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VOL. 127 | NO. 229 | Thursday, November 22, 2012

Daily Digest

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PLC International Files $1.4 Million Loan on Building

Memphis-based PLC International Inc. has filed a $1.4 million loan through BrightBridge Inc. on the 67,538-square-foot strip center at 1150 N. Germantown Parkway (also known as 1140 Cordova Road) in Cordova.

The company, which owns the Winchester Farmer’s Market at the corner of Winchester Road and Kirby Parkway, bought the former Schnucks supermarket at the end of last year and converted the building into a similar concept, the Cordova Farmer’s Market.

The new store and Winchester Farmer’s Market, which operates out of a former Seessel’s supermarket, specialize in international food as well as produce.

Built in 1999, the Class A supermarket is in a shopping center on 6.24 acres at the southwest corner of Cordova Road and Country Village Drive. The Shelby County Assessor of Property’s 2012 appraisal of the property is $4.5 million.

James Heesung Lee signed the trust deed as president of PLC International.

Schnuck Markets Inc. closed the Cordova supermarket in August 2010, citing stiff competition from five competitors within a two-mile radius, including two supercenters: a Walmart Supercenter and a SuperTarget.

Schnucks exited the Memphis market in September 2011, selling nine of its stores to The Kroger Co. Kroger reopened eight of the stores under its flagship name and chose to close the ninth store.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Tennessee Shakespeare Co. Presents 'It's a Wonderful Life'

Tennessee Shakespeare Co. is presenting “It’s a Wonderful Life: A Live Radio Play” inside Dixon Gallery & Garden’s Winegardner Auditorium next month.

Adapted by Joe Landry from the beloved Frank Capra film starring Jimmy Stewart, the film comes to life in this play, which will be performed Dec. 6 through Dec. 16.

Directed by TSC’s Stephanie Shine, the production is sponsored by FedEx Corp. Memphis’ public radio station WKNO-FM 91.1 will broadcast the Dec. 6 performance live for listeners.

All performances begin at 7 p.m. except for Sunday shows, which begin at 3 p.m.

Tickets are $25 in advance and $30 day of show. Tickets for the Dec. 6 preview performance/WKNO Live Broadcast are $15 regardless of when bought.

Tickets are on sale Monday through Friday from 9 a.m. to 5 p.m. at TSC’s office at 2260 West St. in Germantown or by calling 759-0604 or by going to www.tnshakespeare.org.

– Andy Meek

Berger, McIntosh Acquire Memphis Contract Furniture

Taylor Berger, principal in YoLo Frozen Yogurt & Gelato, recently bought Memphis Contract Furniture, a designer and manufacturer of custom furniture for the hospitality industry, for $190,000.

The purchase included the business, started by Warren Williams more than 30 years ago, as well as the real property, a 25,000-square-foot warehouse at 910 Thompson in West Memphis.

Williams sold Memphis Contract Furniture to prepare for retirement. He met Berger a few years back when Memphis Contract Furniture provided banquette seating and tables to YoLo.

Berger partnered with Stephen McIntosh, an executive at International Paper, in the purchase. They brought on two employees to run the business: Corey Nelson to manage plant operations and Rob Elder to oversee sales and marketing.

The team has rolled out a new website, memphiscontractfurniture.com, showcasing its custom booths, banquettes, tables and chairs. Memphis Contract Furniture plans to broaden its product line to include higher-end items such as bars, cabinetry and showcase furniture made of reclaimed wood.

Memphis Contract Furniture hopes to expand its operation across the river soon. Berger has also discussed the possibility of Memphis Contract Furniture leasing space in the renovated Sears Crosstown development with Todd Richardson of Crosstown Arts.

Over the next two years, Memphis Contract Furniture will hire up to 10 employees. The company anticipates its customer base to eventually include hotels, casinos, universities and retirement homes.

– Sarah Baker

November Named Pancreatic Cancer Awareness Month

Gov. Bill Haslam has declared November pancreatic cancer awareness month in Tennessee.

