Charlotte

Group withdraws proposal for BofA bylaw change

January 16, 2015

(The Charlotte Observer)

New York-based Interfaith Center on Corporate Responsibility is withdrawing its request that Bank of America allow its shareholders to vote on whether chairman and CEO roles should be combined. The Charlotte-based bank agreed to produce a report on its business standards in exchange for the group withdrawing its proposal.

Chiquita moving 320 jobs out of Charlotte

January 15, 2015

(The Charlotte Observer)

Chiquita Brands International will close its Charlotte headquarters, affecting about 320 workers. The produce company was acquired earlier this month by by two Brazilian companies for about $681 million. In a letter to employees, the company said it will transition operations over the next 12 to 18 months to "be closer to our customers and operations." 
Related: Chiquita's early exit raises incentives questions

Adviser: Family Dollar shareholders should vote for Dollar Tree deal

January 15, 2015

(The Charlotte Observer)

Changing its previous recommendation, Institutional Shareholder Services advised shareholders of Family Dollar Stores to vote in favor of an $8.5 billion deal with Chesapeake, Va.-based Dollar Tree. The advisory group had previously said shareholders should delay the vote on the Dollar Tree deal to learn more about a competing bid from rival Dollar General.

Charlotte ranked third best city for job seekers

January 14, 2015

(The Charlotte Observer)

San Francisco-based consumer finance site NerdWallet used affordability, workforce growth and availability of jobs to rank the largest 100 U.S. cities. Charlotte was ranked the third best city for people looking for a job, behind No. 1 Lincoln, Neb., and No. 2 Fort Worth, Texas. Greensboro also ranked in the top 10, coming in at No. 8 on the list.

BofA cut ties with 150 hedge funds last year

January 14, 2015

(The Charlotte Observer)

Charlotte-based Bank of America cut ties with about 150 hedge funds in its prime brokerage unit in 2014, according to two people familiar with the matter. The business of servicing the hedge-fund industry has become less profitable, and federal regulatory requirements put in place to prevent another financial crisis are forcing lenders to cut costs. 

Belk reports strong holiday sales

January 14, 2015

(The Charlotte Observer)

Charlotte-based Belk reported that sales increased 5.2% during the nine-week period ending Jan. 3, compared with the same period a year ago. CEO Tim Belk said online sales increased by 44% during the holiday season.

Pharr Yarns to buy Georgia carpet manufacturer

January 14, 2015

(The Charlotte Observer)

Pharr Yarns will acquire Dalton, Ga.-based carpet manufacturer Phenix Flooring. Terms of the deal, which is expected to close in March, weren't disclosed. Based in McAdenville, textile manufacturer Pharr has supplied yarn to the carpet industry since the 1950s, President Bill Carstarphen said.

Davies tapped to lead Citigroup mortgage business

January 14, 2015

(The Charlotte Observer)

Former Wachovia and LendingTree exec C.D. Davies was named head of New York-based Citigroup's global mortgage business.

Dollar Tree CEO has harsh words for Family Dollar's Levine

January 13, 2015

(The Charlotte Observer)

The chief executive of Chesapeake, Va.-based Dollar Tree told Family Dollar Stores CEO Howard Levine he will not accept another delayed shareholder vote on his company's proposed acquisition of the Matthews-based retailer. "After two delays, we have been more than reasonable, but have reached the end of our patience," Bob Sasser wrote in a letter to Levine released Monday.

Charlotte approves deal for writing off NASCAR museum loans

January 13, 2015

(The Charlotte Observer)

The Charlotte City Council approved an agreement in which Bank of America and Wells Fargo will write off $17.6 million in debt and accrued interest from the NASCAR Hall of Fame. The city will pay the banks $5 million toward the debt, which totals more than $22 million. NASCAR also agreed to waive $3.2 million in royalties it's owed but hasn't been paid since the hall has lost money each year since it opened in 2010.

PNC Bank adding no-surcharge ATMs in Charlotte

January 13, 2015

(Winston-Salem Journal)

PNC Financial Services Group, parent of PNC Bank, will add nearly 400 no-surcharge ATMs in CVS, Walgreens and Kangaroo Express stores in the Carolinas, Alabama and Georgia. In North Carolina, most of the new ATMs will be located in CVS drugstores and Kangaroo Express stores in the Charlotte market.

Charlotte-Mecklenburg Police seeks body cameras

January 13, 2015

(The Charlotte Observer)

The Charlotte-Mecklenburg Police Department wants the city to spend $7 million on 1,400 body cameras, providing one for each officer. Charlotte City Council will vote on the purchase Jan. 26.

CommunityOne resumes SBA lending

January 12, 2015

(The Charlotte Observer)

Charlotte-based CommunityOne Bancorp has begun offering Small Business Administration loans for the first time since 2010. On Friday, the bank named an SBA team who will be responsible for generating SBA loans in the Carolinas, Georgia, Tennessee and Virginia. CommunityOne Bancorp, the bank's parent company, was previously known as FNB United and was based in Asheboro.

Valdese Weavers acquires Shelby manufacturer

January 12, 2015

(Hickory Daily Record)

Valdese Weavers purchased Shelby-based textile manufacturer Dicey Mills. Both companies make woven jacquard fabrics for use in upholstery and drapery. Dicey Mills' 67 employees will be merged into the Valdese-based company's workforce of about 900.

Profits sink at Family Dollar as takeover battle shrinks employment

January 9, 2015

(The Charlotte Observer)

Family Dollar Stores has lost employees as a result of uncertainty over the retailer's future, CEO Howard Levine said Thursday. The Matthews-based company's profits fell 47% to $41.4 million in the first quarter, down from $78 million a year ago.

Panthers to renovate luxury suites

January 9, 2015

(The Charlotte Observer)

The Charlotte Panthers will begin renovating 158 luxury suites this month at Bank of America Stadium. The updates are part of a five-year, $125 million renovation plan that began last year with the addition of new escalators and video boards. 

 

Red Ventures gets $250M investment

January 8, 2015

(The Charlotte Observer)

Private-equity firm Silver Lake Partners is investing $250 million in Red Ventures, the internet-marketing company based south of Charlotte in Indian Land, S.C. Silver Lake has more than $23 billion of assets under management and has invested in technology businesses including Alibaba and Dell.

Cabarrus construction hits highest level since 2008

January 8, 2015

(The Independent Tribune, Concord)

Construction spending in Cabarrus County reached $362.4 million in 2014, its highest level since 2008. The overall value of building permits has increased each year since 2010, when spending bottomed out at $182.7 million.

Lincoln Harris could buy Charlotte Observer's uptown site

January 7, 2015

(The Charlotte Observer)

Charlotte developer Lincoln Harris is planning to buy The Charlotte Observer's 9.4-acre uptown site, the newspaper reported. The property is owned by McClatchy, the Observer's parent company. It is unclear when or where the Observer would relocate following the sale, which could close in the second quarter. 

Brazilian firms complete acquisition of Chiquita

January 7, 2015

(The Charlotte Observer)

Cutrale and Safra Group completed their $681 million purchase of Chiquita Brands International, taking the Charlotte-based produce company private. The Brazilian companies haven't said where Chiquita's headquarters will be located. Chiquita was awarded $22 million in state and local incentives in 2011 to move its headquarters from Cincinnati to Charlotte.