Charlotte

Red Ventures invests in NY education site

January 14, 2016

(The Charlotte Observer)

Red Ventures invested $4 million in New York-based CourseHourse, a site that helps adults enroll in educational programs from informal cooking classes to university courses. The Indian Land, S.C.-based marketing firm, which announced in December plans to add 500 jobs in Charlotte, has made several investments in educational providers over the last year.

MetLife plans to spin off life insurance business

January 13, 2016

(The Charlotte Observer)

Insurer MetLife says it is considering a spinoff, sale or initial public offering of its life insurance business and the new company would be based in Charlotte, where the New York-based company employs more than 1,500. A company spokesman said the changes would have no impact on its Cary Global Technology Campus, which employs more than 1,000 people.

Panthers playoff game could have $5M impact on Queen City

January 13, 2016

(The Charlotte Observer)

If you're planning to attend this weekend's divisional playoff game between the Carolina Panthers and the Seattle Seahawks, it won't be cheap. The average ticket price was $465.65 on Tuesday. Fans traveling from Seattle weren't able to book hotels and flights in advance, which is typically less expensive, since the matchup wasn't set until Sunday when the Seahawks beat Minnesota 10-9.

Feds close investigation into Carolinas HealthCare System

January 13, 2016

(The Charlotte Observer)

The U.S. Department of Labor took no action in a long-running case against the Charlotte-based health care system, though it could revisit the case in the future. The investigation centered on MedCost, a for-profit health benefits company owned by CHS. A whistleblower asked the Labor Department to determine whether ownership of the company represented a conflict of interest.

Charlotte City Council backs I-77 toll lanes

January 12, 2016

(The Charlotte Observer)

Council members voted 7-4 to support the $647 million project that will add toll lanes on 26 miles of Interstate 77 in Mecklenburg and Iredell counties. Their vote means the project, already under construction, is likely to continue despite vocal opposition from leaders and residents of several towns in north Mecklenburg.

Federal judge OKs Duke's compliance plans

January 12, 2016

(The News & Observer, Raleigh)

Senior U.S. District Judge Malcolm Howard approved Duke Energy's compliance plans related to a $102 million coal-ash settlement last year. The Charlotte-based utility agreed to pay $68 million in fines and $34 million for environmental projects after pleading guilty to violations of the Clean Water Act.

Gordon Food opens Kannapolis distribution center

January 12, 2016

(Independent Tribune, Concord)

Michigan-based Gordon Food Service plans to cut the ribbon on its $58 million distribution center in Kannapolis on Tuesday. The family-owned company eventually plans to employ up to 275 people at the 300,000-square-foot center.

Charlotte's Beacon Partners building 2nd spec building in Concord

January 12, 2016

(The Charlotte Observer)

The real-estate investment company has begun construction on a 309,536-square-foot building at RiverOaks Corporate Park near Concord Regional Airport. Plans call 1.4 million square feet of manufacturing and logistics space at the park. Beacon's other projects include a seven-story office building on East Morehead Street near uptown Charlotte.

Electrolux CEO steps down

January 11, 2016

(The Charlotte Observer)

A month after Electrolux's failed bid to acquire General Electric's appliance division for $3.3 billion, Chief Executive Officer Keith McLoughlin is stepping down. Jonas Samuelson, head of the appliance maker's Europe, Middle East and Africa business, will take over as CEO on Feb. 1. Electrolux's North American headquarters is in Charlotte.

Howard Levine steps down as CEO of Family Dollar

January 11, 2016

(The Charlotte Observer)

Gary Philbin, president and chief operating officer since July, will continue to lead the Matthews-based retailer. When Virginia-based Dollar Tree acquired Family Dollar about six months ago, the company said at the time that Levine would remain with the company for two years. Levine, who will step down Jan. 15, will receive a "golden parachute" of up to $12 million, according to an estimate in a securities filing from October 2014.

