» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 9 | NO. 6 | Saturday, February 6, 2016

Daily Digest

Print | Front Page | Email this story | Comments ()

Medical District Apartments Sell For $9.7 Million

An apartment complex in the Memphis Medical Center has sold for $9.7 million.

Blair Tower LLC, an affiliate of Hyde Family Investments LLC, purchased the Blair Tower Apartments from Blair MCAP LLC, according to a Jan. 29 warranty deed.

The Class B complex, located at 810 Washington Ave., was built in 1964 and bears 208 units across 219,179 square feet. It’s situated on 1.4 acres at the northwest corner of Washington and Dunlap Street, and the Shelby County Assessor’s 2015 appraisal came in at $5.1 million.

This isn’t the first time New York-based Hyde Capital has purchased in Memphis. In March 2014, its related entities paid $8.6 million for the 208-unit Cinnamon Trails apartment complex and $8.7 million for the 272-unit Briar Club Apartments, both in Hickory Hill.

– Madeline Faber

Resurrection Health Opens Frayser Center

Resurrection Health is cutting the ribbon next week in Frayser on its fourth health center.

The location is 2574 Frayser Blvd. A ribbon cutting ceremony is set for Tuesday, Feb. 9, at 10 a.m., with keynote remarks from U.S. Rep. Steve Cohen, D-Memphis, and Dr. Jimmy Young, senior pastor at Grace Evangelical Church.

Resurrection Health is a faith-based organization that launched in 2014.

– Andy Meek

Council to Explore Separate Benefits for Cops, Firefighters

Memphis City Council members voted Tuesday, Feb. 2, to form a task force to explore a separate benefits package for police and firefighters.

The resolution by council member Edmund Ford Jr. is the first move toward a different set of benefits, which would serve as a recruitment tool to bolster the ranks of both departments.

Council members have discussed different benefits for public safety employees in the last year and a half. But the discussion has been a smaller and more sporadic part of the council’s larger debate and decisions to change the benefits of all city employees and retirees.

In other action Tuesday, a divided council approved a resolution backing pending state legislation to abolish the state-run Achievement School District.

The resolution sponsored by council member Martavius Jones, a former Shelby County Schools board member, passed on a 4-3 vote with council members Ford, Bill Morrison and Berlin Boyd recusing themselves. Council members Worth Morgan, Philip Spinosa and chairman Kemp Conrad abstained.

– Bill Dries

International Paper Beats Expectations in Q4 Earnings

International Paper Co. posted net earnings of $938 million for 2015, a 40 percent increase from the $555 million in 2014.

The earnings numbers reported Wednesday, Feb. 3, show fourth-quarter net earnings of $178 million compared to $134 million a year earlier, a 24.7 percent increase.

The fourth-quarter earnings are 87 cents on a per share basis after being adjusted for non-recurring costs. Analysts expected the earnings would be 83 cents per share.

Fourth-quarter revenue for Memphis-based IP came in $5.44 billion, short of the $5.6 billion analysts were expecting.

IP’s special items for the fourth quarter, which are included in the net earnings numbers, included a pre-tax charge of $15 million for the sale of its Carolina Coated Bristols brand as well as costs of conversion of the company’s Riegelwood, North Carolina, facility to all pulp production.

International Paper chairman and CEO Mark Sutton said the company’s North American industrial packaging business and its Ilim joint venture in Russia led the global year-end numbers to an 11 percent return on invested capital. Sutton described the percentage as a “record.”

– Bill Dries

Rallings Names Police Team

Interim Memphis Police director Michael Rallings has named deputy chief Mike Ryall as his deputy director and has filled other vacancies in the ranks of deputy chiefs.

Rowena Adams has been named deputy chief over administrative services, while Frank Garrett and Terry Landrum are over uniform patrol. Sharonda Hampton is deputy chief investigative services, Clete Knight is deputy chief special operations, and Jim Harvey is deputy chief information technologies.

Adams, Knight and Harvey already were deputy chiefs under former police director Toney Armstrong, as was Rallings.

