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VOL. 132 | NO. 190 | Monday, September 25, 2017

Daily Digest

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Nordstrom Rack to Open Oct. 5

Nordstrom Rack, the off-price division of retailer Nordstrom Inc., is opening its East Memphis store in the Poplar Commons shopping center on Oct. 5 at 9 a.m.

Opening-day activities at the roughly 33,000-square-foot store, at 4572 Poplar Ave., include a kickoff at 8 a.m. with music, coffee and breakfast treats. Customers can enter for a chance to win one of 30 $100 gift cards, and one customer will win a $1,000 shopping spree and early access to shop the store.

The Poplar Commons store will be the retailer’s second location in Tennessee.

– Andy Meek

Memphis Business Owner Sentenced on Tax Fraud, Theft Charges

The owner of Memphis-based West Stone Works Co. Inc. has been sentenced on felony sales-tax fraud and theft charges after being indicted in February.

On Thursday, Sept. 21, Shelby County Criminal Court Judge James Lammey sentenced Stephen West for Class C felony theft of property over $10,000 and Class E felony sales tax fraud. In lieu of jail time, West was placed on eight years supervised probation and ordered to pay $2,000 per month.

The Tennessee Department of Revenue’s Special Investigations Section conducted the investigation that led to the charges.

“It is a felony for retailers to collect sales tax from the public and then fail to remit it to the state,” Revenue Commissioner David Gerregano said in a statement. “It is a breach of the public trust, and the Department of Revenue will never quit pursuing criminal sanctions to provide accountability for these actions.”

The revenue department pursued the case in cooperation with District Attorney General Amy Weirich’s office.

The department says citizens who suspect violations of Tennessee's revenue laws should call the toll-free tax fraud hotline at 800-FRAUDTX.

– Daily News staff

Grizzlies’ Annual Tip-Off Luncheon Oct. 16

The Memphis Grizzlies will start the 2017-18 season with the 16th annual Tip-Off Luncheon presented by ServiceMaster on Oct. 16 at 11:30 a.m. at FedExForum.

Grizzlies fans will have the chance to welcome back the players and coaches, catch up with them about the upcoming season and get a preview of the new HD digital displays throughout FedExForum. Attendees will also get an insider’s s perspective from coach David Fizdale and general manager Chris Wallace.

Individual tickets are $65, with tables available for $550 for 10 seats. A commemorative growl towel is included with each ticket. For $2,250, businesses and fans can purchase a table that will allow them to sit and talk hoops with various players, coaches and executives as this year, all will be visiting multiple tables throughout the luncheon. Luncheon attendees will also have the chance to take part in silent and live auctions featuring memorabilia and fan experiences.

All proceeds from the luncheon, including the live and silent auctions, will benefit St. Jude Children’s Research Hospital.

Doors open at 11 a.m., followed by the event program and lunch from 11:30 a.m. to 1:30 p.m. Fans can download the new Grizzlies auction platform on their mobile devices by searching ‘Handbid’ in the iTunes store or in Google Play. Through the Handbid app, fans will be able to bid on one-of-a-kind Grizzlies items and experiences remotely.

For more information or to purchase tickets, visit grizzlies.com or call 901-888-HOOP.

– Don Wade

Hickory Hill Apartments Sell for $9M

The Stonebrook Apartments, located at 6371 Winchester Road, have switched hands for $9.7 million.

In the deal, St. Petersburg, Florida-based WRH Realty, doing business as WHR Shelby Woods, sold the 13.75-acre complex to SBTN Realty, doing business as SBTN Apartments LLC.

John G. Withers, WRH’s senior vice president, signed the Sept. 19 warranty deed on behalf of the sellers.

Meanwhile, SBTN Realty took out an $8 million mortgage through Uniondale, New York-based Arbor Realty Trust operating under the name Arbor Commercial Funding I LLC. Avraham Trachtingot signed the deed of trust on behalf of SBTH Realty.

The 244-unit apartment complex was built in 1976 and was last appraised for $6.8 million in 2017, according to the Shelby County Assessor.

– Patrick Lantrip

International Paper Investing $300M in Change at Alabama Mill

International Paper plans to invest around $300 million to convert a paper machine at its Selma, Alabama, mill, which the company says will position it to grow its industrial packaging business.

Memphis-based IP will convert its No. 15 machine at the Riverdale Mill from uncoated freesheet to whitetop linerboard and containerboard. The investment will add 450,000 tons of annual capacity, with flexibility to shift between containerboard products.

The change means IP will reduce its annual uncoated freesheet capacity by 235,000 tons, but the company said it will remain a “significant supplier of uncoated freesheet in North America.”

"International Paper's uncoated freesheet business remains a strategic part of the company and we are well-positioned to support current and future customer demand," Mike Amick Jr., IP's senior vice president, Paper the Americas & India, said in a release. "This investment proactively repositions Riverdale No. 15 to serve our growing packaging business, while enabling us to optimize our North American Papers business."

IP expects to complete the conversion by mid-2017. The remaining machine at the Riverdale Mill will continue to produce uncoated imaging paper products.

– Daily News staff

PROPERTY SALES 91 293 13,051
MORTGAGES 58 168 8,171
BUILDING PERMITS 99 744 30,678
BANKRUPTCIES 34 156 6,220