News

Shockoe Bottom firehouse part of block-wide plan

A derelict block in Shockoe Bottom is about to get a major makeover. A group of local developers plans to turn the block into a mixed-use development with more than 200 residential units, 12,000 square feet of retail space and a restaurant. Construction could start next month. Developer Marcus Galt has spent the past two… Read more »

Owens & Minor to sell diabetes-supply business

Owens & Minor announced today they are selling their direct-to-consumer diabetes-supply business to a Pennsylvania-based medical-management company. Liberty Healthcare, a privately held company, will pay $63 million to acquire the diabetes-supply business which includes patents and patient information. Owens & Minor will retain remaining assets and debts associated with the business and continue to collect… Read more »

“Perfect Storm” watch

Memo to everyone, please stop using the expression “Perfect Storm.” It’s not only a cheap attempt at trying to make something sound more important, but it’s also misleading. It insinuates that a given event or consequence was a confluence of factors that nobody could have predicted. And more insidiously, it displaces blame from people who… Read more »

Pad the résumé, just not too much

Teachers love to tell their students that liars and cheaters never win. But when was the last time they updated their résumés? As local companies shed jobs by the hundreds, the job hunt is becoming more cutthroat by the day. Laid-off employees – or those who just want to be prepared – need to update… Read more »

Shopping cart manufacturer shuts down

It appears Rehrig has gone belly up and shuttered its 317,000-square-foot plant. More than 100 workers are likely out of work and local businesses that were owned money might not get paid. The phones are dead and the parking lot abandoned at a Chesterfield-based shopping cart manufacturer.

Lottery sales dip

Although some people might be feeling poorer and more desperate to win money, sales of scratch and lottery tickets are falling. The lackluster economy is having a mixed effect on Virginia Lottery sales. Although some people might be feeling poorer and more desperate to win money, sales of scratch and lottery tickets are falling. So… Read more »

Chamber rethinks fundraising strategy

Your business contacts and vendors will no longer be shilling on behalf of the Greater Richmond Chamber of Commerce. In light of tighter budgets, the group said it expects that companies want their employees working on company projects and not spending time working the phones for the chamber. The GRCC decided last week to reign… Read more »

Madoff fraud: Three degrees of separation

“When you meet him, you’d like him.” – Pat Fishe, professor of finance at University of Richmond’s Robins School of Business. Fishe met alleged fraud Bernard Madoff in 2000 while serving as a visiting fellow at the Securities and Exchange Commission. On occasion, Madoff provided expert insight for the SEC.

Genworth to lay off 1,000 employees

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 »

Caution flag for RIR

The financial turmoil surrounding Detroit’s Big Three automakers could throw a wrench into one of the area’s biggest sports engines: Richmond International Raceway. Domestic automakers have slashed their marketing budgets, which means millions in potential losses not only for NASCAR, but also for RIR and parent company ISC Motorsports. Chevrolet, a General Motors brand, announced… Read more »