UK-based car insurance firm, Admiral, announced plans this week that they have chosen Richmond as headquarters for their newly formed subsidiary Admiral Americas. The company will start doing business across the pond sometime this year. They will hire up to 50 people by the third quarter, and employ as many as 200 by the end of next… Read more »
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So … about that invoice …
Richmond businesses are taking longer to pay each other’s invoices, and the problem is getting worse. About 85 percent of businesses in a Richmond BizSense survey said that at least one client is paying slower than the stated terms. And once one starts paying slowly, money can get tighter all the way down the food… Read more »
NewsFeeds 3.5.09
33,000 local homeowners owe more than homes are worth (Virginian-Pilot) More than 33,000 homeowners in Hampton Roads owed more on their mortgages than their homes were worth at the end of 2008 as home prices continued to fall, according to a report released Wednesday by a mortgage research firm. Cranes Are Ready, Financing Isn’t (Washington… Read more »
Phish rocks legal case against bootleggers
The jam band Phish is not only kicking off their reunion tour in Virginia this weekend, but the band is also launching a legal battle with bootleg merchandise sellers. On Thursday, A U.S. District Judge in the federal court in Richmond will consider a request from the band to block the sale of unauthorized… Read more »
Assessing Circuit City’s impact, a slideshow
The Boston Globe has a very helpful and slick multimedia slideshow about how Circuit City’s closure is affecting the regional economy up there. Restaurants in the neighborhood of closed Circuit City stores reckon they will lose around $50 a day. Several media outlets are owed thousands for advertising (including $65,000 at the Providence Journal) and… Read more »
NewsFeeds 3.4.09
Henrico slashes construction plans (Times-Dispatch) Henrico County is slashing its construction plans for next year by nearly 90 percent because of worries about the recession. Hungry contractors are cutting bids to the bone as interest rates have tumbled and building looks easy to afford, but — like many ordinary consumers — county officials are loath… Read more »
Circuit City’s HQ Liquidation: The Sequel
The bargain hunters are back at Circuit City’s Western Henrico headquarters. The electronics store’s Deep Run III building was opened Tuesday to shoppers. But unlike the sale that ended at Deep Run II, this one is going to take longer – until April – and prices are not negotiable yet.
Media General cuts two North Carolina papers to two days a week
Media General is slashing certain publishing businesses as advertising revenue plummets. The company, which owns the Richmond Times-Dispatch, revealed this week they will cut publication of two North Carolina newspapers from five to only two days per week. At the end of March, the Reidsville Review and the Eden Daily News will be printed only… Read more »
Pharmaceutical firm sold for $5 million
A small pharmaceutical company with deep roots in Richmond has been acquired by a New York firm. After a spending a year searching for the right suitor, ECR Pharmaceuticals was bought by Hi-Tech Pharmacal Co. for $5.1 million in cash. ECR’s 60 employees have the option of staying on, said Davis Caskey, one of the… Read more »
NewsFeeds 3.3.09
In the rough at Virgina Golf Courses (Virginia Business) Virginia golf courses still are busy on weekends, but it is increasingly easy to get a weekday tee time. Sobered by the recession, fewer golfers are playing these days. If that trend holds, they will have fewer courses to choose from next year. Contractor pulls out… Read more »