News

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 »

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 »

Local NASCAR expert says sport ok

Local NASCAR expert Dr. Jon Ackley said the sport will continue even if the Big Three go under, but either way major changes are on the way. Ackley is a professor of management at the VCU School of Business and teaches a Business of NASCAR class. He also helps manage a blog about the business… Read more »

Building volume, value plummet in Henrico, Chesterfield

Construction in Richmond is entering a deep chill. Building volume is down as much as 50 percent in some parts of Richmond. And the projects that are coming out of the ground appear to be smaller than in the past, according to an analysis of building permit data. But despite a steep pullback, the permitting… 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 »