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VOL. 133 | NO. 27 | Tuesday, February 6, 2018

FedEx Customer Service Building Sells for $14M

The 125,000-square-foot building that is home to FedEx’s TechConnect Customer Service center in Collierville has switched hands for $14 million.

Tobacco Corner Closing Last Location

The Tobacco Corner Ltd., which has been a mainstay at the corner of South Mendenhall Road and Poplar Avenue for more than 40 years, appears on track to close its doors in April.

Trader Joe’s Seeking First Official Approval from Germantown

The saga of Trader Joe’s in Germantown has had more than its fair share of ups and downs over the last several years, but those all appear to be in the rear view mirror, as the first tangible plans listing the highly-sought after grocer have surfaced.

Commissioners Call for Elected County Utility Board

Shelby County commissioners approved Monday, Feb. 5, a first step toward county sewer services with a resolution supporting state legislation that would allow for an elected county utility board.

Fred’s Pays $100K Hiring Bonus to Second CFO in Seven Months

Scroll through the headlines on any financial news-related service – or just look at a stock performance chart – and the news out of Memphis-based retailer Fred’s Inc. has been, in a word, grim.

Local Weather
Currently
Memphis, TN
73.0°F
Mostly Cloudy
Wind: Calm mph
Humidity: 96%

EVENTS

Novel will host “Edge of the Wind” author James E. Cherry for a discussion and signing Tuesday, Feb. 6, at 6 p.m. at the bookstore, 387 Perkins Road Extended. Visit novelmemphis.com.

more events »

The Day After

Some ad execs on the hot seat following game spots

There is perhaps no greater scrutiny that a brand faces than during the biggest U.S. sporting event of the year. Courageous brands bet big that their ad will win hearts and minds, but alas, only 36 percent of Super Bowl ads earned favorable ratings from our team of advertising professionals, likely making for some uncomfortable ad execs on the hot seat Monday morning.

Last Word: Fred's Troubles, Indigo Comeback and Selling MCA

During Monday’s record Wall Street drop, Memphis-based Fred’s was among those taking it on the chin. But the retailer’s stock was already taking a beating from more turmoil since it got cut-out of a purchase of Rite Aid stores by Walgreens in 2017. Fred’s third chief financial officer in seven months is getting a $100,000 hiring bonus.

Soulsville Foundation Welcomes Neighboring School, More Ties to Stax

An application for a new K-5 charter school that would complement the grades 6-12 Soulsville Charter School is being prepared for approval by Shelby County Schools.

$5M Permit Filed for New Hotel Indigo

Atlanta-based Three P Partners has filed a $5 million building permit application with the Office of Construction Code Enforcement to construct a 118-room Hotel Indigo at the corner of North B.B. King Boulevard and Court Avenue.

Cushman & Wakefield Tapped to Handle MCA Sale

Memphis College of Art has tapped real estate brokerage firm Cushman & Wakefield/Commercial Advisors to handle the sale of its Midtown portfolio.

Council Takes Up MLGW Rate Hikes Again, Votes On Third Ballot Question

With the 1 percent hike in the Memphis Light, Gas and Water Division water rates taking effect this month, the Memphis City Council again takes up proposed hikes in the gas and electric rates on Tuesday, Feb. 6.

Governor’s Race Mixes Political Culture With Nuts-and-Bolts Policy

As most of the other major contenders for Tennessee governor were on the same stage in Nashville last week, Republican Diane Black was in East Memphis meeting with a group of 15 local homebuilders. It was one in a set of meetings with small groups of potential supporters Black held in and around Memphis.

Trump to Nominate Memphis Attorney to Federal Utility Board

MEMPHIS, Tenn. (AP) – President Donald Trump plans to nominate Memphis attorney John L. Ryder to serve on the Tennessee Valley Authority's board.

