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High-end convenience store to open in East Memphis

Memphis Business Journal - Tue, 07/09/2019 - 14:39
The gas station and convenience store is slated for the former site of an Easy Way.

City of Memphis awards $7.2M pipeline contract

Memphis Business Journal - Tue, 07/09/2019 - 14:09
The City of Memphis awarded a wastewater rehabilitation contract worth $7.2 million to a Missouri company. Insituform Technologies LLC, a subsidiary of St. Louis-based Aegion Corp., will install its CIPP (cured-in-place pipe) in more than 10 miles of 8- to 36-inch wastewater pipelines in residential areas throughout Memphis. Work on the project is expected to begin this month and be completed in July 2020, company officials said Monday, July 8. After a pre-qualification process, the City of Memphis…

Midtown apt. project, McEwen's, riverfront improvements move forward

Memphis Business Journal - Tue, 07/09/2019 - 13:58
A Midtown apartment project is scheduled to go before the Downtown Design Review Board tomorrow, July 10, as part of the process for securing its PILOT. Peabody Falls, located near the intersection of Peabody Avenue and Diana Street, will include a new, 30-unit apartment building and the renovation of the property's 28 existing apartments. A surface parking lot would be located between the new and old apartments. To see the proposed development — as well as other projects slated for design…

Twitter Backs Off Broad Limits on ‘Dehumanizing’ Speech

NYT Technology - Tue, 07/09/2019 - 13:37
After a year of debate and criticism, an effort to add to a policy on banned speech led to a narrower restriction that applies only when religious groups are targeted.

Kohl's now taking Amazon returns in Memphis-area stores

Memphis Business Journal - Tue, 07/09/2019 - 11:59
Kohl's said Monday that it is now accepting returns of Amazon purchases at all of its stores nationwide. Wisconsin-based Kohl's had announced in April that it would expand the free service in July to over 1,150 stores in 48 states, which includes three in the Memphis area, in Collierville, Cordova, and Southaven. Customers can now take eligible Amazon items for return — without first packing them up — to Kohl's, which will package the items and send them to an Amazon return center. Customers…

Varsity Spirit becomes official outfitter for Grizz Girls

Memphis Business Journal - Tue, 07/09/2019 - 10:32
Varsity Spirit is now an official sponsor of the Memphis Grizzlies. The Memphis-based company — which is focused on all things cheer and dance — announced Tuesday, July 9, it will be the outfitter for the Grizzlies' dance team, the Grizz Girls. “We believe in the power of a team’s ability to build a stronger community that transcends the sport as the Memphis Grizzlies have done,” said Bill Seely, president of Varsity Spirit, in a release. “This is a fantastic opportunity for us to…

To Reduce Hospital Noise, Researchers Create Alarms That Whistle and Sing

NYT Technology - Tue, 07/09/2019 - 09:54
Why do medical devices sound so terrible? A group of clinicians, psychologists, musicians and designers are developing signals that are less startling and more informative. Listen here.

Fred's sells Memphis headquarters

Memphis Business Journal - Tue, 07/09/2019 - 09:38
Fred's Inc. has sold its 58-acre Getwell Road headquarters. Montreal-based Olymbec bought the property from the beleaguered discount retailer for $8.25 million. On site are a 758,000-square-foot warehouse, a 65,000-square-foot retail building, and two office towers totaling about 224,000 square feet, according to Olymbec. As of a May 3 filing with the Securities and Exchange Commission, Fred’s was utilizing 90,000 square feet of the office space and 22,000 square feet of retail space. Olymbec's…

Project Big Bang: Inside the pivotal day that brought Mitsubishi's HQ to Tenn.

Memphis Business Journal - Tue, 07/09/2019 - 06:29
An eight-hour span in Tokyo, halfway around the world from Franklin, included a toast from a well-connected Nashvillian who happens to be the U.S. ambassador to Japan.

New Aldi opens on Summer Avenue (Photos)

Memphis Business Journal - Tue, 07/09/2019 - 06:23
Aldi's new location on Summer Avenue is now open. The store, at 4720 Summer Ave., had a soft opening on Monday, July 8. It features five aisles and more than 14,000 square feet of selling space — an increase of 4,800 square feet of selling space compared to the previous location at 4508 Summer Ave., according to Troy Marshall, vice president of Aldi's Mt. Juliet Division. A typical Aldi store has 12,000 square feet of retail space and is easily navigable with a shopping cart. Aldi purchased…

Boyle prepares for more retail, office development in Collierville

Memphis Business Journal - Tue, 07/09/2019 - 06:03
Boyle Investment Co. is preparing Schilling Farms for more office buildings, retail bays, and, potentially, apartments.