Knight and Harvey are scheduled to retire this year. Depending on their timing, Rallings likely will be the one to fill the vacancies. Memphis Mayor Jim Stricklandestimates the city’s national search for a permanent police director will take four to eight months.

– Bill Dries

Pinnacle Financial Partners Announces Another Merger

Nashville-based Pinnacle Financial Partners, which recently entered the Memphis market through its acquisition of Magna Bank, is continuing its march to dominance across the state’s major urban markets.

The company has announced that Nashville-based Avenue Financial Holdings Inc. is merging into Pinnacle, a deal that’s been approved by each company’s board of directors and should close in either late second quarter or early in the third quarter.

Pinnacle said the deal is an outgrowth in part of its desire to build a $13 billion to $15 billon bank that’s in each of the state’s four largest markets, something it needs to achieve a top three market share in each of those markets to accomplish.

– Andy Meek

Choose901 Heads to D.C. for Recruitment

The Choose901 organization went to the nation’s capital for a weeklong recruiting blitz.

The effort from Feb. 1-6 was aimed at attracting professionals and soon-to-be college graduates to Memphis, and as part of that Choose901 hosted networking events and information sessions to highlight job opportunities and to talk about the impact of millennials in Memphis.

Choose901’s D.C. recruiting schedule included stops at the campuses of American University, the University of the District of Columbia, Howard University, Georgetown University and the University of Maryland. The team also hosted a happy hour event to connect with D.C. professionals, including former Memphians who may be considering a return.

Choose901 was set to finish the week at the Teach for America 25th Anniversary Summit connecting with attendees about opportunities specific to educators.

– Andy Meek

United Housing Gets Grant from First Tennessee

First Tennessee Bank has made a $5,000 grant to United Housing Inc. to support the nonprofit organization’s financial counseling programs.

The funding will support all of UHI’s programming, including homebuyer education, foreclosure mitigation counseling, down payment assistance and its newest service, the home repair and modifications loan program.

UHI’s homebuyer education program includes eight hours of classroom instruction and individual counseling sessions focusing on the importance of credit; how to qualify for a mortgage loan, select a house and work with a Realtor; and basic home maintenance.

This is First Tennessee’s first donation to UHI. Keith Turbett, a 10-year UHI board member and Community Reinvestment Act manager for FTB parent company First Horizon National Corp., facilitated it.

“First Tennessee is making an effort to reach out to first-time homebuyers and developing a program for these new homeowners, so United Housing was a great fit for us,” Turbett said. “We believe that an educated borrower is a better borrower.”

– Madeline Faber

Patent for Treating Arthritis Issued to ArGentis

Memphis-based arGentis Pharmaceuticals has been issued a patent for altered peptide ligands used in treating arthritis.

The research supporting the patent was conducted at the University of Tennessee Health Science Center in Memphis and is licensed by arGentis from the University of Tennessee Research Foundation. The patent grants the use of the treatment in the U.S. and is based on the research of doctors at the University of Tennessee Health Science Center in Memphis.

Rheumatoid arthritis is a chronic inflammatory disorder that typically affects the small joints in hands and feet. The arGentis treatment uses a modified peptide ligand to treat rheumatoid arthritis.

– Andy Meek

Council Delays MLGW Agenda, Used Car Lot

The council also delayed for two weeks the entire Memphis Light Gas and Water Division consent agenda after councilman Reid Hedgepeth complained that the utility had done nothing about streetlights that have been out on a street in his district for a month.

“If I can’t get streetlights turned on up here, there’s no point in me being on the council,” Hedgepeth said. “If it took me this long to get streetlights on in my business, I wouldn’t have a business.”

MLGW president Jerry Collins said an underground cable is the culprit and that such repairs take about five days to fix after a 30-day waiting period.

The council also delayed a vote for two weeks on a used car lot in north Memphis at the corner of Chelsea and Tunica.

The developers said the car lot would double as a mentoring program for children but didn’t have details in a flurry of questions from council members after the description of the business changed.

At one point Robert Coleman described the car lot he wants to open with his brother as a nonprofit but quickly said it was a business that would feature mentoring once commerce was up and running.