Former Benchmark Hotel Declared Public Nuisance

The site of the former Benchmark Hotel in Downtown Memphis has been declared a public nuisance by the Memphis and Shelby County Environmental Court.

REAL ESTATE RECAP

Pizza, Donuts and Pinnacle Planned For Midtown

1350 Concourse Ave., Memphis, TN 38104: Two local restaurateurs are looking to carve out their own slice of the Crosstown Concourse with the opening of Elemento’s Neapolitan Pizza. -
 Elemento’s Neapolitan Pizza, founded by Adrian Accury and Justin Dorah, will soon begin construction on a new location at 1350 Concourse Ave., according to a $350,000 building permit application filed with the Office of Construction Code Enforcement on Monday, Jan. 29.

LOCAL COLUMNISTS

How to Increase Board Giving and Fundraising

Editor’s note: This is the second in a two-part series. Read part one at memphisdailynews.com.

Take Steps To Find Reputable Locksmith

The Better Business Bureau recommends that consumers and businesses line up a reputable locksmith before they need one. In an emergency, or even non-emergency, they won’t be at the mercy of an unqualified technician or out-and-out scammer.

NATIONAL BUSINESS

Kroger Selling Its Convenience Store Unit for $2.15 Billion

NEW YORK (AP) – British convenience store operator EG Group is buying Kroger's convenience store unit for $2.15 billion as it expands into the U.S.

Arby's Closes Deal for Buffalo Wild Wings, Makes New Company

NEW YORK (AP) – Arby's completed its deal to buy Buffalo Wild Wings on Monday and created a new company named Inspire Brands that will run the chains.

US Economy Still Fundamentally Strong Despite Falling Stocks

WASHINGTON (AP) – A wave of fear about inflation and higher interest rates has sent stock prices tumbling and raised concerns about corporate profits. Yet the rush of anxiety has obscured a fundamental fact about the U.S. economy: It's healthy.

Ram Truck Ad Using MLK Speech Draws Backlash

NEW YORK (AP) – A Ram truck ad that used a speech by Martin Luther King, Jr., is drawing a backlash.

US Services Firms Record Strongest Performance Since 2005

WASHINGTON (AP) – The U.S. services sector boomed in January, registering the best performance since 2005 and delivering more evidence of American economic strength.

NATIONAL GOVERNMENT

Powell Sworn In as 16th Chairman of Federal Reserve

WASHINGTON (AP) Jerome Powell was sworn in Monday as the 16th chairman of the Federal Reserve in a brief ceremony in the Fed's board room. In a video message, Powell pledged to support continued economic growth and a healthy job market while remaining "vigilant" to any emerging economic risks.

US Begins Reducing Troops in Iraq After Victory Over IS

AL-ASAD AIRBASE, Iraq (AP) – The U.S. has started to reduce the number of its troops in Iraq following Baghdad's declaration of victory over the Islamic State group last year, an Iraqi government spokesman and Western contractors said Monday.

House Republicans Working to Plan to Avert Another Shutdown

WASHINGTON (AP) – The era of trillion-dollar budget deficits is about to make a comeback – and a brewing budget deal could mean their return comes just next year. In the meantime, House GOP leaders are grappling with the need to pass legislation to avert another government shutdown at midnight on Thursday.

HEALTH CARE

New Report Details Misuse of Antipsychotics in Nursing Homes

NEW YORK (AP) – U.S. nursing homes have significantly reduced the use of powerful antipsychotic drugs among their elderly residents, responding to pressure from many directions. Yet advocacy groups insist that overmedication remains a major problem, and want the pressure to intensify.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 63 233 7,982
MORTGAGES 87 288 9,487
FORECLOSURE NOTICES 10 50 1,408
BUILDING PERMITS 209 452 17,059
BANKRUPTCIES 50 155 5,561
BUSINESS LICENSES 39 108 3,056
UTILITY CONNECTIONS 25 100 3,350
MARRIAGE LICENSES 23 93 1,781

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