Charlotte

Hemans chosen to expand retail in uptown Charlotte

August 27, 2014

(The Charlotte Observer)

Charlotte Center City Partners has created a new position to bring more retail businesses uptown. Chris Hemans, the economic-development organization's director of business recruitment, will assume the new role as director of retail. 

Union: Tax break for airlines costs NC $10 million a year

August 27, 2014

(The Charlotte Observer)

A union representing 33,000 airport concession and catering workers says North Carolina loses $10 million a year in revenue due to tax breaks on jet fuel costs for airlines. Currently airlines receive refunds for fuel taxes paid more than $2.5 million a year, but that sales-tax cap is set to expire in 2016.

Cannon sentence could come next week

August 27, 2014

(The Charlotte Observer)

Former Charlotte Mayor Patrick Cannon could be sentenced as early as next week, federal documents show. Cannon admitted to accepting more than $50,000 in bribes from undercover FBI agents. He resigned in March following his arrest.

Charlotte proposes spending $33.5 million on arena upgrades

August 26, 2014

(The Charlotte Observer)

Charlotte City Council members will vote Sept. 8 on spending $27.5 million for improvements to Time Warner Cable Arena, plus another $6 million for maintenance over the next 10 years. The money would come from an existing hotel/motel tax and a car-rental tax.

Event planner Tribble takes job with Wake Forest

August 26, 2014

(The Charlotte Observer)

Charlotte event planner Mary Tribble has taken a job in the advancement office of Wake Forest University. Tribble served as chief of events planning for the Democratic National Convention's host committee in 2012. She will remain in Charlotte in her new role.

Charlotte's Duke Energy selling 11 Midwestern power plants for $2.8 billion

August 25, 2014

(The Charlotte Observer)

Duke Energy will sell 11 Midwestern power plants to Houston-based Dynegy for $2.8 billion. The sale will include nine plants in Ohio and one apiece in Illinois and Pennsylvania. Pending regulatory approval, the deal will close by early 2015.

BofA reaches record $17 billion settlement with DOJ

August 22, 2014

(The Charlotte Observer)

Bank of America's $16.65 billion settlement with the federal government includes $7 billion in relief to thousands of mortgage customers in all 50 states. It's the largest settlement ever between the U.S. government and a single corporation.

Analyst: BofA could move HQ to Boston within five years

August 22, 2014

(The Charlotte Observer)

Bank of America may relocate its headquarters from Charlotte to Boston within the next five years, according to banking analyst Dick Bove of Rafferty Capital. Bove told the Wall Street Journal the bank's recent promotion of Thomas Montag to sole chief operating officer is the latest sign of a power shift away from Charlotte. 

Dollar General not giving up after Family Dollar rejects buyout offer

August 22, 2014

(The Charlotte Observer)

Family Dollar Stores rejected Dollar General's $9.7 billion bid on Thursday, citing concern that antitrust regulators would block a merger between the two discount retailers. Dollar General CEO Rick Dreiling said his company is still committed to acquiring Matthews-based Family Dollar.

BofA settlement announcement expected Thursday

August 21, 2014

(The Charlotte Observer)

The U.S. Justice Department is expected to announce a settlement with Bank of America over faulty mortgage bonds Thursday morning. The settlement is expected to be about $16.6 billion, the largest ever between the government and a company.

Private equity firms vying for Huntersville's ATD

August 21, 2014

(The Charlotte Observer)

American Tire Distributors is for sale, according to a Wall Street Journal report. The Huntersville company, which employs 3,800 and says it is the largest distributor of replacement tires in North America, was bought by private-equity firm TPG Capital for $1.3 billion in 2010. The report says several private equity firms are vying for the company in a deal that could fetch more than $3 billion.

Legislators compromise on coal-ash bill

August 20, 2014

(The Charlotte Observer)

State legislators could vote as early as Wednesday on a bill that would require Duke Energy to remove coal ash from four power plants. Storage ponds at other coal-fired power plants could be capped without removing ash, provided the state Department of Environment and Natural Resources finds that the ash will not contaminate groundwater (cover story, April).

SunTrust expands size of Charlotte office

August 20, 2014

(The Charlotte Observer)

SunTrust Bank will increase the size of its planned regional headquarters in Charlotte by 19,000 square feet. The Atlanta-based bank will occupy space on four of five floors of a new 105,300-square-foot SouthPark building scheduled to open this fall.

Icahn continues attack on Family Dollar

August 20, 2014

(The Charlotte Observer)

Investor Carl Icahn criticized Matthews-based Family Dollar Stores for not being more aggressive in pursuing a deal with Dollar General, and said the board has been too concerned with protecting CEO Howard Levine, son of the retail company's founder Leon Levine (NCTrend, July).

Eaton closing Charlotte plant

August 20, 2014

(The Charlotte Observer)

Eaton will close its Charlotte clutch-manufacturing plant, laying off 84 workers by the end of 2015. The Dublin-based company will move Charlotte operations to plants in Indiana and Mexico. Eaton employs more than 4,000 in North Carolina, including 79 at a distribution center in Charlotte.

Dollar General deal could lead to job cuts at Family Dollar

August 19, 2014

(The Charlotte Observer)

At least one analyst says a potential Dollar General acquisition of Family Dollar Stores could lead to heavy job losses at the discount retailer's Matthews headquarters. Goodlettsville, Tenn.-based Dollar General's business model is more similar to Family Dollar's than Chesapeake, Va.-based Dollar Tree's, meaning there could be many jobs with duplicate functions.

Charlotte's Sonic Automotive to launch used-car dealerships

August 19, 2014

(The Charlotte Observer)

Sonic Automotive, the Fortune 500 company founded by Bruton Smith, plans to open a chain of stand-alone used-car dealerships. The first three EchoPark stores will open in Denver, Colo. by November.

Merger activity among Charlotte area companies part of larger US trend

August 19, 2014

(The Charlotte Observer)

Stock market gains and low interest rates for borrowers are leading to a flurry of mergers and acquisitions nationwide. Charlotte-based Chiquita Brands International and Matthews-based Family Dollar Stores both face competing bids from outside companies.

BofA veteran Darnell to become vice chairman

August 19, 2014

(The Charlotte Observer)

David Darnell will become vice chairman of Bank of America and will relocate from Charlotte to Tampa, Fla. Darnell, 61, first joined the bank in 1979. He has served as co-chief operating officer since 2011.

Dollar General submits bid for Family Dollar

August 18, 2014

(Winston-Salem Journal)

Dollar General Corp. entered a counteroffer of about $9.7 billion − $78.50 a share in cash − for Matthews-based Family Dollar Stores. Chesapeake, Va.-based Dollar Tree made an $8.5 million bid for the discount retailer in July. Goodlettsville, Tenn.-based Dollar General said its offer would create a company with sales of more than $28 billion.