Charlotte

Charlotte City Council to vote on plans for Stonewall property

June 22, 2015

(The Charlotte Observer)

Charlotte City Council will decide Monday on whether to sell a 3.8-acre parcel of uptown land to local developer Northwood Ravin, which offered nearly $14.2 million for the property, or Morgan Bond, which put in a higher bid but didn't provide a fully funded escrow account before the deadline. Four developers have bid on the property.

Dollar Tree to slash prices, update look of Family Dollar stores

June 19, 2015

(The Charlotte Observer)

Dollar Tree CEO Bob Sasser says the company plans to cut prices of some items and spruce up the appearance of Family Dollar stores after its $8.5 billion acquisition of the Matthews-based retailer is complete. The deal, expected to close in early July, will give the combined company more than 13,000 stores.

CLT considers ways to welcome Uber, Lyft

June 18, 2015

(The Charlotte Observer)

Aviation Director Brent Cagle says Charlotte Douglas International Airport could create a designated spot for ride-booking services such as Uber and Lyft to pick up and drop off passengers. Cagle also said he wants to create a remote parking lot to serve as a dispatch hub for taxis, shuttles and ride-sharing companies.

Steel Tube expanding in Statesville

June 18, 2015

(Winston-Salem Journal)

Steel Tube will double production capacity at its Statesville plant, adding 32,000 square feet and up to 20 new employees. The company makes galvanized steel tubing for construction and other industries.

SouthPark mall begins interior, exterior renovations

June 18, 2015

(The Charlotte Observer)

Charlotte's SouthPark mall is getting a facelift, including enhancements to the front entrance and food court and new seating areas with Wi-Fi availability and chargers. Gastonia-based Pinnix will handle construction, which begins this month. The mall will remain open during the renovations.

ATI to invest $70M in Union County expansion

June 17, 2015

(The Charlotte Observer)

Allegheny Technologies announced a $70 million expansion of its Monroe facility that could add 70 jobs. The Pittsburgh-based company, Union County's largest private employer, makes specialty materials and components for aerospace, defense and other industries. The city will give the company 57 acres to construct a new building, with room for possible future expansion.

Analysts expect Family Dollar to drop prices after acquisition

June 17, 2015

(The Charlotte Observer)

Analysts with Sterne Agee said prices could drop at Family Dollar's retail stores following the $8.5 billion acquisition by Dollar Tree, which is expected to close in early July.

Chicago developer bids on coveted downtown Charlotte site

June 16, 2015

(The Charlotte Observer)

A Chicago-based company has put in a third upset bid for an uptown Charlotte property at Stonewall and South Caldwell streets. Morgan Bond Charlotte, which is affiliated with Bond Companies, offered $15.1 million for the 3.8-acre parcel. The initial bid on the property was$12.2 million; Charlotte-based Northwood Ravin recently offered $14.15 million.

Charlotte's Curtiss-Wright awarded $480M in contracts

June 16, 2015

(The Charlotte Observer)

Curtiss-Wright was awarded contracts valued at $480 million to supply submarine components for the U.S. Navy. The Charlotte-based manufacturer moved its headquarters from New Jersey in early 2014.

AT&T rolls out ultra-fast Internet in Charlotte

June 16, 2015

(The Charlotte Observer)

AT&T launched its GigaPower Internet service in parts of Charlotte on Monday, offering speeds up to 100 times faster than most services.

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.

McCrory says its too late to cancel I-77 tolls

June 15, 2015

(The Charlotte Observer)

Gov. Pat McCrory said the contract is signed, and it's too late to change the state's plans to hire a private developer to build and manage toll lanes on Interstate 77 north of Charlotte. Speaking in Mooresville on Friday, McCrory said some local officials who now oppose the $655 million project supported it two or three years ago.
Related: Forget a delay, some in Mecklenburg want I-77 toll road canceled

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.

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.

Carolinas HeathCare CEO to retire next year

June 10, 2015

(The Charlotte Observer)

Carolinas HealthCare System CEO Michael Tarwater will retire in June 2016, when his current contract expires. Tarwater, 61, has been an employee of CHS since 1981 and chief executive since 2002. During his career, the Charlotte-based health system has grown from 5,700 employees to 60,000 while annual revenue has increased from $94 million to $8.7 billion.

Charlotte Republican launches nonprofit focused on solutions to climate change

June 10, 2015

(The Charlotte Observer)

Jay Faison used $165 million from the sale of his audio-visual company SnapAV to start ClearPath, a nonprofit foundation with a mission of educating his fellow Republicans about the impact of climate change. Faison, 47, is the son of late Charlotte developer Henry Faison.

Kroger promotes former Harris Teeter president

June 9, 2015

(The Charlotte Observer)

Kroger named Fred Morganthall senior vice president of retail divisions. Rod Antolock, currently executive vice president of Harris Teeter, will become the president of the Matthews-based subsidiary. Cincinnati-based Kroger acquired Harris Teeter in January 2014.

Electrolux cuts jobs, reconsiders expansion

June 8, 2015

(The Charlotte Observer)

Electrolux has cut less than 1% of its North American workforce, including an unspecified number of Charlotte employees. A company spokeswoman said the cuts are related to improving the appliance-maker's financial performance. Electrolux also is evaluating a planned $85 million Charlotte expansion as the company awaits regulatory approval for its $3.3 billion acquisition of General Electric's appliance business.

BofA ruling could boost lending

June 8, 2015

(The Charlotte Observer)

A Supreme Court ruling that said Bank of America isn't required to void second mortgage liens for homeowners who owe more than their properties are worth could spur more home-equity lending among banks, a Bloomberg report says.

Charlotte area companies land on Fortune 500 list

June 5, 2015

(The Charlotte Observer)

Eight Charlotte-area companies appeared on the Fortune 500 list this year, up from seven in 2014. Sealed Air Corp., which is moving its headquarters from New Jersey to Charlotte, is the area's latest addition. Huntersville's American Tire Distributors Holdings jumped more than 100 spots but just missed the list at No. 514. Fourteen North Carolina-based companies made the list.