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VOL. 128 | NO. 137 | Tuesday, July 16, 2013

Daily Digest

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Krystal Buys Winchester Fast Food Restaurant

The Krystal Co. has paid $575,000 for the fast food restaurant site at 7073 Winchester Road in Southeast Memphis.

Dunwoody, Ga.-based Krystal bought the 2,953-square-foot restaurant in a July 2 special warranty deed from Lightman Majestic Retail Co. LLC, an affiliate of Memphis-based Michael Lightman Realty Co.

Company principal Michael A. Lightman in May quitclaimed the property to the related limited liability company.

Built in 1998, the restaurant, which formerly housed a Back Yard Burgers locale, sits on 0.6 acres along the south wide of Winchester. The Shelby County Assessor of Property’s 2013 appraisal is $523,000.

No financing was associated with the transaction.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Bass Pro Shops Unveils Sign at Design Review Board

Bass Pro Shops is ready to share its latest sign and design ideas for The Pyramid.

The Downtown Memphis Commission has called a special meeting of its Design Review Board for Tuesday, July 16, from 4 p.m. to 5 p.m.

Commission Development Projects Manager Brett Roler said Friday, July 12, that the meeting would be “an information session only.”

“The DRB will not be asked to take any action or vote on the proposal at this time,” said Roller in announcing the meeting. “The project’s local representatives will bring the appropriate application(s) back to the DRB for a vote at a future meeting.”

In March, the DRB approved exterior plans – minus the signage – the Springfield, Mo.-based retailer proposed, but a vote on signage was delayed after board members and community members raised questions about Bass Pro’s proposal that called for large lit signs featuring the company’s logo.

DRB members asked that Bass Pro reconsider its proposal for internally illuminated, 66-foot-high by 90-foot-wide signs on all four sides of The Pyramid.

– Amos Maki

Metal Building Manufacturer Spirco Honored for Safety Measures

Memphis metal building manufacturer Spirco Manufacturing has been recognized for outstanding safety measures.

The Metal Building Manufacturers Association recently awarded Spirco a 2012 Improved Safety Award in the category of 20 percent reduction in OSHA work case occurrences and restricted duty cases.

Each year, the association recognizes metal building systems manufacturers who show exceptional commitment to assuring workplace safety.

Spirco was one of only 10 companies across the nation to win an acknowledgement in its category.

– Andy Meek

Glazer’s Acquires Memphis’ Star Distributing

Glazer’s Inc. has signed an agreement to acquire majority control of Memphis-based Star Distributing Co.

Glazer president and CEO Sheldon Stein said the company’s strategy is to “aggressively expand” its footprint in beverage distribution, and the deal announced will give it a significant presence in Memphis.

His company is one of the largest distributors of wine, spirits and malt beverage products in the U.S.

Star distributes wine, spirits and specialty items in Memphis for national suppliers including Bacardi, Sazerac, Moet Hennessy USA and Beam, among others.

– Andy Meek

Price Receives Beale Street Note

Pianist and vocalist DiAnne Price, who died in March, will be honored with a brass note on Beale Street’s Walk of Fame, Sunday, July 21.

Price’s unique blues phrasings and her extensive songbook were featured at Memphis Sunday brunches as well as music festivals.

The ceremony honoring her will be at B.B. King’s Blues Club on Beale at 3 p.m.

Meanwhile, Knox Phillips of Phillips Recording Studio was honored with a brass note that was presented to him Saturday at the Levitt Shell before the last live concert of the summer season in Overton Park.

– Bill Dries

Lieutenant Governor Says Gun Law May Need Change

Tennessee Lt. Gov. Ron Ramsey, who backed a new law allowing handgun carry permit holders to keep weapons in their vehicles at work, says the law needs clarifying.

Employers point to an opinion by Attorney General Robert Cooper in saying their policies banning weapons from their property have not changed.

“I hate that the attorney general has muddied the waters on this,” Ramsey told the Knoxville News Sentinel.

Cooper said Tennessee employers can terminate workers “at will,” for any reason or no reason. In an opinion he delivered in May, Cooper said the new statute would have no impact on companies’ ability to terminate workers.

Ramsey said he would “probably” support an anticipated push to clarify the statute in the next legislative session. The expected change would be to state that an employer could not discharge a carry permit holder solely for having a handgun in a locked vehicle.

Such a revisiting of the statute would run counter to Gov. Bill Haslam’s stated wish that there be no gun legislation in the 2014 session.

Among employers who have declared they have not changed their ban on weapons in vehicles parked on their property is the University of Tennessee. A spokeswoman for the Tennessee Board of Regents says the same policy is in effect at the Regents universities and colleges.

Eastman Chemical spokeswoman Kristin Sturgill says the company reviewed the statute and the attorney general’s opinion and “concluded our policy did not require amendment in light of the new legislation.”

Ramsey says Cooper’s opinion is wrong, citing a Tennessee Supreme Court decision that found there is an exception to the “at will” doctrine when an employee is following an established, legally defined public policy. Ramsey said the new law established a clear public policy on handguns in locked vehicles.

He later inserted into the official legislative record a statement that defines the “legislative intent” of the law.

– The Associated Press

US Business Stockpiles Up Modest 0.1 Percent

U.S. businesses increased their stockpiles only slightly in May, despite a solid sales increase. The figures suggest economic growth has slowed but could pick up in the second half of the year.

The Commerce Department said Monday that business stockpiles rose just 0.1 percent in May from April, half the previous month’s increase.

Sales increased 1.1 percent in May after being flat in April. That’s the best gain since February.

Slower restocking could weigh on economic growth in the April-June quarter because it means companies ordered fewer factory goods. But the strong sales gain suggests companies may have to order more goods in the coming months to keep up with demand. That could drive more economic growth in the second half of the year.

Many analysts think economic growth has slowed to an annual rate of around 1 percent or even less in the April-June quarter. That would be lower than the subpar 1.8 percent annual rate from January through March.

Economists expect growth should rebound in the second half of the year to a roughly 2.5 percent annual rate as the effects of federal tax hikes and government spending cuts fade.

The May increase brought total stockpiles to a seasonally adjusted $1.66 trillion. That’s up just 3.8 percent from May 2012.

Wholesalers cut their stockpiles 0.5 percent, while manufacturers’ inventories were unchanged in May. Retail stockpiles rose 0.6 percent.

Sales at the wholesale level rose 1.6 percent to lead all categories. Sales at manufacturers and retailers increased slightly below that level.

A separate report Monday showed that retail sales slowed to a modest 0.4 percent increase in June.

The brighter second half outlook is bolstered by steady job growth, which has kept consumers spending. Employers have added 202,000 jobs a month through the first six months of this year. That’s up from 180,000 in the previous six months.

The increase in hiring has helped overall income grow, offsetting some of the drag from higher taxes.

– The Associated Press

PROPERTY SALES 83 405 4,276
MORTGAGES 104 424 4,814
BUILDING PERMITS 148 883 10,151
BANKRUPTCIES 53 264 3,149