Business

Analysts: Sale to private equity most likely for Belk

June 15, 2015

(The Charlotte Observer)

Analysts say it's most likely that Belk will be sold to a private-equity firm, though it's possible another department-store chain, such as Cincinnati-based Macy's, could buy the Charlotte-based retailer. A third, less likely option, is that the Belk family would maintain ownership. Belk said in April it had hired Goldman Sachs to evaluate options, which could include a potential sale of the company.

Lidl chooses Virginia for US headquarters

June 15, 2015

(Winston-Salem Journal)

German grocery-store chain Lidl said it will invest $202 million to establish its U.S. headquarters in Arlington, Va., and open a distribution center and regional headquarters in Spotsylvania County, Va. Lidl is considering a site in Alamance County for a distribution center.

GE Hitachi taps new CEO

June 15, 2015

(StarNews, Wilmington)

Pending General Electric's $13.8 billion acquisition of French turbine maker Alston, expected to close Aug. 21., Jay Wileman will become president and CEO of Wilmington-based GE Hitachi Nuclear Energy. Caroline Reda, CEO of GE Hitachi since 2010, will lead GE's new Power Services business.

Reynolds-Lorillard deal expected to close Friday

June 12, 2015

(Winston-Salem Journal)

Winston-Salem-based Reynolds American is expected to complete its $29 billion acquisition of Greensboro cigarette-maker Lorillard today. The complicated deal, which also involves Imperial Tobacco Group, is not expected to result in significant job losses in the Triad.

Vertex Rail forms joint venture with Chinese company

June 12, 2015

(Greater Wilmington Business Journal)

Wilmington-based Vertex Rail Technologies was renamed Vertex Railcar Corp. as the company entered into a joint venture with private-equity investors and a Chinese railcar manufacturer. Don Croteau will remain CEO and will serve on the company's board of directors. Vertex has announced plans to hire 1,300 workers at a manufacturing facility in Wilmington.

NC Attorney General plans to sue Ritz Carlton

June 12, 2015

(The Charlotte Observer)

The N.C. Attorney General's office plans to file a legal complaint against the Ritz-Carlton in downtown Charlotte. The hotel is accused of adding a 15% service charge to bar patrons' bills during the CIAA basketball tournament in February without first notifying the customers.

Wilmington startup Next Glass teams up with Total Wine & More

June 12, 2015

(Greater Wilmington Business Journal)

Next Glass, the Wilmington-based app that helps users make beer and wine selections, will partner with Total Wine & More to offer in-store recommendations for customers. The startup caught the attention of the Maryland-based retailer more than a year ago, when the company placed an order for 6,000 bottles of wine for testing and analysis.

Maker of 'female Viagra' raises $50M

June 12, 2015

(WRAL TechWire)

Raleigh-based Sprout Pharmaceuticals raised $50 million from investors in New York and Connecticut to help it prepare for the launch of its drug designed to boost the female libido. Last week, an FDA advisory committee recommended approval of the drug.

Bojangles' 1Q results beat expectations

June 12, 2015

(The Charlotte Observer)

Charlotte-based Bojangles' reported first-quarter adjusted net income of $6.2 million, compared with $5 million a year ago. Revenue increased 19.2% to $114.6 million. The restaurant chain famous for its fried chicken and biscuits raised more than $169 million in its initial public offering in May.

Reidsville's Chinqua Penn sells for $650,000

June 12, 2015

(News & Record, Greensboro)

Greensboro's Mitchell Barnett Properties paid $650,000 for Chinqua Penn Plantation, the historic Reidsville property built in the 1920s that was once owned by the UNC system and was purchased in 2006 by Calvin Phelps, who owned Mocksville-based Renegade Tobacco ("Rise and fall of Renegade," October). The original asking price for the 23-acre property was $1.9 million.