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

Forgot your password?
Skip Navigation LinksHome >
VOL. 133 | NO. 44 | Thursday, March 1, 2018

Daily Digest

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

SCS Board OKs I-Zone Plans For American Way Middle

Shelby County Schools board members signaled their intent Tuesday, Feb. 27, to make American Way Middle School an Innovation Zone school instead of following a state recommendation to turn it over to the state-run Achievement School District or a charter school organization.

State education officials have recommended the different course for American Way in the 2019-2020 school year and closing another school, Hawkins Mill Elementary, citing poor student achievement over several years at each school.

The SCS board approved a resolution Tuesday that specifically endorses the plan by SCS superintendent Dorsey Hopson to put American Way in the I-Zone program, which offers new school leadership as well as extra resources for quicker intervention with students who are behind.

The board didn’t release a specific plan for Hawkins Mill but opposes its closing.

The resolution states the board supports “efforts to turn around low-performing schools without intervention or takeover by the state of Tennessee.”

SCS’ decision and the plans still to be made for both schools are a test of new rules of engagement for a state takeover of schools under the federal Every Student Succeeds Act, or ESSA, that makes an ASD takeover a last resort.

– Bill Dries

AutoZone Selling Two Business Segments

Memphis-based AutoZone Inc. is selling two of its business segments: Interamerican Motor Corp., a distributor of replacement parts for imported vehicles, and AutoAnything, an online-only retailer that specializes in accessories, performance and replacement parts.

Terms of the sales were not disclosed.

The two deals were announced Tuesday, Feb. 27, the same day the auto parts retailer reported quarterly earnings that came in significantly lower than Wall Street forecasts.

IMC is being sold to Lake Success, New York-based Parts Authority, one of the nation’s largest distributors of automotive and truck parts to the aftermarket auto parts industry. That transaction is expected to close in the coming weeks.

Los Angeles-based private equity firm Kingswood Capital Management LLC, meanwhile, acquired AutoAnything in an acquisition that has been completed.

In an earnings call Tuesday, AutoZone chairman, president and CEO Bill Rhodes said the two segments were “very small businesses overall” and weren’t profitable, and that the sales would allow AutoZone to focus on its core business segments.

AutoZone closed on its acquisition of AutoAnything in 2013, making an initial cash payment of $115 million. Under the terms of the deal, AutoZone offered an additional $30 million in contingency payments if the online retailer met operating income targets, but the income missed those goals.

The following year, AutoZone purchased IMC from Wulf Gaertner Autoparts AG, Germany, for $75.7 million. At the time, IMC operated 17 locations. The company has since grown to 26 locations across nine states and is the second-largest distributor of original equipment import replacement parts in the U.S.

AutoZone on Tuesday reported quarterly net income of $289.5 million, or $10.38 per share. Adjusted for pretax gains, earnings were $4.23 per share.

The average estimate of eight analysts surveyed by Zacks Investment Research had been for earnings of $8.81 per share.

AutoZone posted revenue of $2.41 billion in the period.

– Daily News staff

Youth Villages Expanding to Ohio

Youth Villages, a Memphis-based provider of children’s mental and behavioral health services, has expanded services to Franklin County in Ohio, which includes the Columbus metro area.

Youth Villages Ohio will provide the YVIntercept intensive in-home services program to an average of 40 children and families on any given day in Franklin County through a partnership with Franklin County Children Services.

The organization was awarded a contract for the initial one-year pilot program through a competitive procurement process. Youth Villages will collaborate with FCCS and other local providers to help safely reduce the number of youth in state custody by moving them into permanency.

Youth Villages Ohio began helping children and families in January and will employ about 13 staff members; most will be family intervention specialists working with families of troubled children in their homes multiple times per week, with 24/7 on-call availability and face-to-face interventions to help families deal with crisis situations when needed.

Founded in 1986, the organization helps more than 25,000 children annually through programs that involve intensive work with the child and family. With the expansion into Ohio, Youth Villages now has locations in 15 states.

– Daily News staff

PRIZM Ensemble Hosts MLK Concert

PRIZM Ensemble is presenting “A Concert For The Next 50 Years” next month at Clayborn Temple.

The event, set for April 5, will honor the legacy of Dr. Martin Luther King Jr. 50 years after his assassination in Memphis and reflect on what the next 50 years can look like. The concert is made possible by the support of John Riley, in remembrance of his brother and civil rights attorney George Riley, who was from Memphis and died in San Francisco in 2016.

The concert will feature the PRIZM Chamber Orchestra, an ensemble whose membership reflects the demographic diversity of the city, alongside the PRIZM Celebration Chorus. The latter is a volunteer community chorus assembled to sing for special projects with PCO whose members are also diverse, in reflection of the city.

Tickets, which are available through Eventbrite, are $19.68 for general admission, with a limited number of $50 VIP tickets available. The VIP experience will include a reception and a behind-the-scenes look at the making of the concert.

– Andy Meek

Delta’s Memphis Ops Earn Statewide Safety Award

Memphis-based Delta Air Lines-Memphis Technical Operations has received the Volunteer STAR (Safety Through Accountability and Recognition) award, according to Tennessee Department of Labor & Workforce Development Commissioner Burns Phillips.

Patterned after the OSHA Voluntary Protection Program, the nationally recognized Volunteer STAR award is the state’s highest honor for workplace safety and health.

This is the second time Delta Air Lines-MTO, the aircraft maintenance and support wing of Delta’s Memphis air fleet, has received a Volunteer STAR award.

Currently, there are 36 Volunteer STAR sites statewide.

“Delta Air Lines-MTO has met the evaluation standards required to receive this award by proving their ability to uphold an excellent safety record,” TOSHA manager David Blessman said in a statement. “It is evident that Delta is extremely dedicated to maintaining a safe and healthy workplace.”

Participation in the STAR program is affirmation of a company’s safety and health program, and allows employers to be removed from programmed compliance inspection lists for a period of three years.

“Delta Air Lines believes it is vital that we always conduct our business in safe, healthful workplaces,” said James Eagens, station manager, MEM TechOps. “We continuously look for ways to improve our safety and health program.”

– Patrick Lantrip

Grizzlies Set April 6 As Faith and Family Night

The Memphis Grizzlies will celebrate Faith and Family Night on April 6 with a postgame performance by California-based band For All Seasons following the Grizzlies’ matchup against the Sacramento Kings. Christian group The Young Escape had been scheduled to perform after the game, but is now unable to attend due to scheduling conflicts.

Comprised of Emily Hamilton (lead vocals, guitars, keys), Johnny Hamilton (drums) and Jeff Luckey (guitars, keys, vocals), For All Seasons desires to cultivate an atmosphere of hope through their just-released album “Clarity,” no matter what season of life listeners may find themselves enduring.

Discounted group tickets are available for parties of 15 or more and start at $17 per ticket. Fans can purchase group tickets by calling 901-888-HOOP. Single-game tickets start at $20, and are available at all Ticketmaster locations, Ticketmaster.com, the FedExForum Box Office, by calling 800-4NBA-TIX or online at grizzlies.com.

– Don Wade

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 87 87 7,836
MORTGAGES 108 108 9,307
FORECLOSURE NOTICES 0 0 1,358
BUILDING PERMITS 130 130 16,737
BANKRUPTCIES 55 55 5,461
BUSINESS LICENSES 32 32 2,980
UTILITY CONNECTIONS 47 47 3,297
MARRIAGE LICENSES 37 37 1,725

Weekly Edition

Issues | About

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