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 »
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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 »
‘Small businesses really drive the train,’ says mayor-elect
As Mayor-elect Dwight Jones prepares to transition from the pulpit back to public office, Richmond BizSense sat down with him to find out his plans for economic development and fostering business growth. Jones, a Philadelphia native with a deliberate delivery, is no stranger to doing business in Richmond. He chaired the downtown development group Richmond… 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 »
C’ville company debuts first feature film
Charlottesville-based production company Cavalier Films released its first feature film last month. “Familiar Strangers” was filmed at various locations in the Shenandoah Valley, and a majority of the crew came from the state. The release has been limited, playing in a handful of theaters in Virginia, Tennessee and Kansas; the film opened in Richmond last… 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 »