“Our business is ultimately for the benefit of the children,” Coleman said, adding the children would be trained to do “exterior and interior automotive restoration.”

Council member Joe Brown opposed the delay saying the council was targeting the developers for racial reasons.

“You want to hold back Ferguson?” he asked at one point of council member Berlin Boyd.

“I’m not going back and forth on an issue that you are trying to polarize,” Boyd replied. “We’ve heard three different variations of what will happen,” said Boyd, who joined the call for the delay to meet with the developers. “I’m trying to help.”

– Bill Dries

Shelby County Sees Dip In Unemployment Rate

Shelby County’s unemployment rate dipped in December, making it one of 43 counties statewide to see a decline.

The county’s unemployment rate measured 6.1 percent for the month, down from 6.4 percent in November, according to preliminary figures from the Tennessee Department of Labor and Workforce Development. It’s also a significant drop from the 7.2 percent rate during the same period in 2014.

Statewide, the seasonally adjusted unemployment rate was 5.6 percent in December, while the U.S. rate was 5 percent.

Unemployment for the Memphis metropolitan statistical area – which includes Fayette, Shelby and Tipton counties plus portions of eastern Arkansas and North Mississippi – came in at 6.1 percent, holding even with November’s rate but down from 7.0 percent in December 2014.

Meanwhile, the state labor department estimated 19,140 Memphians – 6.7 percent of the city’s workforce – were unemployed in December, down from 6.9 percent in November and 8.1 percent in December 2014.

– Kate Simone

Memphis Symphony Receives $50K Grant

The Memphis Symphony Orchestra has been awarded a grant from The Andrew W. Mellon Foundation for planning a musician diversity fellowship program.

The foundation, which invests in the arts and cultural heritage, has been a strong supporter of MSO innovation and community engagement work in the past.

The $50,000 grant will be used during 2016 to plan and design a conservatory fellowship program. It will bring emerging professional musicians from underrepresented communities to Memphis for orchestra performance and service opportunities.

“In the continuing evolution of the Memphis Symphony Orchestra as the largest performing arts organization in Memphis, we are building on three spheres of influence that center around the transformative power of music,” said Memphis Symphony board chair Gayle S. Rose. “Those three include continued artistic excellence in the concert hall; educational engagement to coach, teach and mentor our youth; and a diversity and inclusion program to build a resonant and sustainable relationship with the Memphis community.”

Despite a financial setback in 2014 that temporarily put several projects on hold, MSO leadership continues to invest in orchestra activities in the community outside of the concert hall as support becomes available. A renewed partnership with Shelby County Schools, thanks to the generous gift from the Helen and Jabie Hardin Charitable Trust, designed to use music as a learning pathway to support student creativity, literacy and college/career readiness is one example of a community initiative investment.

Program planning for the Mellon Grant is scheduled to begin immediately.

– Don Wade

Accounting Firm Celebrates Centennial With Service

The accounting firm of Reynolds, Bone & Griesbeck is celebrating its 100th anniversary this year by giving back.

Managing partner John Griesbeck said the firm had the community in mind when planning its centennial celebration. As a result, firm employees will volunteer and give back to several local organizations for 100 days straight starting this spring.

Some of the organizations selected include St. Jude Children’s Research Hospital; the Church Health Center; Le Bonheur Children’s Hospital; and the Humane Society of Memphis and Shelby County, among others.

“Our founders were among the first certified public accountants in the state of Tennessee and we would not be the success we are today without the trust and support of the businesses in this community,” Griesbeck said. “So the best way we could think to celebrate our success was to simply give back.”

– Andy Meek

2 Memphis Nonprofits Among ‘Listen for Good’ Grantees

Memphis nonprofits A Step Ahead and SRVS are among 19 organizations selected by the Fund for Shared Insight for the inaugural cohort of “Listen for Good” grantees.

Listen for Good, a collaborative effort among several funders – including the Memphis-based Plough Foundation – is dedicated to building the practice of listening to the people nonprofits and foundations seek to help. In its first year, the initiative will develop simple, systematic ways of obtaining feedback from nonprofits that receive foundation funding, as well as help nonprofits obtain input from the people they directly serve.

