Genworth will be laying off 1,000 employees, or about 1/7th of the company’s global workforce. A company spokesman said he does not yet know how any of the 1,750 Richmond workers will be let go. But if the cuts were even across all the offices, it would amount to around 250 workers. “This move is… Read more »
Aaron Kremer
Aaron Kremer is the founder of Richmond BizSense. Email him at [email protected].
Layoffs kill productivity for remaining workers, study finds
Headlines have been blaring news about layoffs across the area. That’s obviously bad news for those who get a pink slip, but it’s also bad for the businesses that let the workers go. According to a recently released study, 74 percent of employees who survive a corporate layoff say their own productivity has dipped since… Read more »
Hotel Chain with 5 RIC locations in trouble
The Wall Street Journal reported this morning that Extended Stay Hotels, Inc. is in early talks that could result in turning the hotel chain over to lenders. The hotels are geared towards business travelers who need rooms for longer than a night or two. Four of the hotels are around Innsbrook, and the bankruptcies of… Read more »
Auto bailout’s local fallout
It looks like Detroit’s carmakers will get their bailout. That’s good news for the 60 new car dealerships in the metro Richmond market, which employ about 3,500 workers, according to the Virginia Automobile Dealers Association. Without federal loans, Chrysler and GM would most likely end up in bankruptcy. That could slow sales even more and… Read more »
Anderson Strudwick in merger negotiations
Richmond-based investment bank/brokerage Anderson Strudwick is in merger negotiations with Wunderlich Securities, a Tennessee investment bank/brokerage. Representatives from Wunderlich will be in Richmond today to present the deal to the company, according to a source familiar with the deal. It’s likely that employees will vote later today.
Richmond Paperboard mill to Close
Paperboard producer Caraustar Industries Inc. has announced that it will close its Richmond mill at 17 East 2nd Street. In a statement, the Atlanta-based company said, “Recession and declines in product demand necessitate that the company move aggressively to retain cost efficiencies and increase capacity utilization across its mill system,” said the company in a… Read more »
Restaurants shedding jobs
According to a WSJ article in today’s paper, restaurants are shedding jobs as consumers cut back on eating out. It’s also lowering paychecks for waiters and waitresses. RBS is still analyzing recent restaurant tax information from the City of Richmond. We should have a story about the local restaurant industry soon. Today’s WSJ story cites… Read more »
Richmond #5 best metro areas for business, says MarketWatch
Richmond has garnered a Top 10 placement in a new MarketWatch study of the best metro areas for business. Ahead of Richmond were 1. the Twin Cities 2. Boston 3. Denver and 4. Washington. Writes MarketWatch: “This region has benefited from a migration toward Virginia, as well as residual effects of proximity to Washington, though… Read more »
More shrinkage for car lots
Local car dealers continue to consolidate. The Times-Dispatch reported Thursday that Richmond Ford has bought the Lincoln Mercury franchise from the Pearson automotive group. Meanwhile, used-car seller Car America has closed its location on Brook Road and moved all the cars to its location at 7530 Midlothian Turnpike. The owner said sales are down around… Read more »
The price tag of a helping hand
Fallout from the slump in corporate earnings could hit local nonprofits hard. On Monday we reported on how the economic crisis portends a rough patch for charities that rely on donations. I looked up a few more corporate foundations to see what impact they have on the local nonprofit scene. Unless individual giving rises dramatically,… Read more »