The Republican governor made the announcement at a ceremony in Nashville on Monday, Nov. 19. Among those joining the governor was Democratic Rep. Lois DeBerry of Memphis, a pancreatic cancer survivor and the first female speaker pro tempore in the House.

According to the National Cancer Institute, there were about 44,000 new cases of pancreatic cancer in the U.S. this year and more than 37,000 deaths.

Among those killed by the disease was Apple founder Steve Jobs and Tennessee Supreme Court Justice Adolpho A. Birch, who DeBerry said encouraged her before he died even though he was ailing.

– The Associated Press

US New Home Starts Jump to Fastest Pace in 4 Years

U.S. builders started construction last month on the most homes and apartments since July 2008, more evidence that the housing recovery is gaining momentum.

The Commerce Department said Tuesday that builders broke ground on homes in October at a seasonally adjusted annual rate of 894,000. That’s a 3.6 percent gain from September.

Single-family home construction dipped 0.2 percent to an annual rate of 594,000, down from a four-year high in the previous month. Apartment construction, which is more volatile from month to month, rose 10 percent to an annual rate of 285,000.

Applications for building permits, a sign of future construction, fell 2.7 percent to 866,000, after jumping 12 percent in September to a four-year high. Still, permit applications to build single-family homes rose to their highest level since July 2008.

Housing starts are 87 percent above the annual rate of 478,000 in April 2009, the recession low. That’s still short of the 1.5 million annual rate considered healthy.

The housing market has been making consistent gains this year, helping prop up an economy that’s being squeezed by a global slowdown and looming spending cuts and tax increases.

Builder confidence rose to its highest level in six and a half years, according to a survey by the National Association of Home Builders/Wells Fargo. Their index of builder sentiment rose to 46 this month, up from 41 in October. It was the highest reading since May 2006, just before the housing bubble burst.

Readings below 50 signal negative sentiment about the housing market. The index has been rising since October 2011, when it was 17.

– The Associated Press

Kirkland's Loses Money in Third Quarter; CEO Takes Temporary Leave

Nashville-based Kirkland’s lost money in its fiscal third quarter as sales weakened a bit. The home decor company also said Tuesday that President and CEO Robert Alderson is taking a temporary medical leave of absence.

For the period ended Oct. 27, Kirkland’s Inc. lost $416,000, or 2 cents per share. That compares with a profit of $1.2 million, or 6 cents per share, a year earlier. Analysts predicted a bigger loss of 5 cents per share, according to a FactSet poll.

Revenue edged down slightly to $96.7 million from $97.1 million. Wall Street forecast revenue of $98.2 million.

Revenue at stores open at least a year dropped 4.7 percent. The results include online sales. This figure is a key indicator of a retailer’s health because it excludes results from stores recently opened or closed.

For the fourth quarter, Kirkland’s anticipates earnings of 71 cents to 76 cents per share. Revenue is expected in a range of $160 million to $163 million.

The company said Tuesday that it foresees fiscal 2012 earnings of 67 cents to 72 cents per share on revenue between $$445.5 million and $448.5 million.

Analysts expect fourth-quarter earnings of 83 cents per share on revenue of $165.3 million and full-year earnings of 76 cents per share on revenue of $452.3 million.

Kirkland’s also announced that Alderson’s temporary medical leave will begin on Monday. Senior Vice President and Chief Financial Officer Mike Madden will serve as acting president and CEO.

Kirkland’s currently runs 313 stores in 33 states.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 86 182 13,079
MORTGAGES 135 267 17,025
FORECLOSURE NOTICES 0 21 3,322
BUILDING PERMITS 366 366 30,930
BANKRUPTCIES 69 135 12,478
BUSINESS LICENSES 23 43 4,532
UTILITY CONNECTIONS 182 328 19,221
MARRIAGE LICENSES 32 67 3,976

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