Six Richmond post offices may be closed (Times-Dispatch)
The local branches — in Richmond and Henrico County — are among 19 in Virginia that may be shuttered. They are included on a list of nearly 700 candidates sent to the independent Postal Regulatory Commission for review.
Hampton Roads Bankshares posts second-quarter loss (Virginian-Pilot)
Hampton Roads Bankshares Inc., blaming a spike in troubled loans, said Monday that it lost $43.2 million during the April-through-June quarter and suspended its quarterly dividend to preserve capital.
As bank failures rise, the survivors are left to pick up a hefty tab (Baltimore Business Journal)
A special assessment imposed on the nation’s banks to replenish the dwindling fund the Federal Deposit Insurance Corp. uses to take over failed banks is eating into profits at a time when many financial institutions are already grappling with losses from a still-reeling real estate market.
The alleged grifter who duped corporate giants (Fortune)
An amazing story but very long. Best to print. what she is accused of doing was fabulously brazen; she had the temerity to sting some of the world’s biggest corporations — not just once, but again and again. Her targets were middle- and upper-level marketing executives, including division heads and presidents. It was a simple scheme, though brilliantly choreographed, according to court records and people familiar with the investigations.
Post office looking at closing hundreds of offices (USA Today)
Facing staggering financial losses, the Postal Service is looking at closing nearly 1,000 offices across the country.
Credit Worries Limit Small Retailers’ Back-to-School Stocks (WSJ)
Back-to-school season is typically the second-biggest retail-sales period after Christmas. But this year, tight credit has some small businesses hard-pressed to stock their full range of back-to-school merchandise.
When does it pay to be nonprofit? (Slate)
A lot of nonprofits these days are not “charities” in the traditional sense but rather a type of small business, and even if you’re not a nonprofit yourself, you might find that you’re competing with one. Nonprofits have some big advantages over their for-profit brethren. The obvious one is that they don’t pay taxes, but I don’t think that’s ultimately the most important one. Rather, they benefit from the moral high ground and are able to strike different kinds of business relationships as a result.
Serving Customers in the Downturn (BusinessWeek)
Smart companies will continue to spend on their best, high-margin customers. It’ll help boost profits, improve retention, and offer a chance to poach from penny-pinching rivals