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VOL. 130 | NO. 110 | Monday, June 8, 2015

Daily Digest

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LYFE Kitchen Pays $3M For East Memphis Spot

LYFE Kitchen has purchased its East Memphis location from a division of Memphis-based Carlisle Corp.

LYFE bought the restaurant at 6201 Poplar Ave. from Wendelta Property Holdings LLC for $3 million, according to a May 29 warranty deed.

Last year, Carlisle Corp. made a significant equity investment in LYFE. That investment made Chance Carlisle, president of Carlisle Corp.’s Wendelta Inc. division, LYFE’s new CEO. Carlisle signed the warranty deed on behalf of Wendelta, which operates Wendy’s franchise locations.

Originally launched in California, LYFE Kitchen also agreed to move its headquarters to Memphis and open two restaurants: the East Memphis location, on Poplar east of Ridgeway Road, and one at the Chisca Hotel Downtown, which Carlisle Corp. is redeveloping.

The East Memphis location, which is currently undergoing renovation, is slated to open this summer, while the Chisca restaurant is expected to launch this fall.

LYFE, which stands for Love Your Food Everyday, was founded in 2010 by partners Mike Roberts, Stephen Sidwell and Mike Donahue. Roberts and Donahue are former high-ranking McDonald’s executives, and Sidwell helped found Gardein, the meat substitute.

LYFE promotes a health-conscious and environmentally friendly restaurant concept, with menu items including less than 600 calories. The menu, built by Food Network’s Jeremy Bringardner, vegan chef Tal Ronnen and Art Smith, Oprah Winfrey’s former personal chef, has won praise on diner review sites and from critics. The menu includes grass-fed beef and chicken and a large offering of vegetarian and gluten-free dishes. The restaurants also offer wine, craft beer, coffee, smoothies and a variety of teas.

– Amos Maki

New CEO Tapped For Saint Francis-Bartlett

Saint Francis Hospital-Bartlett has a new CEO.

Chris Locke started in the role effective June 1, and as CEO he’ll oversee all strategic, operational and clinical activities for the 196-bed acute care hospital in Bartlett.

The appointment follows Locke serving a stint as the hospital’s interim CEO in 2012. Locke joined Tenet Healthcare, Saint Francis Hospital-Bartlett’s parent company, in 2006.

– Andy Meek

Redbirds’ Greg Garcia Named Cardinals Player of the Month

Memphis Redbirds infielder Greg Garcia earned the St. Louis Cardinal organization’s Player of the Month honors for May after batting .361 with 11 multi-hit games.

Garcia, 25, had four doubles and drove in 12 runs during May. The Redbirds finished the month by winning 10 of their last 13 games, including an eight-game winning streak. Garcia had a .421 on-base percentage in May, reaching base in 23 of 27 games.

Last season, Garcia batted .272 with the Redbirds. In a brief stint in St. Louis, he hit .143 with one double and one RBI.

– Don Wade

Beale Authority Wants to Talk New Ownership Arrangement

The newly appointed Beale Street Tourism Development Authority wants to talk to Memphis City Council members about a new arrangement for how it would govern the Beale Street Entertainment District for the city.

The Beale authority’s members voted unanimously Thursday, June 4, to seek the talks with the City Council about a fee simple arrangement similar to how the Memphis-Shelby County Airport Authority runs Memphis International Airport and how the Public Building Authority that built FedExForum operates.

In such an arrangement, the city would retain ownership of the property, but the Beale authority would have more autonomy to make the long-term commitments necessary to secure financing for expansions or improvements.

The ordinance approved by the council earlier this year set up a master lease agreement similar to the deal between the city and the nonprofit Beale Street Development Authority. It was a different version than the resolution proposed by Memphis Mayor A C Wharton Jr.

Under the predecessor agreement that governed the renovation and reopening of Beale Street in 1983, the city leased its property – which includes everything in the district except Handy Park and A. Schwab – to the BSDC, which in turn hired Performa Entertainment to run and develop the district.

The Beale authority’s first significant piece of business is hiring a management firm to carry out the body’s long-term vision. Before any hiring takes place, the authority and City Hall have to reach an agreement on the specific terms of what the authority does for the city of Memphis.

“We should start with what we think is in the best interest of the street and of the city,” authority chairman Archie Willis said.

– Bill Dries

Tenn. Sports Hall of Fame Inducting 11 New Members

Former Memphis and NFL wide receiver Isaac Bruce is among 11 new members of the Tennessee Sports Hall of Fame being inducted Saturday night.

Other inductees include former Texas football coach and Cookeville native Mack Brown, Bob Cummings, William Dunavant Jr., Jim England, Jamie Rotella and Henry and Alice Hooker.

Cummings is a former Tennessee high school football coach. Dunavant owned the United States Football League’s Memphis Showboats and developed the Racquet Club of Memphis. England was an all-Southeastern Conference basketball player at Tennessee. Rotella was a star linebacker for Tennessee. Henry and Alice Hooker helped transform Nashville’s Iroquois Steeplechase into a premier sporting event.

The banquet also will honor the state’s top professional and amateur athletes and teams along with Vanderbilt’s 1955 Gator Bowl champs.

– The Associated Press

Yahoo to Shut Down Maps, Other Sections

Yahoo will close its maps page, and several other sites, as it focuses on its search business, communication tools and content.

The Internet company said Friday that it will close its map, which gives users driving directions and traffic conditions, at the end of the month.

Yahoo will also close several sites worldwide, including Yahoo Music in Canada and France, Yahoo Movies in Spain and Yahoo Autos in the U.K. Yahoo’s main Philippines page will also close, and users will be sent to Yahoo Singapore instead.

The company announced the closings in a blog post. A Yahoo representative declined to comment further.

Yahoo Inc. is streamlining its business as it tries to increase its audience and capture more ad dollars. It announced a deal Wednesday to show a live NFL game, and it has signed other content deals with media companies.

– The Associated Press

US Consumer Borrowing Up $20.5 Billion in April

Consumer borrowing surged again in April, helped by the largest gain in credit card borrowing in a year.

The Federal Reserve says consumer borrowing expanded by $20.5 billion in April, down only slightly from a gain of $21.3 billion in March which was the biggest increase in eight months. The strong gains pushed consumer credit to a fresh record of $3.38 trillion.

Borrowing in the category that includes credit cards jumped by $8.6 billion, the largest rise in 12 months. Borrowing in the category that covers auto and student loans advanced a solid $11.9 billion, after an even bigger $16.5 billion increase in March.

Economists expect consumers, who have seen strong job gains over the past year, will keep borrowing and spending in coming months.

– The Associated Press

US Hiring Jumps in May As Businesses Get Bullish

U.S. employers added a robust 280,000 jobs in May, showing that the economy has regained momentum after starting 2015 in a deep slump.

The unemployment rate ticked up to 5.5 percent from 5.4 percent in April, the government said Friday. But that occurred for a good reason: Hundreds of thousands more people began seeking jobs in May. Not all of them found work and so were counted as unemployed.

Last month’s strong job growth reflects a sign that employers foresee a broader rebound for the economy after it shrank during the first three months of the year. The government also revised up its estimate of job growth during March and April by a combined net 32,000.

– The Associated Press

PROPERTY SALES 97 418 8,253
MORTGAGES 112 508 9,293
BUILDING PERMITS 194 1,059 18,126
BANKRUPTCIES 46 208 5,367