Each of the 13 co-funders involved with Listen for Good nominated one or more of the 19 grantees and committed $20,000 per organization in support.

The Plough Foundation is sponsoring some of the smaller, more regionally focused organizations that have signed on for the first round. The foundation’s grantmaking reflects the many pressing social and economic issues facing Memphis and Shelby County.

Listen for Good will explore new and different ways to engage with the perspectives and ideas shared through high-quality feedback loops. Ultimately, it will share lessons learned with grantees, co-funders and the field to improve the feedback movement and inform future efforts.

– Kate Simone

Southern College Of Optometry Taps VP

Dr. J. Bart Campbell has been appointed vice president of academic affairs at Southern College of Optometry.

Campbell has been serving as interim vice president since March 2015.

Campbell has been at SCO since 1988. He formerly served as chair of the department of optometric education, chief of the contact lens service, director of residency programs and director of academic support services.

– Andy Meek

Baptist Adds Medical Offices To North Mississippi Plans

Baptist Memorial Health Care is growing in Oxford, Miss., with a 78,000-square-foot Oxford Medical Office Building to be completed in August 2017.

Indianapolis-based commercial real estate developer Duke Realty soon will begin work on the three-story building, to be located on the campus of Baptist Memorial Hospital-North Mississippi. Scheduled to be completed in fall 2017, the 600,000-square-foot hospital is replacing a former branch, but the office building will be a new offering.

Nearly 50,000 square feet of the Oxford Medical Building will house Baptist-North Mississippi services, including outpatient physical therapy, wound care, a sleep lap, education/simulation and administrative space.

Baptist Medical Group physician offices will take up nearly 8,200 square feet and the Stern Cardiovascular Foundation will operate in 6,000 square feet of space. There is additional room for other specialty medical practices.

“The new hospital campus represents the single largest health care economic development project in the history of Oxford and Lafayette County,” said Bill Henning, administrator and CEO of Baptist North Mississippi, in a statement.

“There is very little medical space available in Oxford, and most of the facilities are 100 percent occupied,” added Keith Konkoli, Duke Realty executive vice president of healthcare. “We’re proud that we’ll be able to offer prospective tenants an opportunity to lease the only Class A, multispecialty, on-campus space in the market.”

– Madeline Faber

Lifeblood Grows Fleet With 7th Bloodmobile

Lifeblood has added a seventh bloodmobile to its fleet, thanks to a Plough Foundation grant.

The 40-foot-long mobile blood drive bus boasts the latest generator technology, including two turbo-charged generators with low emissions, as well as custom interior design for maximum comfort.

“A new bus will give us even more opportunities to reach donors in our community,” said Jennifer Balink, Lifeblood’s vice president of donor relations, in a statement. “We look forward to saving thousands of lives with the help of our generous community partners and supporters.”

Mobile blood drives account for 60 percent of Lifeblood’s total blood collections.

The blood collected on the new bus is expected to impact more than 6,000 lives in the Memphis community each year. Lifeblood blood donations serve accident, trauma and burn victims as well as premature babies and cancer patients in the Mid-South.

– Kate Simone

Fresenius Medical Care to Open 17th Area Dialysis Clinic

Fresenius Medical Care is building a dialysis clinic in Raleigh, according to a $1.2 million building permit filed with the city-county Office of Construction Code Enforcement in late January.

The clinic will be an infill project at 5020 English Towne Drive, according to the application.

North Property Management LLC owns the property, which is west of Covington Pike.

Fresenius currently operates 16 dialysis clinics in the Memphis area. The closest to the new facility is about 2 1/2 miles away at 3850 Austin Peay Highway.

– Madeline Faber

Cognac, Cars & Cigars To Benefit Make-A-Wish

Attendees to an upcoming Make-A-Wish fundraiser will have the chance to enjoy cognac and premium cigars while perusing luxury cars from Gossett Audi and Gossett Porsche and personal cars from NBA players.

