Charlotte

Charlotte Cafe files for bankruptcy protection

July 18, 2014

(The Charlotte Observer)

Charlotte Cafe, a 33-year-old restaurant located in Park Road Shopping Center, has filed for Chapter 11 bankruptcy protection but plans to stay open during the reorganization. Owner Jimmy Roupas blamed increased food costs and debts stemming back to the recession.

Icahn says Levine shouldn't be CEO of Family Dollar

July 17, 2014

(The Charlotte Observer)

Investor Carl Icahn criticized Family Dollar's management and said Leon Levine should not be CEO of the Matthews-based company. Icahn acquired a 9.4% stake in the discount retailer last month and has been trying to force a sale of the company. 

BofA raises settlement offer with Justice Department

July 17, 2014

(The Charlotte Observer)

Bank of America has resumed talks with the U.S. Department of Justice and has offered a settlement of $12 billion to resolve probes related to mortgage-backed bonds it sold to investors prior to the financial crisis. Second-quarter profits fell 43%, due in part to $4 billion in legal expenses.

CoreLogic to close Charlotte office

July 16, 2014

(The Charlotte Observer)

Irvine, Calif.-based CoreLogic will close its Charlotte office, laying off 46 workers by October. The company provides real-estate data and mortgage-document processing.

Citigroup agrees to $7B mortgage settlement

July 15, 2014

(The Charlotte Observer)

Following Citigroup's announcement of a $7 billion settlement to resolve claims over securities tied to risky mortgages, experts say Bank of America is likely to settle over similar claims rather than go to trial. Talks between the bank and the Justice Department stalled in June after BofA offered to pay about $5 billion less than the $17 billion the Justice Department was seeking.

Panthers stadium upgrades near completion

July 15, 2014

(The Charlotte Observer)

The Carolina Panthers will unveil the first phase of a $125 million renovation at the team’s annual FanFest on July 25. The first phase of upgrades, which includes new escalators and video boards, cost $65 million.

FedEx to build $41 million distribution center in Concord

July 14, 2014

(The Independent Tribune, Concord)

FedEx will invest $41 million in a 330,780-square-foot distribution center in Concord, where it plans to employ 59 full-time and 462 part-time workers by the end of 2019. Some employees will be transferred from the company's current operation in Charlotte.

Charlotte's Food Babe has followers, critics

July 14, 2014

(The Charlotte Observer)

Charlotte-based food blogger Vani Hari has gained national attention for her online campaigns against food companies, but some question the validity of her claims and criticize her for taking more credit than she deserves in influencing companies to make changes to their products.

Family Dollar to make changes after profits fall

July 11, 2014

(The Charlotte Observer)

Profits at Family Dollar fell 33% in its third quarter compared with the same period a year ago, the Matthews-based company reported Thursday. The discount retailer plans to begin selling alcohol and expand its selection of frozen- and refrigerated-food items.

Keurig to make coffee products for Harris Teeter

July 11, 2014

(The Charlotte Observer)

Vermont-based Keurig Green Mountain will manufacture K-Cup single-serve coffee packs for Harris Teeter. The Matthews-based grocery-store chain, which is owned by Cincinnati-based Kroger Co., will sell the products, branded with the Harris Teeter name, in supermarkets and online.

Allegiant Air adding flights in Concord

July 10, 2014

(Independent Tribune, Concord)

Allegiant Airlines will add six weekly flights to three additional Florida destinations from Concord Regional Airport beginning in October. The Las Vegas-based airline began service from Concord to Orlando in December with two weekly flights.

BofA again seeking dividend increase

July 10, 2014

(The Charlotte Observer)

Bank of America again wants to raise its quarterly dividend to 5 cents a share, according to The Wall Street Journal. The bank had planned increasing its dividend from 1 cent earlier this year, but had to suspend that plan when it realized it had made accounting errors in its capital plan.

US Attorney General refuses to meet with BofA CEO

July 10, 2014

(The Charlotte Observer)

U.S. Attorney General Eric Holder declined to meet with Bank of America CEO Brian Moynihan to discuss a potential settlement over mortgage-related probes. The Justice Department sought a $17 billion settlement and ended talks with the Charlotte-based bank after it offered to pay about $12 billion.

Belk to expand SC distribution center

July 10, 2014

(The Charlotte Observer)

Charlotte-based Belk Inc. will invest $28 million and add 20 jobs in an expansion of its e-commerce distribution center in Jonesville, S.C. Its landlord will invest an additional $19 million. The retailer reported 42% growth in online sales in the first quarter.

Bojangles' opens 600th store

July 9, 2014

(The Charlotte Observer)

Bojangles' opened its 600th store Tuesday in Charlotte. The Charlotte-based company plans to open 55 to 60 new restaurants this year, mostly in the Southeast, and expects annual sales to reach $1 billion.

Patrick Cannon's parking business suffers after arrest

July 9, 2014

(The Charlotte Observer)

The parking business co-founded by former Charlotte Mayor Patrick Cannon has lost contracts at about a third of the lots it managed in uptown Charlotte. E-Z Parking managed about 25,000 spaces there last fall; that number is down to about 15,000.

Georgia-based BrandMortgage opens Charlotte office

July 8, 2014

(The Charlotte Observer)

BrandMortgage, a Lawrenceville, Ga.-based lender with 18 offices throughout the Southeast, has opened an office in Charlotte. Charlotte native Rebecca Madej will be team leader.

Teardowns common in Charlotte's older neighborhoods

July 7, 2014

(The Charlotte Observer)

Builders and homeowners are tearing down outdated homes in popular Charlotte neighborhoods and replacing them with larger ones. The teardowns reflect a nationwide trend of people wanting to live in established neighborhoods closer to downtown areas.

Concord Mills to hold 'Better than Tax Free' sale

July 3, 2014

(The Charlotte Observer)

Concord Mills mall will hold a special shopping event July 25-27 to replace the tax-free holiday customers relied on for back-to-school shopping. North Carolina lawmakers last year repealed the sales tax holiday, which cost the state more than $13.6 million in tax revenue in 2012.

Icahn purchases underlying shares in Family Dollar

July 3, 2014

(The Charlotte Observer)

Investor Carl Icahn spent $622 million to purchase almost 10.7 million shares of Matthews-based Family Dollar on Wednesday. He previously held most of his 9.4% stake through options.