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VOL. 129 | NO. 26 | Friday, February 07, 2014

Daily Digest

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$2 Million Building Permit Filed for Indoor Sports Facility

Developer Wes Misenhelter has filed a $2 million building permit application for the indoor sports facility he is building on 237 Woodland Lake Drive in Cordova.

The application filed with the city-county Office of Construction Code Enforcement lists the size of the sportsplex at 45,094 square feet. No architect or contractor is listed.

Misenhelter last year bought the 5.6-acre site east of Grays Creek on Walnut Grove Road to build Wesscorp Sports & Office Property. The development will include a climate-controlled indoor sports facility with turf soccer field and three separate areas for sports programs. The site also has two outparcels dedicated for office and medical development.

Misenhelter filed a $2.3 million construction deed of trust through BankTennessee on Jan. 8, and the sports facility is expected to be fully operational in July.

Source: The Daily News Online & Chandler Reports
– Daily News staff

Fred's Says Bad Weather Hurt Sales, Profits

Fred's Inc. said Thursday that its sales were hurt in January by bad weather that also cut into the retailer's profit for the quarter.

The discount retailer said that the rough weather disrupted consumers' shopping habits and led to the closure of more than 120 stores during the final week of the month.

Fred's, based in Memphis, Tenn., operates 704 discount general merchandise stores in the southeastern U.S.

The company said that its revenue from stores open for at least a year fell 1.8 percent in January. That measure is a closely watched gauge that strips away the impact of recently opened or closed stores. Analysts polled by Thomson Reuters were anticipating a 1 percent decline.

Fred's adjusted its January results to eliminate the first week of the month to make it comparable with those of the prior year.

CEO Bruce Efird said that prior to the last week of January, the company's sales were running in the middle of the company's forecast but fell sharply in that final week due to bad weather. He said that the drop in sales should reduce the company's earnings for its fourth quarter by 3 cents per share.

Fred's now expects earnings between 13 and 16 cents per share for its fourth quarter. Analysts polled by FactSet were anticipating earnings of 18 cents per share.

– The Associated Press

Ashley Furniture Outlet to Close

The Ashley Furniture HomeStore Outlet location at 5228 Summer Ave. inside Perimeter Center is closing its doors due to a “lost lease.”

The store, located near Summer and White Station Road, launched a closing sale on Thursday, Feb. 6. The sale will feature a large selection of furniture, bedding and accessories sold at discounts of up to 90 percent.

A statement about the store closing did not mention a specific closing date, and the Summer Avenue closing does not affect the three other Memphis-area Ashley stores.

“The lost lease in this location in no way reflects on the brand,” said Shawn Roberts, regional vice president of Ashley HomeStore Outlet, in a statement.

– Amos Maki

Pearl Shaw Named to Tennessee Lottery Board

Gov. Bill Haslam has appointed Pearl Shaw to serve on the board of the Tennessee Education Lottery Corp.

Pearl Shaw is co-author, along with Mel Shaw, of “Prerequisites for Fundraising Success: The 18 Things You Need to Know as Fundraising Professional, Board Member, or Volunteer” and “The Fundraiser’s Guide to Soliciting Gifts.”

The Shaws also write the “FUNdraising Good Times” column that runs Tuesdays in The Daily News.

– Don Wade

Memphis College of Art Design Contest Winners Announced

After hours of design and construction time, two open houses and more than 8,000 votes cast, a contest that allowed Memphis College of Art students to redesign real apartments has come to a close.

Voters awarded the Double M team of Bailey Brocato and Ethely Lyons first place in the ReStore for More design contest, a competition created by Memphis College of Art, The Venue Apartments and the Habitat for Humanity of Greater Memphis ReStore, which sells a variety of donated goods to support Habitat’s mission to provide housing for families in need.

The Modern West team of Laura Miller and Jess Vandenberg finished second, and the Handmade American team of Sam Herwehe and Evan Lebaroff captured third place. The Venue Apartments awarded $1,000 and six months of free rent to the first-place team, $600 to the second-place team and $300 to the third-place team.

The contest allowed students to showcase what they’ve learned in the classroom on a real-world canvas. The Venue provided the three teams with $500 for materials and $50 for supplies, plus a $100 gift certificate and a discount at the Memphis ReStore. The teams were also given a “mystery item” – an identical chest of drawers – to incorporate into their designs.

– Amos Maki

Bartlett Mayor’s Son to Lead McDonald Insurance

Brooks McDonald is leading McDonald Insurance of Bartlett following the retirement of his father, Keith McDonald, after 32 years of running the firm.

The younger McDonald is a 10-year insurance industry veteran. The business has 10 employees and a satellite office in Covington, Tenn.

Keith McDonald continues to serve as Bartlett mayor and will seek re-election to another four-year term in the November Bartlett elections.

– Bill Dries

Fred’s Offering Free Blood Pressure Screenings

Fred’s Pharmacy is offering free blood pressure screenings at all 360 of its pharmacies during February.

To encourage participation, fred’s will donate $1 to the American Heart Association for each screening.

The campaign is the beginning a long-term effort by the company to help educate people about being conscious about their heart’s health, and each person screened will have an “I am Heart Smart” name card displayed at the pharmacy to show the progress of the campaign in that location.

In addition to the free screenings and financial donation, fred’s Pharmacy also has partnered with the American Heart Association to create a special website, freds.toolsfortheheart.org, that features a “My Life Check” evaluation.

– Andy Meek

Lifeblood Annual Awards to be Presented Friday

The Lifeblood Mid-South Regional Blood Center will hold its fifth annual awards luncheon Friday, Feb. 7, from 11:30 a.m. to 1 p.m. at The Racquet Club of Memphis, 5111 Sanderlin Ave.

The awards luncheon will kick off with a keynote address by Vickie Peal, the daughter of a blood, platelet and plasma recipient who relied on the Memphis community's donations of blood components to survive.

Awards, including the corporate, education and faith-based groups of the year, will also be given to groups with outstanding blood drive performance in 2013.

– Don Wade

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 43 12,074
MORTGAGES 0 78 15,834
FORECLOSURE NOTICES 39 39 3,168
BUILDING PERMITS 292 292 29,124
BANKRUPTCIES 3 100 11,771
BUSINESS LICENSES 0 18 4,292
UTILITY CONNECTIONS 0 190 17,922
MARRIAGE LICENSES 0 43 3,711

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