Tickets for the inaugural Cognac, Cars, & Cigars are on sale now at cognaccarsandcigars.com. The event will be held March 5 from 5 p.m. to 9 p.m. at the LAZ Parking Garage Rooftop, 200 S. 2nd Street.

Fifteen percent of net ticket sales will benefit Make-A-Wish Mid-South.

Advance general admission tickets are $100 and include a souvenir glass, beverage samples from Moet Hennessy, a premium cigar from BeLeaf Cigars and food samples. Food partners include Sweet Potato Baby is one of the event’s food partners; Carmen Hicks is one of the featured live bands.

Since 1980, Make-A-Wish has been granting wishes through its 61 chapters throughout the US. Make-A-Wish also operates in 45 other countries around the world through 38 affiliate offices.

– Don Wade

Oak Court Mall, United Way To Offer Free Tax Services

Oak Court Mall is teaming up with United Way of the Mid-South to offer free income tax preparation services on several upcoming Saturday afternoons, starting this weekend.

United Way volunteers will be at the mall Saturday, Feb. 6, from noon to 6 p.m. to offer tax help at no cost to taxpayers with a household income of $54,000 or less. The volunteers, who are IRS-certified, are trained to help tax filers claim qualifying credits and will provide information about community services and other beneficial financial resources.

The services will also be available at Oak Court from noon to 6 p.m. on Feb. 13 and 20; March 5, 19 and 26; and April 9.

Oak Court is just one of several locations where United Way is helping taxpayers with their filings this tax season. Services are available at Hickory Ridge Mall every day except Tuesdays and Sundays, and volunteers will be making stops at local library branches and other sites on various dates.

For a complete list, visit uwmidsouth.org.

– Kate Simone

University of Memphis Opens Blue Line To Kroger, Target

The University of Memphis’ Blue Line shuttle bus has expanded to include one day a week service to the Kroger Poplar Plaza store as well as the Target store on Colonial Road in East Memphis.

The new service began late last week. The Target route runs every Thursday at 4 p.m.

The Kroger route runs every Friday starting at 2 p.m. from four campus stops.

Users of those services and the three other express routes covering the entire campus can follow buses online, memphis.transloc.com.

The shuttle services three other routes that run Monday through Thursday, from 7 a.m. to 11 p.m. and Friday from 7 a.m. to 5 p.m.

The blue route has 14 stops on the main campus. The gray has four stops on the main campus and five more on the Park Avenue campus. The green express makes stops north of the railroad tracks running the opposite direction of the blue and gray routes.

The blue and gray routes are free to anyone to ride until 5 p.m. when a current University of Memphis ID is required.

– Bill Dries

Southeast Memphis Warehouse Sold

A warehouse in Southeast Memphis has sold for $1.6 million.

Alabama-based Westmoreland Co. Inc. sold its warehouse at 4521 Malone Road to RLF I B SPE LLC in a Jan. 25 warranty deed. Maryland-based NorthAmerican Terminals Management LLC, a real estate company that owns and manages transportation-related properties for domestic trucking markets, is listed in the deed as the buyer’s related entity.

The vacant 15,900-square-foot property includes 2,600 square feet of office space and nearly 50 truck-loading terminals.

– Madeline Faber

Martin Lawrence Coming to The Orpheum in April

Comedian Martin Lawrence is coming to the Orpheum Theatre in April as part of his “Doin’ Time: Uncut Live” tour, his first standup tour in four years.

Lawrence became a household name thanks in part to his 90s-era self-titled TV comedy series, “Martin,” in which he starred not only as the title character but also appeared in other supporting roles at times. He’s also had a film career, appearing in movies like “Bad Boys” and “Big Momma’s House.”

Tickets for his Memphis show – which is April 2 at 8 p.m. – go on sale Feb 5.

– Andy Meek

Memphis Gets Federal Recognition for Local Food Infrastructure

Memphis has received national recognition as a site of entrepreneurship and innovation in the agriculture sector. Through the federal 2016 Local Foods, Local Places Initiative, Memphis will receive technical support to integrate local food into community development efforts, increase access to healthy goods and create economic opportunities for local farmers and food entrepreneurs.

