VOL. 127 | NO. 90 | Tuesday, May 8, 2012
Finard Finances Germantown Plaza
Finard Germantown LLC, an affiliate of Burlington, Mass.-based Finard Properties LLC, has financed Germantown Plaza shopping center for $8.7 million through BankTennessee.
Germantown Plaza, which is located at the corner of Farmington Boulevard and Exeter Road, comprises about 136,000 square feet of retail and restaurant space on four parcels totaling 11.8 acres, according to the Shelby County Assessor of Property.
The center was built in 1979 and includes Class A and Class B buildings, according to the assessor’s site, which lists it at 1991 Exeter Road, 2015 Exeter Road, 2037 Exeter Road and 7781 Farmington Blvd.
The property’s 2012 appraisal totals $8.7 million. Finard bought Germantown Plaza in 2006 for $8.7 million.
Finard has a Memphis office at 145 Court Ave. and owns multiple Memphis properties.
One of those, Poplar Plaza at Poplar Avenue and South Highland Street, is in the midst of a multimillion-dollar renovation to prepare it for an 86,500-square-foot prototype Kroger to be completed in 2013. Finard has relocated multiple Poplar Plaza tenants, thus far chipping in about $2 million in tenant improvements, contracts and relocations.
Source: The Daily News Online & Chandler Reports
– Daily News staff
MIM Turns Focus To International Business Ties
With the Beale Street Music Festival over, the Memphis in May International Festival moves to a smaller scope this week that goes to the roots of the festival – promoting international business ties.
Philippines ambassador to the U.S. Jose L. Cuisia Jr. will be the keynote speaker at the Thursday, May 10, International Business Council Luncheon at the Hilton Memphis hotel. 939 Ridge Lake Blvd.
Cuisia is the former governor and chairman of the Central Bank of the Philippines as well as former CEO of Philippine American Life and General Insurance Co.
Before the luncheon, local and Philippine business leaders will hold a seminar on doing business in the Philippines, also at the Hilton, that begins at 8:30 a.m.
– Bill Dries
Tennessee Named a Top State for Business
Chief Executive magazine has named Tennessee one of the four top states for business.
Tennessee ranked fourth in the annual ratings for the second straight year.
Other states in the top five were Texas, Florida, North Carolina and Indiana.
Bill Hagerty, commissioner of the Department of Economic and Community Development, said the state continuously works to create and maintain a business friendly environment that encourages companies to grow and invest in Tennessee.
– The Associated Press
Nassar Named to Ole Miss Law Alumni Board
Glankler Brown PLLC attorney George Nassar Jr. has been named to a three-year term as a member of the University of Mississippi Law Alumni board of directors.
At Glankler, Nassar – who has more than 30 years of experience practicing law – concentrates his practice in the areas of estate planning, probate, tax planning and business transactions.
He also serves as a special judge in Shelby County Probate Court.
– Andy Meek
Meritan Inc. Expanding Programs, Hiring Nurses
Meritan Inc. is expanding to include nursing services for adults with developmental and intellectual disabilities.
More than 70 jobs have been added, mostly LPN positions. The hiring is ongoing.
Nurses will provide care management in the areas of nutrition, medication administration, seizure disorders and respiratory ailments. Respite for caregivers is also a part of the program, and services are provided in the patient’s private residence or in a group home setting.
Meritan is a Memphis-based nonprofit providing a series of programs throughout the region, including home health; job placement, training, fitness and wellness for senior citizens; personal care for the elderly; specialized foster care; assistance for the visually impaired; family-based residential care and more.
– Aisling Maki
Talbots Receives Sweetened $211M Buyout Offer
Clothing retailer The Talbots Inc. said Monday that it has received a sweetened buyout offer from private equity firm Sycamore Partners that values the company at about $211 million.
Sycamore, which is already Talbot’s largest shareholder with a 9.4 percent stake, is offering $3.05 per share for the company. That’s a 9 percent premium from the stock’s closing price on Friday.
The retailer based in Hingham, Mass., had rejected a $3 per share takeover offer from Sycamore last December, saying it undervalued the company.
Talbots said Monday its board is evaluating the latest proposal and other strategic alternatives.
Talbots had 69.2 million shares outstanding as of Jan. 28, according to a filing with the Securities and Exchange Commission.
The women’s clothing company has struggled for some time, posting annual losses in four of the past five years.
For the fourth quarter ended Jan. 28, Talbots reported last month that it had a net loss of $53.3 million, or 77 cents per share. That compares with a loss of $2.8 million, or 4 cents per share, a year ago.
For the year, Talbots lost $111.9 million, or $1.62 per share.
To reverse its fortunes, Talbots laid out plan to cut jobs, close stores, trim employees’ hours, suspend national advertising and TV campaigns and reduce inventory.
It closed 47 locations under its plan during the fourth quarter. It said last month that it plans to close about 110 locations in total, which includes the consolidation of 15 to 20 locations through fiscal 2013.
As of the end of the fourth quarter, it operated 517 Talbots stores in 46 states and Canada, including stores in Collierville, Germantown and Memphis.
– The Associated Press
Oil Price Drops to Lowest of 2012
The price of oil dropped Monday to its lowest level of the year after elections in Europe created uncertainty over the region’s plan for recovery.
In afternoon trading, benchmark U.S. crude lost $1.10 to $97.39 per barrel in New York. It fell as low as $95.34 per barrel earlier in the day, 10 cents below the previous low set on Feb. 2.
Oil prices declined after voters in France and Greece rejected incumbent leaders who supported austerity measures to fix the region’s struggling economy. French voters elected a new president, socialist Francois Hollande, who promised to boost spending. Greek voters ousted numerous pro-austerity candidates and left their parliament without a controlling party.
Analysts warned that the election results could derail the eurozone’s plan for recovery. That could further disrupt an economy that consumes 18 percent of the world’s oil.
In the U.S., retail gasoline fell 2.5 cents over the weekend to a national average of $3.777 per gallon on Monday, according to AAA, Wright Express and Oil Price Information Service. A gallon of regular has dropped by nearly 16 cents since peaking in early April at $3.936. It’s 20 cents cheaper than the same time last year.
In other futures trading, natural gas rose 4.8 cents, or 2 percent, to $2.327 per 1,000 cubic feet. The futures price has jumped by nearly 20 percent since hitting a 10-year low on April 19. Natural gas prices are climbing as temperatures rise in the West, increasing the use of air conditioners and boosting electricity demand.
– The Associated Press
AT&T Barges Into Home Security
AT&T Inc. will start selling home automation and security services nationwide, taking on incumbents led by Tyco International Ltd.’s ADT.
The installations and services will be sold in AT&T stores, starting with a trial this summer in Dallas and Atlanta.
Several of AT&T’s competitors, including cable TV company Comcast Corp. and phone company Verizon Communications Inc., have ventured into the home automation and security field. Dallas-based AT&T is showing more ambition with its stated goal of selling nationwide, rather than sticking to its landline service territory, as Verizon does.
Steven Winoker, an analyst at Sanford Bernstein, said about 23 percent of U.S. homes have security systems, so there’s plenty of room to grow.
– The Associated Press