It was a rough week for CarMax and Circuit City. CarMax stock shed $2 a share, or about 11%, on news that profits at the company dropped 55%. Meanwhile, Circuit City – the company from which CarMax was spawned – is on life support and looking for a transfusion. Or is it an organ transplant?
Aaron Kremer
Aaron Kremer is the founder of Richmond BizSense. Email him at [email protected].
Networking online … helpful or just a passing fad?
The professional networking site LinkedIn just raised $53 million in capital, which pegs the company’s valuation at around $1 billion. Technology analysts are wondering if that’s a tad high. How much social networking sites can extract from advertisers and subscribers, after all?
Richmond Chamber names new President
Kim Scheeler will take over as president of the Greater Richmond Chamber of Commerce. He has been the head of the Tampa Chamber of Commerce since 2001. He holds a bachelor’s degree in business administration from Indiana University and an MBA from the University of South Florida.
The Indie Look T-shirts celebrating little-guy capitalism
A California business sells T-shirts with the names of Mom and Pop shops from around the country. Destee Nation was featured in a New York Times Magazine article by Rob Walker. Part of the proceeds goes to the business where the shirt originated. I could imagine a C.F. Sauers T-shirt selling well. Maybe with the… Read more »
Slow economy and shifting tastes hammer CarMax
CarMax Inc.’s quarterly profit fell 55%, hit by a slowing economy and weaker consumer sentiment, and the used-car retailer said Wednesday it would suspend its guidance for the rest of the fiscal year. Fuel-hungry light trucks and sports utility vehicles brought lower than expected sales, while Gross profit per car fell 8.5% to $2,564. RBC… Read more »
Grocery store shakup, aisle 8
Ukrop’s continues losing market share in Richmond, according to a story in Friday’s Times-Dispatch. Of course, there’s always a huge untapped potential for Ukrop’s: Stay open on Sunday and sell booze. Ukrop’s continues losing market share in Richmond, according to a story in Friday’s Times-Dispatch. “A market study released today by Food World, a trade… Read more »
Private Equity startup about to seal first deal
Local startup Boxwood Partners is putting the finishing touches on its first deal as a private equity fund. Boxwood is acquiring an out-of-state internet wholesaler/distributor (name not revealed) that can perhaps best be described as an online version of Sam’s Club. That web-based business has millions of dollars in revenue and six employees, according to… Read more »
Our New Office
We moved into our first office today. It’s a sublet at the edge of the Fan. I’m grateful to the building’s regular tenant for agreeing to such generous (on his part) sublease. As a startup, we’re trying to control costs as much as we can. How do you christen a new office? Is it too… Read more »
A Richmond startup tries to cut health care costs
A Richmond startup thinks there’s a market for treating health care more like car repairs – encouraging employees to pay out-of-pocket for routine tune-ups and letting insurance cover the accidents and emergencies. Hoping to implement this style of health care on a broader scale, nHealth recently raised $12 million, with most of that money coming… Read more »
Work. v. Play
I’ve decided I live an altered version of Dr. Jekyll and Mr. (or in my case Ms.) Hyde. Last Wednesday I was at work being professional and doing the 9 to 5 thing. As soon as 5:00 rolled around, I turned off my computer and changed from my work clothes to my bike clothes. In… Read more »