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DunAn Precision to close Memphis plant, less than 4 years after getting PILOT

Fri, 03/22/2019 - 16:35
DunAn Precision Manufacturing plans to close its Memphis facility less than four years after receiving local tax incentives, according to documents and people familiar with the matter. The heat exchange equipment manufacturer will close its Memphis facility at 5750 Challenge Drive, according to documents obtained by the Memphis Business Journal. Multiple people familiar with the matter confirmed the closure. It was unclear when the facility would close. The company received an eight-year PILOT…

AutoZone Park sees $2 million in stadium upgrades

Fri, 03/22/2019 - 14:48
Almost $2 million in improvements, upgrades, and renovations took place in the off-season to AutoZone Park. In fact, Craig Unger, president of the Memphis Redbirds and Memphis 901 FC soccer team, said hardly any area of the stadium went untouched. According to a release, changes included a complete overhaul of the camera and video system, with the action now shown in full high definition on AutoZone Park's large videoboard. Other off-season additions were brand new locker rooms and a training…

Specter of Electrolux haunts local economic development initiatives

Fri, 03/22/2019 - 14:42
The discussion — and angst — over allocating $150,000 out of Shelby County's $400+ million general fund reflects how the conversation has changed over the past months.

Clark Tower sale delayed

Fri, 03/22/2019 - 14:15
Clark Tower was not sold on the courthouse steps Friday, as scheduled. Instead, the sale of the 34-story tower was delayed until April 26. No reason for the delay was given, but the property is involved in two ongoing legal actions. In one, building owner In-Rel Properties is suing its lender for not allowing it to refinance. In the other, the trust that holds the loan is asking the U.S. District Court for the Western District of Tennessee to appoint CBRE as receiver of the property and to provide…

Memphis TV stations acquired as part of $740M Tegna deal

Fri, 03/22/2019 - 14:11
Memphis' local ABC and CW affiliates are being sold, along with 9 other television stations, in a $740 million cash deal between Tegna Inc. and Nexstar Media Group. Virginia-based Tegna said it would finance the transaction through available cash and borrowing under its existing credit facility. Tegna president and CEO David Lougee said in a statement the stations are “a strategic and financial fit” for the company and bring “geographic diversity” to Tegna’s portfolio. He added that…

Malco/Loeb's Overton Square lawsuit concludes

Fri, 03/22/2019 - 13:56
Malco Theatres has settled its lawsuit against Loeb Properties regarding parking and maintenance fees at Overton Square. The lawsuit, which was reported by multiple media outlets last spring, was settled in late September. That settlement, which has not yet been reported, happened out of court, keeping its details out of the public record. Butler Snow's Daniel Van Horn, who represented Malco, said his client "is very pleased with the outcome." He declined to comment further. Loeb spokesperson…

Top of the Market: $1 million homes in Eads and Germantown take top spots

Fri, 03/22/2019 - 13:46
This week's home sales roundup is lead by two homes that sold for more than $1 million — and one that sold for just $1,000 less. The top home, an 8,400-square-foot Eads mansion, sold for $1.25 million. The 2011 house — located on Monterey Oaks Cove in ZIP 38028 — has six bedrooms, seven full bathrooms, and two half bathrooms. A new home on S. Winston Woods Circle in Germantown's ZIP 38139 was No. 2, selling for about $1.1 million. The size of the new home was not yet listed on the Shelby…

Oak Court executives stress property's success, thinking 'outside the box'

Fri, 03/22/2019 - 06:55
"The word 'mall' in this day and age is obsolete, and we know that. It's why we have to be extremely diverse in our tenant mix, create awesome events, [and attract] local eateries."

Editorial: GTx's fall is not a failure

Fri, 03/22/2019 - 05:00
Entrepreneurs of all types strive to create new solutions to old problems, and that always comes with risk of failure — and not just with untested drugs. One shouldn’t stop striving to create something new, no matter the industry, just because it might not work out.

GTx leaves behind 'pool of battle-hardened talent' ready to help next gen of startups

Fri, 03/22/2019 - 05:00
“Venture capital prefers to fund experienced leadership teams that have been through challenging times. A failed biotech is a merit badge, not a black mark.”

