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VOL. 131 | NO. 157 | Monday, August 8, 2016

Daily Digest

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Justice Department Approves IP-Weyerhaeuser Purchase

The U.S. Justice Department is taking no action in Memphis-headquartered International Paper’s acquisition of the pulp business of Weyerhaeuser, IP executives announced Friday, Aug. 5.

The review is one of several regulatory requirements that include reviews by jurisdictions outside the U.S. Some of those reviews are still ongoing.

International Paper announced in May it had signed an agreement with Weyerhaeuser to buy five pulp mills and two converting facilities to produce different kinds of pulp. The company expects to close on the transaction in the fourth quarter of this year.

– Bill Dries

Campbell Clinic Launches Walk-In Clinics

Campbell Clinic has launched walk-in clinics at each of its five locations in Germantown, Collierville, Cordova, Southaven and in the Medical District.

Patients with acute orthopedic injuries can access services on a walk-in basis without needing an appointment, and services include care and assistance for everything from suspected sprains to strains, breaks and other injuries.

In addition to its team of physicians who will treat walk-in patients at all of its locations, Campbell Clinic is also adding a full-time physician. Dr. James Robinson is joining the practice in August and will be seeing walk-in patients at the Germantown facility, located at 1400 S. Germantown Road.

– Andy Meek

Work on Cobblestone Landing Kicks Off

Improvements continue on Downtown Memphis’ riverfront, with a $6 million permit application recently filed for restoration of Memphis’ cobblestone landing.

The Riverfront Development Corp. recently filed the permit application with the city-county Office of Construction Code Enforcement for property at 83 Riverside Drive. Benny Lendermon, president of the RDC, said that the permit is related to the Historic Cobblestone Landing Restoration and Walkway Project, which will stabilize the cobblestone field on the bank of the Mississippi River with accessibility and usability improvements.

The project could head for bid this fall or early next year, Lendermon said.

– Madeline Faber

Olymbec Buys Southeast Warehouse

Olymbec USA has purchased a southeast Memphis office building from Memphis Investments LLC for $1.3 million.

The Corporate Park Business Center was built in 1986 and bears 41,767 square feet.

The property bears the real addresses of 3885 and 3889 S. Perkins Road, 3599 Knight Road and 4477 and 4539 Winchester Road.

In May, Montreal, Canada-based Olymbec paid $4.8 million for a nearby warehouse at 6125 E. Shelby Drive.

– Madeline Faber

Fred's Reports 7 Percent Drop in July Sales

Memphis-based Fred's Inc. saw a 7 percent drop in its July sales, the company reported late last week.

Total sales for the four-week fiscal month ended July 30 were $154 million, down from $165.6 million in July 2015. Comparable store sales for the month declined 4.6 percent compared with an increase of 0.7 percent in the year-earlier period.

“We are disappointed with the company’s performance in the month of July,” Fred’s CEO Jerry A. Shore said in a statement, citing four reasons for the decline.

Government assistance funds, he said, were distributed Aug. 1, shifting their spending from fiscal July last year to fiscal August this year. Also, pharmacies were closed for the Fourth of July holiday, which fell on a Monday, the busiest day for Fred’s pharmacy department; last year, the holiday fell on a Saturday, the pharmacy’s slowest day. Shore also cited worse-than-expected sales in food, beverages, paper and household chemicals, as well as an industrywide slowdown in demand for Hepatitis C drugs.

The company is anticipating a second-quarter loss between 18 and 24 cents per share when it reports quarterly earnings Aug. 30.

– Daily News staff

PROPERTY SALES 124 481 17,865
MORTGAGES 127 530 20,565
BUILDING PERMITS 195 891 36,836
BANKRUPTCIES 52 262 11,426