US Bank promotes Charlotte-based exec

January 8, 2016

(The Charlotte Observer)

Jim Kelligrew was promoted to co-head U.S. Bank's wholesale banking division. Kelligrew, whose résumé includes stints at Wachovia and Bank of America, most recently served as head of fixed income and capital markets for the Minneapolis-based bank. He will remain based in Charlotte, where the bank employs about 350 people. U.S. Bank entered the Charlotte market in 2005 when it acquired Wachovia's corporate trust and institutional custody businesses.

Rooms to Go closes Charlotte distribution center

January 7, 2016

(The Charlotte Observer)

The Florida-based furniture retailer is consolidating distribution at its new 1.45-million-square-foot facility in Dunn. About 50 of 88 workers at the Charlotte distribution center will relocate to Dunn.

Olde Mecklenburg exits Triad; blames NC beer law

January 7, 2016

(News & Record, Greensboro)

Charlotte's Olde Mecklenburg Brewery is closing its Greensboro warehouse and scaling back Triad expansion plans. The brewery blames a state law that requires craft brewers to use a third party distributor once production reaches 25,000 barrels a year. Nearing that threshold, Olde Mecklenburg says it is pulling out of the Triad "in order not to underserve Charlotte – our home market."

Duke LifePoint completes purchase of Hickory, Sanford hospitals

January 7, 2016

(The Fayetteville Observer)

Duke LifePoint Healthcare has completed its acquisition of Central Carolina Hospital, a 137-bed medical center in Sanford, and Frye Regional Medical Center, a 355-bed hospital in Hickory. The hospitals were previously owned by Tenet Healthcare. The Brentwood, Tenn.-based joint venture of Duke University Health System and LifePoint Health now has seven hospitals in the state.

Charlotte's Crescent Communites sells SouthPark property, breaks ground uptown

January 6, 2016

(The Charlotte Observer)

Crescent Communities completed the sale of a 321-unit apartment building near Charlotte's SouthPark mall. A fund affiliated with UBS Global Asset Management paid $75.4 million for the property, where leases for studio units start at $1,150. The Charlotte-based real-estate developer planned to break ground Wednesday on an uptown development that will include a Whole Foods grocery store, two hotels and hundreds of apartments.

Hedge fund pressing Ally to improve stock performance

January 5, 2016

(The Charlotte Observer)

Ally Financial, the Detroit-based lender that employs about 800 in Charlotte, is haggling with a hedge fund that Ally says is pushing for a sale of the company. New York-based Lion Point Capital has suggested two people to run for seats on Ally's board during the May annual meeting, following the company's refusal to form a committee to study strategic alternatives. General Motors spun off its General Motors Acceptance Corp. subsidiary in 2006. It was later renamed Ally. While its headquarters is in Detroit, CEO Jeff Brown lives in Charlotte.

Daimler to lay off 936 workers in Rowan County

January 5, 2016

(The Charlotte Observer)

Daimler Trucks North America is cutting production by one-third at its Cleveland Truck Manufacturing Plant, where 3,100 workers make Freightliner and Western Star trucks. The cuts are due to a "sustained reduction in orders and a diminished build rate," according to a company spokesman.

Charlotte's Park Sterling completes purchase of Virginia bank

January 5, 2016

(The Charlotte Observer)

The Charlotte-based community bank completed its $87.1 million acquisition of First Capital Bancorp, based in Glen Allen, Va. The deal boosts Park Sterling's number of branches in the Richmond area to 10. Park Sterling now has $3.1 billion in assets and 57 locations in the Carolinas, Virginia and Georgia.

Barber-Scotia College suspends classes

January 5, 2016

(Independent Tribune, Concord)

Financially troubled Barber-Scotia College in Concord has closed for the spring semester while trustees look at ways to restructure. The historically black college has struggled since losing its accreditation in 2004, preventing students from being eligible for federal financial aid. The school hopes to reopen in fall 2016.

Charlotte committee backs toll lanes for I-77

January 5, 2016

(The Charlotte Observer)

Charlotte City Council's transportation and planning committee voted 3-2 in favor of building toll lanes on Interstate 77. The vote signals the full council is likely to support the project, which is already underway in north Mecklenburg County. The full council is scheduled to vote on Jan. 11. Charlotte's support of the project is key to a regional committee vote on the issue, scheduled for Jan. 20.