Large East Memphis golf shop moving further east

Thu, 03/21/2019 - 14:20
A golf shop with a longtime East Memphis presence is relocating a little bit further east. Edwin Watts Golf will lease an 11,000-square-foot space in between REI and PetSmart at Ridgeway Trace Center, on Poplar Avenue and I-240. The move will happen "later this year," according to a press release. In doing so, Edwin Watts will decamp from its current location in the Poplar Collection shopping center at 4625 Poplar Ave., where it has been since 1998. Weingarten Realty operates Ridgeway Trace, which…

Guest column: Workforce development can help Memphis maintain momentum

Thu, 03/21/2019 - 14:05
Good things are happening in Memphis.  ServiceMaster, FedEx, and Indigo Ag have made large investments to grow their businesses Downtown. Transformative construction projects, such as One Beale and Union Row, are beginning to take shape. And, Frommers recently included Memphis on its “Best Places to Go in 2019” list, raising the profile of our tourism industry. Positive momentum certainly seems to be building. Of course, Memphis continues to have significant challenges. Despite some improvement,…

Vanishing act: Once a large local employer, Valenti is nearly gone

Thu, 03/21/2019 - 13:57
Valenti Management reported having almost $75 million in revenue and 1,700 local employees in 2015. Now, it has almost no Memphis presence remaining.

Data dive: What are the top destinations for Memphis travelers?

Thu, 03/21/2019 - 11:23
Spring is here and, with it, leisure travel planning for school breaks and for summer vacations.  Memphis International Airport (MEM) doesn’t directly serve every destination that a traveler leaving from Memphis might want to visit, but the routes served from MEM include some of the biggest U.S. cities coast-to-coast. To see Memphis International’s top 10 destinations by passengers per day — including one-way airfare — in the fall of 2018, click on the slideshow. Some of the top 10 destinations…

Topgolf concept coming to Mid-South

Thu, 03/21/2019 - 11:22
A Tunica casino is gearing up to add a new restaurant and new-to-the-market entertainment options as part of an upcoming $7 million project. Gold Strike Casino Resort will open Moneyline Sports Bar & Grill in July. It will replace the Atrium Cafe, which closed in February and was demolished. The restaurant will also include the first Topgolf Swing Suite in Mississippi. Topgolf's website describes it as "everything you love about Topgolf, in a luxury suite," and allows visitors to play virtual golf…

Memphis retailer expands home delivery service, will drop off purchases in an hour or less

Thu, 03/21/2019 - 10:08
In a world of curbside grocery pickup and delivered-to-your-door wardrobe choices, one local retail chain is now offering its same-day delivery service in an hour or less. Memphis-based Hollywood Feed began offering same-day delivery service last year at select stores, Monday through Friday. According to a recent release from the company, the service has been so well-received that Hollywood Feed is extended the geographical area, adding weekends, and guaranteeing delivery within an hour. "This service…

AutoZone board authorizes repurchase of $1 billion in stock

Thu, 03/21/2019 - 10:02
AutoZone’s board has authorized the repurchase of company stock to the tune of $1 billion. The Memphis-based auto parts retailer announced via a press release and a U.S. Securities and Exchange Commission (SEC) filing that AutoZone’s board of directors authorized the repurchase of an additional $1 billion in AutoZone stock as part of its ongoing share repurchase program. “AutoZone’s continued strong financial performance allows us to repurchase our stock while maintaining our investment…

Amazon adds first ever refurbished Boeing 737 to Prime Air cargo fleet

Thu, 03/21/2019 - 07:39
The jet is expected to fly in the U.S., joining Amazon's fleet of 40 other leased Boeing 767s operating across North America.

Announcing MBJ's Girls Who Mean Business class of 2019

Thu, 03/21/2019 - 06:48
How do you describe a girl who means business? She has a “thirst for knowledge.” She is an “unstoppable force.” She has “a desire to improve the community around her.” She is a “true go-getter.” At least, that is how nominators described the inaugural class of Girls Who Mean Business. The Memphis Business Journal will honor 27 female, high school students — from 27 different schools — at its Girls Who Mean Business ceremony, Tuesday, March 26. The program was created to, first,…

With Nashville's Amazon incentives OK'd, here's what the company will do next

Wed, 03/20/2019 - 14:36
"[Clearing the incentive process] is the first step in our new relationship … so we’ll continue the community engagement, answer the tough questions and be a good neighbor," Amazon exec Holly Sullivan said.