Ukrop’s loses No. 1 spot to Food Lion in sales survey (Times-Dispatch)
A great report from Louis Llovio: he hometown grocer lost its No. 1 spot to North Carolina-based Food Lion LLC, according to a study released yesterday by Food World, a trade publication that tracks the grocery industry in the mid-Atlantic. Food Lion commands a 19.34 percent market share among any retailer selling groceries, while Ukrop’s had 17.58 percent of the area’s $3.07 billion in local grocery sales.
Va. Investor Group to Buy Greater Atlantic Financial (Washington Post)
Greater Atlantic Financial, which operates five bank branches in the Washington area, will be acquired by a group of private investors in Northern Virginia, the company said in a regulatory filing yesterday. The investors, Comstock Partners, formed MidAtlantic Bancorp to acquire the Reston-based bank, which has four branches in Virginia and one in Rockville. MidAtlantic will emerge from the deal as a savings and loan holding company, according to the filing.
Obama aims to give regulators chance to rein in future crises (USA Today)
President Obama unveiled a stem-to-stern overhaul of financial industry regulation Wednesday, promising dramatic changes for banks, consumers, hedge funds and even the inner workings of the Federal Reserve. The ambitious proposal is designed to strengthen a ramshackle system of government oversight that failed to either prevent or mitigate the current financial crisis.
Eddie Bauer Files for Bankruptcy (NY Times)
Eddie Bauer, the outdoor-clothing chain that sold goose-down coats to Mount Everest mountaineers and college students alike, filed for Chapter 11 bankruptcy protection on Wednesday and said it planned to sell itself for $202 million to CCMP Capital Advisors, a private equity firm.
The New Boom-Bust Cycle (Slate)
The housing and finance sectors caused the economic mess. Here’s why they can’t fix it.
Puns, put-downs and fresh coinages from the white-hot furnace of e-culture (LA times)
Dan Neil is one of the best writers in America. Enjoy. What do you call the loss of productivity caused by too much time spent on Facebook? “Social notworking.” A steeply devalued retirement account? “201(k).” A painfully obsolete cellphone? “Brickberry.” These linguistic dispatches from the land of cooler-than-you come courtesy of wit-mongers Cramer-Krasselt, a Chicago-headquartered full-service agency with a tidy billion dollars in annual billables. C-K’s notable accounts include Corona beer, AirTran Airways, Levitra and Porsche — which sounds like a recipe for a wild weekend in Fort Myers, Fla.
Turning Nonprofits into For-Profits (BusinessWeek)
New hybrid corporate structures allow nonprofits to accept private investment without diluting their missions