorm Sandy had no direct effect on the number of applicants. The report covered the week ending Oct. 27, before the storm reached shore.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 64 64 16,477
MORTGAGES 72 72 21,504
FORECLOSURE NOTICES 6 6 4,272
BUILDING PERMITS 0 0 39,378
BANKRUPTCIES 69 69 15,611
BUSINESS LICENSES 13 13 5,504
UTILITY CONNECTIONS 84 84 23,657
MARRIAGE LICENSES 37 37 5,072

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