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VOL. 129 | NO. 112 | Tuesday, June 10, 2014

Daily Digest

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Garden Ridge Buys Winchester Target

Plano, Texas-based home décor retailer Garden Ridge has paid $4.6 million for the former Target store at 7697 Winchester Road in Southeast Memphis.

Operating as 7697 Winchester Road LLC, the home and garden giant bought the 124,287-square-foot big-box space in a June 5 special warranty deed from Target Corp.

Minneapolis-based Target announced in January it would close the store last month as part of a nationwide series of store closings. The store closed May 3.

Built in 2005, the Class A retail space sits on 15.2 acres along the south side of Winchester Road at Tenn. 385 in the Centennial Place shopping center. The Shelby County Assessor of Property’s 2013 appraisal was $12.2 million.

Garden Ridge operates one other Memphis store, at 5280 Summer Ave. No financing was associated with this purchase.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Recording Academy to Celebrate 40 Years

Capping the year-long celebration of its 40th anniversary in Memphis, The Recording Academy Memphis Chapter will host a celebration June 26 from 6 p.m. to 9 p.m. at the Stax Museum of American Soul Music, 923 E. McLemore Ave.

The event will include a listening session in Studio A at Stax, as well as the opportunity to tour the museum and view “And The Grammy Goes to Memphis,” an exhibit that launched last year in celebration of the Memphis chapter’s 40th anniversary. A networking reception will follow the listening session, which will include exclusive access to new music from the region’s studios and labels, and a preview of new releases from several Memphis-chapter artists.

Admission is free for Recording Academy and Grammy U members.

– Andy Meek

Council to Review Actuary Numbers Tuesday

Memphis City Council members meet in committee Tuesday, June 10, at 5 p.m. to go over the latest numbers from the actuary consulting firm they hired to review city finances.

Segal Consulting of Atlanta’s preliminary estimate of the city’s unfunded pension liability was $457 million, well below the $700 million preliminary estimate from Memphis Mayor A C Wharton Jr.’s administration.

Since then, Segal and the administration’s actuary, PricewaterhouseCoopers, have reviewed their numbers and agreed on an unfunded liability amount of $551 million.

Tuesday’s non-voting session at City Hall, 125 N. Main St., comes a week before the council is scheduled to take final votes on the operating and capital budgets for the fiscal year that begins July 1.

The June 17 council session will also feature votes on the trio of ordinances that would change some city employees to a defined contributions plan similar to a 401(k) retirement plan and a resolution that would change health insurance benefits for city employees and city retirees.

– Bill Dries

Crescent Club Undergoes Anniversary Renovation

The Crescent Club, a member of the ClubCorp family of clubs, is undergoing a multimillion-dollar renovation.

In recognition of its 25-year anniversary, the club overhaul will include a new bar, dining space, multimedia office center, as well as a new lounge and lobby. The work is scheduled to be finished by early July.

Located in East Memphis on the top floor of the Crescent Center, the Crescent Club offers formal and informal dining, five private dining rooms with videoconference capabilities, and an atrium and courtyard for larger groups.

– Don Wade

Airlines Show Gains in Traffic, Key Revenue Figure

Two of America's biggest airlines said Monday that passenger traffic increased in May and a key revenue figure came in higher than a year ago.

The results from American and Southwest indicated that U.S. airlines are continuing to prosper from solid travel demand and stable although elevated fuel prices. And that is boosting the stock of both companies.

American Airlines Group Inc., which owns American and US Airways, said that traffic rose 2.1 percent in May as passengers flew 19.2 billion miles. Domestic travel gained 1.7 percent and Latin American travel jumped 6 percent from May 2013, helping offset weakness in American's relatively small business of flying to Asia.

The company said that based on April and May results and a forecast for June, it expects that revenue for every seat flown one mile will rise by between 5 percent and 7 percent in the second quarter, compared with the same quarter last year. That is a closely watched statistic in the airline business, and it can rise when airlines sell seats at higher average prices.

Southwest Airlines Co. said that the same revenue figure rose 8 percent to 9 percent in May, compared with May 2013. Last week, Delta Air Lines Inc. reported a 7 percent gain for May.

Traffic on Southwest inched higher by 0.6 percent from a year ago, as passengers flew 9.4 billion miles last month.

– The Associated Press

Supreme Court Rules on Bankruptcy Court Scope

The Supreme Court says bankruptcy courts have limited authority to rule on disputes outside the traditional bankruptcy process.

The justices ruled unanimously Monday that a Washington state bankruptcy court did not exceed its powers when it considered a lawsuit claiming the Bellingham Insurance Agency had wrongfully transferred assets to the another insurance company shortly before declaring bankruptcy.

Lower courts had upheld the bankruptcy court action. The 9th U.S. Circuit Court of Appeals found the bankruptcy judge was simply making recommendations that were later approved by a federal judge and that all parties had consented to the proceeding.

The high court agreed that a bankruptcy court can rule on non-bankruptcy matters as long as a federal district court reviews those findings.

– The Associated Press

Time Warner Completes Time Inc. Spinoff

Time Warner Inc. said Monday that it completed the spinoff of magazine publisher Time Inc. into a separate, publicly traded company, as it focuses on its other media properties.

As part of the spinoff, Time Warner shareholders were given one share of Time for every eight Time Warner shares they owned as of May 23. Time Inc. publishes People, Time and Sports Illustrated magazines, among other titles, and had been a cornerstone of Time Warner.

New York-based Time Warner owns cable TV channel HBO and Warner Bros. studios. Shedding the publishing arm should help the company focus on being a video content company, Time Warner CEO and Chairman Jeff Bewkes said in a statement.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 41 41 17,762
MORTGAGES 70 70 23,138
FORECLOSURE NOTICES 0 0 4,519
BUILDING PERMITS 0 0 42,157
BANKRUPTCIES 49 49 16,740
BUSINESS LICENSES 14 14 5,795
UTILITY CONNECTIONS 113 113 25,287
MARRIAGE LICENSES 18 18 5,399

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