Business

Sears Holdings to close 5 Kmart stores in NC

April 22, 2016

(USA Today)

The embattled retailer said Thursday it will close 68 Kmart stores and 10 Sears stores in July. Sears Holdings reported a loss of $580 million in the quarter that ended Jan. 30, compared with a loss of $159 million for the same period a year ago. N.C. Kmart stores in Brevard, Gastonia, Lumberton, Pineville and Rocky Mount are slated to close.

Yadkin Bank closing 12 branches

April 22, 2016

(The News & Observer, Raleigh)

Following its acquisition of Greensboro-based NewBridge Bank, Yadkin Bank expects to save at least $28 million by closing about a dozen branches. The $431 million purchase gave Yadkin a total of 110 branches. Yadkin CEO Scott Custer said he expects many affected employees will be able to find other jobs within the company.

Charlotte Venture Challenge honors startups at annual event

April 22, 2016

(ExitEvent.com)

A Charlotte-based company that makes a surgical-guide system for placing dental implants and a company developed by an Elon University student that makes single-use sleeves to keep coffee warm for three hours were among honorees at the 15th annual Charlotte Venture Challenge. The CVC was started to promote startups out of UNC Charlotte but has expanded, this year attracting nearly 100 entrants from across the Southeast.

Wells Fargo cutting 91 jobs in Fort Mill, SC

April 22, 2016

(The Charlotte Observer)

Decreasing demand for refinancing and fewer foreclosures are the reasons the San Francisco bank cited for the layoffs. The cuts were part of 251 nationwide layoffs Wells Fargo announced this week. Thirteen workers across North Carolina also lost jobs.

Renovated Whitaker Park building welcomes first tenant

April 22, 2016

(Winston-Salem Journal)

Reason to Believe is a manufacturer of skincare and hair products with eight employees. The company hopes to employ 40 by year-end and 100-200 by 2020. R.J. Reynolds Tobacco said last year it would donate 125 acres of the Whitaker Park manufacturing plant to a development group that plans to renovate the site for business and industrial use.

Raleigh Chamber: HB2 cost region 1,000 tech jobs

April 21, 2016

(WRAL TechWire)

In a statement opposing HB2, Raleigh Chamber President Tim Giuliani said that a technology company has scrapped plans for a possible 1,000 job-expansion in the Triangle area over the controversial bill. The statement also mentions the loss of 250 jobs from Deutsche Bank and calls for the immediate repeal of HB2.

BofA CEO Moynihan ranks fifth for corporate jet use

April 21, 2016

(The Charlotte Observer)

Bank of America's top honcho ranked fifth among Fortune 100 executives based on aircraft perks in 2014, according to data from research firm Equilar. BofA spokesman Lawrence Grayson said the costs are due to Brian Moynihan's commuting — since becoming CEO in 2010, he has continued to live in Boston while working at the bank's Charlotte headquarters. "His real office is in a Gulfstream," a former BofA executive told BNC in 2015.

Recruiter says Cumberland would benefit from CSX rail hub

April 21, 2016

(The Fayetteville Observer)

The president of the Fayetteville Cumberland County Economic Development Corp. said a controversial $272 million CSX rail hub, originally planned for Johnston County, would be good for Cumberland County and the state ports. Russ Rogerson said if the Jacksonville, Fla.-based company doesn't opt to build the terminal in Johnston, "we would certainly be interested in talking with them."
Related: Rail project would boost economy, officials said

Raleigh drone startup raises $18M

April 21, 2016

(The News & Observer, Raleigh)

PrecisionHawk, based in Raleigh, raised $18 million for software improvements and to launch a new drone priced at $16,000. The company is led by Bob Young, cofounder of Raleigh-based software company Red Hat. To date, privately held PrecisionHawk has raised a total of $30 million.

BB&T reports 8% increase in first-quarter profit

April 21, 2016

(Winston-Salem Journal)

BB&T reported $527 million in net income in the first quarter, up 8% from the same period a year ago. Total revenue was $2.6 billion, up $240 million compared with the first quarter of 2015. Earlier this month, the Winston-Salem-based bank completed acquisitions of National Penn Bancshares and insurance broker Swett & Crawford.