Twenty-seven communities were chosen out of more than 300 applicants nationwide. The Delta Regional Authority will work with the five Delta-region communities to identify funding for the community development plans.

In Memphis, the DRA will help the Cooper-Young Community Farmers Market develop a permanent, versatile and more accessible space to host its farmers market and serve as a public square in the city.

– Madeline Faber

Shaq Goodwin Selected To AAC Honor Roll

University of Memphis senior forward Shaq Goodwin was named to the American Athletic Conference Honor Roll for his performances against University of Central Florida and SMU. Goodwin averaged 26.5 points, 7.0 rebounds, 3.5 assists, and 2.5 steals per game for the Tigers.

Against UCF, Goodwin set a career-high with 35 points, hitting 15-of-23 from the field, 1-of-1 from long range and 4-of-4 from the foul line. His 15 field goals set a new single-game American Athletic Conference record, while his 35 points are fifth-most in a single-game in AAC history. He also added nine rebounds, six assists, and three steals against the Knights in the Memphis victory.

In the team’s loss at SMU, he scored 18 points, hitting 7-of-15 shots from the field, 1-of-2 from beyond the arc, and 3-of-5 on free throws. He added two blocks, two steals and an assist.

For the week Goodwin hit 57.9 percent (22-of-38) of his shots from the field, 2-of-3 from long range, and 7-of-9 on free throws.

He leads the Tigers in scoring on the season, averaging 15.1 points per game, hitting exactly half of his 206 field goal attempts. He is second on the team in rebounding, averaging 8.1 per game. His 2.2 blocks per game lead the league and rank 33rd nationally.

Memphis returns to action Thursday, Feb. 4, when the team hosts UConn in an 8 p.m. game at FedExForum. It will be broadcast on ESPN2.

– Don Wade

Ryan Hollins Signs Another 10-Day Contract With Grizz

The Memphis Grizzlies have signed backup center Ryan Hollins to a second 10-day contract.

Hollins (7-0, 240) has averaged 3.1 points and 2.6 rebounds in 10.6 minutes through his first nine games with the Grizzlies this season.

After joining the team for training camp, he was re-signed twice during the season on Dec. 29 (waived on Jan. 7) and to his first 10-day contract on Jan. 21.

Between his stay during training camp and his regular season stints with the Grizzlies, Hollins also played five games, making three starts, for the Washington Wizards.

The 31 year old has averaged 3.7 points and 2.2 rebounds in 495 career games (67 starts) over 10 NBA seasons with the Charlotte Bobcats, Dallas Mavericks, Minnesota Timberwolves, Cleveland Cavaliers, Boston Celtics, Los Angeles Clippers, Sacramento Kings, Washington Wizards and Grizzlies.

– Don Wade

Memphis Open Announces Three Teen Wild Cards

Three young tennis pros will take the court at the 2016 Memphis Open as wild card players, the tournament has announced.

Taylor Fritz, Tommy Paul and Frances Tiafoe are all 18 years old, making this year’s tournament – scheduled for Feb. 8-16 – the first time in history wild cards have been awarded solely to teenagers.

The three young wild cards are working their way up the rankings on the ATP World Tour. Paul defeated Fritz last year to win the Roland Garros junior title, while Fritz defeated Paul to win the US Open junior title. Tiafoe played in the main draw at Roland Garros and US Open, the first Grand Slam tournaments of his career.

Meanwhile, the Memphis Open also announced tickets are selling fast, with some sections already sold out. Daily session tickets start at $10 and are available atmemphisopen.com.

– Kate Simone

Memphis Open Offering Events Beyond Matches

The Memphis Open presented by ServiceMaster is celebrating its 40th anniversary at the Racquet Club of Memphis with programming including a tennis clinic and lunch with ATP professional tennis players and two-time Olympic silver medalist Nancy Kerrigan; a sports management symposium; a tribute to founder Billy Dunavant; a tribute to local tennis legend Tommy Buford; a concert by the Bryan Brothers; and special offerings for “The Big Game” and Valentine’s day.

