Charlotte

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.

I-485 could be last 'free' highway in Charlotte

June 5, 2015

(The Charlotte Observer)

Interstate 485 is likely to be the last major highway project in the Charlotte region that does not involve toll lanes. The last segment of Charlotte's outer loop opens today.

Uber expands in Charlotte region

June 5, 2015

(The Charlotte Observer)

Ride-booking service Uber is expanding in the Charlotte region and will offer its service in Concord, Cornelius, Davidson and Huntersville beginning Friday.

Charlotte's Capital Advisors sold to Cleveland firm

June 4, 2015

(The Charlotte Observer)

Capital Advisors will be acquired by Bellwether Enterprise, a Cleveland-based mortgage subsidiary of Enterprise Community Investment. Charlotte-based Capital, which has offices in Greensboro, Raleigh and across the southeast, will change its name but retain all its employees. The deal is expected to close by June 30.

BofA analyst predicts falling home prices

June 3, 2015

(The Charlotte Observer)

Bank of America analyst Chris Flanagan predicts the U.S. housing market will experience a three-year slump beginning in 2017, according to a Bloomberg report.
Related: Supreme Court sides with BofA over second mortgages

Analysts cautious over Bojangles' stock

June 3, 2015

(The Charlotte Observer)

Almost a month after Bojangles' initial public offering, analysts were guarded when issuing ratings for the Charlotte-based company's stock. Seven Wall Street firms gave the stock a neutral rating. The average price target is $28.63, according to a Bloomberg report.

Amazon fulfillment center buzzes 24 hours a day

June 2, 2015

(The Charlotte Observer)

Seattle-based Amazon now has 360 workers at its Concord distribution center and is still hiring. Workers at the center sort e-commerce orders by zip code before they are sent to the U.S. Postal Service for delivery to customers. The system speeds delivery and reduces shipping costs.

BofA fined $30M for debt-collection practices

June 1, 2015

(The Charlotte Observer)

Bank of America will pay a $30 million fine to the U.S. Treasury to settle claims it violated consumer-protection laws for military personnel and used unsafe debt-collection practices. The Charlotte-based bank also was ordered to provide remediation to about 73,000 military customers.

I-485 completion could trigger development boom in north Charlotte

June 1, 2015

(The Charlotte Observer)

The last leg of Interstate 485 opens Friday, and at least one developer already has plans underway for a mixed-use project along the 5.7-mile stretch.

World's largest pension fund may divest shares of Duke Energy

May 29, 2015

(The Charlotte Observer)

A finance committee has recommended the Norway Government Pension Fund Global divest its shares in Duke Energy and other companies that receive more than 30% of revenue from coal.

Red Ventures buys Pitney Bowes unit for $310M

May 29, 2015

(The Charlotte Observer)

Indian Land, S.C.-based Red Ventures completed its $310 million acquisition of Imagitas, a marketing-services unit of Stamford, Conn.-based Pitney Bowes that has a contract with the U.S. Postal Service. It's the first major acquisition for Red Ventures, which employs about 2,300 people at its South Carolina headquarters and in Charlotte.