All-inclusive surgery? Cigna and Campbell Clinic explore payment options

Memphis Business Journal - Tue, 07/09/2019 - 05:00
“Tennessee tends to be on the leading edge of a lot of what Cigna does because it's a progressive provider community.”

Kohl’s Is Betting on Amazon Returns to Drive Sales

NYT Technology - Mon, 07/08/2019 - 15:01
The retailer wants to draw more people into its stores, and it hopes that packing, labeling and shipping returns for the online behemoth will help.

Bartlett manufacturer keeps growing with acquisition of Dallas-based distributor

Memphis Business Journal - Mon, 07/08/2019 - 13:50
One of the area’s largest private companies just got bigger. Bartlett-based Kele Inc. — a manufacturer and distributor of peripheral control products used in building automation systems — announced the acquisition of Dallas-based Temperature Control Systems Inc. Temperature Control Systems has 29 employees across six locations in Texas and Oklahoma. The company is a full-line stocking distributor of commercial HVAC controls and building automation systems. This acquisition is Kele’s…

Facebook churns out a per-employee profit of $635K per year. How that compares with other tech companies

Memphis Business Journal - Mon, 07/08/2019 - 13:46
Facebook pays its typical worker $228,651 per year. That sounds like a lot until you realize that the Menlo Park-based company makes more profit per employee than any other major tech company on the Fortune 500: A whopping $634,694. That figure comes from Post Beyond, a platform that enables employees to share approved content about their employers with their personal networks. Post Beyond recently analyzed financial data from major tech companies to rank companies based on those that turn the highest…

Overton Square hotel looks to build on solid foundation

Memphis Business Journal - Mon, 07/08/2019 - 13:41
The Overton Square hotel is moving right along. Another building permit, this one valued at $4.75 million, was filed July 5 for 21 S. Cooper St. in Midtown. The permit, which lists Memphis-based Loeb Properties Inc. as the owner and Overton Square Hotel as the tenant, is for "foundation and structure." Montgomery Martin Contractors LLC is the contractor; Renaissance Group Inc. is the architect. The project was announced in 2017; at the time, the hotel was estimated to cost about $24 million,…

Mixed-use projects en route to Binghampton, Downtown

Memphis Business Journal - Mon, 07/08/2019 - 12:58
A Nashville firm is planning to develop 218 residences and some retail space on the Tillman Cove property in Binghampton. The City of Memphis announced Monday, July 8, it is awarding development of the deeply blighted 8.2 acres to Nashville-based Elmington Capital Group. Elmington is initially planning to build 45 senior living units, 150 apartments, 23 two-story townhomes, and 4,500 square feet of retail. HCD director Paul Young said the company was chosen because of its experience with affordable…

Billion-dollar Memphis firm strikes deal to grow even larger

Memphis Business Journal - Mon, 07/08/2019 - 12:16
A nearly $3 billion Memphis-based company just got bigger. Sedgwick announced July 8 it has an agreement in place to acquire Jersey City, New Jersey-based York Risk Services Group. With the acquisition, Sedgwick will now have close to 27,000 employees. York has 5,000 employees across its 60 offices in the U.S. “Joining forces with Sedgwick will provide enhanced capabilities for York’s clients and new opportunities for our associates,” said Thomas Warsop, York chairman and CEO, in a release. The…

Fred's prospects for future further clouded by failure to refinance

Memphis Business Journal - Mon, 07/08/2019 - 11:41
After failing to meet certain conditions under its credit agreement, Fred’s long-term prospects remain shaky. In an 8-K filed July 5 with the U.S. Securities and Exchange Commission (SEC), the Memphis-based discount retail chain stated that, as of June 21, it had not obtained a signed commitment letter for refinancing of loans under its previous credit agreement. On July 1, Fred’s entered into a second amendment to a forbearance agreement, which provides the following: Funding of a revolving…

Flight, Southern Social owners sign lease for former Kitchen space at Shelby Farms Park

Memphis Business Journal - Mon, 07/08/2019 - 09:46
Six months after a high-profile restaurant space in Shelby Farms Park lost its tenant, a replacement has been found. The Memphis-based group behind Flight Restaurant and Wine Bar is taking over the space formerly occupied by The Kitchen Bistro, which closed in December 2018. Restaurateurs Russ Graham and Tom Powers signed a 10-year lease — with two, five-year renewal options — to take over the vacant space at Shelby Farms Park. Graham declined to discuss financial terms of the deal but said…

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