Tickets for the Memphis Open presented by ServiceMaster start at $10 and are available at www.memphisopen.com. Details about the special events, including pricing, can be found at the website.

Wednesday, Feb. 10, features the symposium from 1 p.m. to 2:30 p.m. with a panel of industry experts to share tips for students interested in breaking into the sports and event industry. Evening matches will pay tribute to local tennis legend Tommy Buford’s induction into the Southern Tennis Hall of Fame.

The symposium features John Walker from the Memphis Grizzlies, Darrell Smith from the FedEx St. Jude Classic, Steve Pacheco from FedEx, Ryan Thramer from the Tennessee Titans, Laura Ehret from St. Jude Children’s Hospital and Tim Ryan as the moderator.

Thursday, Feb. 11, begins with a tennis clinic from an ATP pro, lunch with the pros and special guest two-time Olympic silver medalist Nancy Kerrigan. Friday, Feb. 12, is the quarterfinals and Billy Dunavant Tribute Night. Saturday, Feb. 13, will feature semi-final matches and morning play-offs from USTA Tennessee 10 & Under Junior Players.

The finals will be on Sunday, Feb. 14. There are limited courtside champagne tables remaining, complete with valet, bubbly and hors d’oeurves. Gold dining room tickets available for a Valentine’s Day Brunch pre-match in the Racquet Club Dining Room.

– Don Wade

Republic Coffee To Close

Republic Coffee, which opened in 2008, is closing its doors in less than a week.

The business, at 2924 Poplar Ave., is shutting down Monday, Feb. 8, at 6 p.m. The owners are considering a move back to California, with health issues playing a part in their decision.

“It is with deep regret that we announce Republic Coffee will be closing … ,” the owners said in a prepared statement. “It has been an honor to serve great coffee to the Memphis community over the last seven years. We have also been privileged to support many worthy local organizations, including Ronald McDonald House of Memphis, Voices of the South, Memphis Recovery Centers, Greater Memphis Greenline, Tennessee Shakespeare Company, Books From Birth and others too numerous to list.

Due to Sharon’s health issues, we have made the painful decision to close, considering a move back to our home state of California.

Heartfelt thanks to our loyal customers and friends. We will miss you!”

– Andy Meek

Stanford Financial Doc Accepted to UK Festival

A documentary about the rise and fall of a financier who had prominent ties to Memphis has been accepted to the UK Screen One Film Festival.

The film’s title is, “Where’s the Money? The Rise and Fall of Stanford Financial.” The downfall of Stanford was the second biggest financial scam in U.S. history after that of Bernie Madoff’s.

The film’s website, including the trailer, is live at stanfordmovie.com.

Federal authorities raided and shut down Stanford Financial in 2009. Two principal subordinates of Stanford – the company’s chief financial officer Jim Davis and chief investment officer Laura Pendergest-Holt – worked for him in Memphis.

Dave Henry, who worked for years as a video contractor for Stanford, is the filmmaker.

– Andy Meek

Brazil Approves FedEx’s Acquisition of TNT Express

FedEx Corp. has three approvals down and one more to go regarding its $4.9 billion takeover of Dutch shipping company TNT Express.

On Tuesday, Feb. 2, Brazil-based antitrust watchdog Conselho Administrativo de Defesa Economic announced its unconditional approval of the acquisition.

For the merger to complete, the offer needs approval from the European Union, Brazil, China and the U.S. Approval from China’s regulatory body is outstanding.

FedEx authorities said the merger is making timely progress and is expected to close in the first half of 2016.

“Once the acquisition is closed, we look forward to the opportunities it will bring to our employees, customers and shareholders in Latin America and across the globe,” said David Bronczek, president and CEO of FedEx Express in a statement.

– Madeline Faber

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 331 19,904
MORTGAGES 0 391 23,305
FORECLOSURE NOTICES 0 83 8,387
BUILDING PERMITS 0 338 40,366
BANKRUPTCIES 1 232 13,336
BUSINESS LICENSES 0 76 6,213
UTILITY CONNECTIONS 0 125 13,120
MARRIAGE LICENSES 0 94 4,936

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.