Business

ITG Brands to lay off 375 in Greensboro

April 25, 2016

(News & Record, Greensboro)

ITG Brands said it will lay off about 375 workers in June as a manufacturing agreement with Reynolds American expires. ITG bought the cigarette plant last year when Winston-Salem-based Reynolds acquired Lorillard in a $27.4 billion deal. A union representative said the company is planning additional layoffs.

PayPal courtship began last summer; 500 jobs were planned

April 25, 2016

(The Charlotte Observer)

The California-based payment processor initially proposed bringing up to 500 jobs to Charlotte in five years — higher than the 400 previously reported — according to Charlotte City Council minutes. Earlier this month, PayPal withdrew its plans for the Charlotte expansion over HB2.

2 BNC Bancorp deals on hold

April 25, 2016

(Winston-Salem Journal)

BNC Bancorp, parent of Bank of North Carolina, said its $141 million acquisition of High Point Bank has been delayed until the third quarter. High Point-based BNC entered an agreement in March giving it more time to complete its acquisition of Southcoast Financial, originally scheduled to close by March 31. The delays are due in part to two New York advocacy groups questioning BNC's lending practices involving minority and underserved loan applicants.

Duke LifePoint challenges tax value of Jackson County hospital

April 25, 2016

(The Sylva Herald)

Jackson County appraisers valued Harris Regional Hospital and affiliated properties at $42 million, but Tennessee-based Duke LifePoint, which acquired the hospital in 2014, says the 80-acre property is only worth a little more than $13 million and will challenge the appraisal.

Conover's Rock Barn course going private

April 25, 2016

(Hickory Record)

The Jones Course at Rock Barn Golf and Spa is going from semi-private to private, beginning May 1. The course hosted the Greater Hickory Classic until 2015, when the event was canceled due to lack of a title sponsor. General Manager Det Williams says the tournament's future is doubtful. Rock Barn's second course, considered less challenging, will remain semi-private.

Group to provide update on $37M Kannapolis project

April 25, 2016

(Independent Tribune, Concord)

At a Kannapolis City Council meeting on Monday, Development Finance Initiative will discuss hiring a commercial broker and provide updates to its downtown revitalization plan that includes about 200 residential units and about 30,000 square feet of retail space.

Report: Mass layoffs planned at Lorillard plant in Greensboro

April 22, 2016

(YesWeekly.com)

ITG Brands plans to cut as many as 500 jobs at the former Lorillard tobacco plant in Greensboro, according to an email an ITG executive sent to a union representative. The company is expected to file a WARN notice with the state Commerce department on Friday detailing the specific number of employees that will lose their jobs.

NBA commish says HB2 must change or All-Star game will go

April 22, 2016

(The Charlotte Observer)

NBA Commissioner Adam Silver said Thursday the league is interested in working with government officials to change the law, which he again called "problematic." The Duke University graduate said a change is needed for the league to play in "a celebratory NBA event" in North Carolina. The 2017 NBA All Star game is scheduled to take place in Charlotte.

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.