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The National Observer: Retail bankruptcies spark CRE fallout
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals. We'll examine Gen Z's new pay problem, a banking titan's planned 165-branch expansion, and a deal that has a large motel chain being acquired. First, we're looking at what a recent wave of retail bankruptcies means for the commercial real estate sector.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
Wu: Boston workers returning faster than in other cities
The number of workers returning to Boston offices in person increased 10 percentage points this year, nearly double the national average, Mayor Michelle Wu announced at a business breakfast Wednesday morning.<\p> The return to the office -- and the use of unused office space in the wake of a pandemic that accelerated a culture of working from home -- was a consistent theme in Wu's speech, as her tenure as mayor has been marked by recovery from the pandemic.<\p>
Meet BostInno’s 25 under 25 for 2024
It's that time again for BostInno's 25 Under 25! This year's honorees are startup founders, community organizers, software programmers and exemplary students. The list this year includes the co-founder of a 3-D marker tool for better neurological patient outcomes, two university students working together to help college students get the most out of their undergraduate education, a business student turning her allergy ailments into clean product alternatives and recent graduates who are community leaders in Greater Boston.<\p> Jessica Angeles, 25, Residency Program Manager at Mass Challenge <\p>
Meet BostInno’s 25 under 25 for 2024
It's that time again for BostInno's 25 Under 25! This year's honorees are startup founders, community organizers, software programmers and exemplary students. The list this year includes the co-founder of a 3-D marker tool for better neurological patient outcomes, two university students working together to help college students get the most out of their undergraduate education, a business student turning her allergy ailments into clean product alternatives and recent graduates who are community leaders in Greater Boston.
Markforged to be acquired
The Bay State's 3D printing space is seeing major consolidation this year as another local company is getting snapped up.<\p> Markforged (NYSE: MKFG), which has over 180 full-time employees in the Bay State, is getting acquired in a $115 million cash deal expected to close in the first quarter of 2025. <\p>
Wu unveils $100M housing fund, development review reforms
The city of Boston plans to use up to $100 million from its cash stockpile to invest in residential real estate projects, Mayor Michelle Wu announced Wednesday in her annual address to the Greater Boston Chamber of Commerce.<\p> The mayor also used the speech to announce other initiatives related to real estate development, including long-anticipated reforms to the development review process.<\p>
Big Lots will close yet another Mass. store
The number of Big Lots Inc. stores closing is growing again, and another Massachusetts location is set to close.<\p> The Columbus-based retailer, which is in the midst of a Ch. 11 bankruptcy case and could have a new owner next month, added 48 more stores to the already 344 locations slated to close. The new list includes the Danvers store at 10 Newbury Street. <\p>
Boston brothers gamify staying off your phone
Two years ago, Jack Winston, CEO and co-founder of BePresent, lost his phone for four days. During that time frame, the Needham native said he felt his anxiety melt away, his connections with others deepen and his mental clarity increase tenfold. When he found his phone, despite his best intentions, he struggled to curb his screen time. <\p> Jack and Charles Winston are the Gen Z Needham brothers behind BePresent, an app that reduces screen time aimed at Gen Z users. The app uses gamification and psychological approaches to engage Gen Z users and motivate them to put their phones away. according to Jack. He said the more engaged users are with BePresent, the less they are on their phones overall. <\p>
Five things you need to know, green tomatoes and white eggplants
Good morning, Boston. Here are five things you need to know in local business news to start your busy Wednesday.<\p> Another restructuring is underway at bluebird bio Inc., this time with plans to lay off about 25% of the company’s workforce, Hannah Green reports.<\p>
This pasta company went from Haverhill to Italy — and back
Joe Faro, the driving force behind the Tuscan Kitchen restaurants and the Tuscan Village development in New Hampshire, has gotten back the company that once bought from him the pasta and sauce brand that started his career.<\p> Faro, whose business empire has expanded past hospitality to also include real estate development in recent decades, has acquired Buitoni Food Co. That's the company that, in 2006, bought Joseph's Gourmet Pasta & Sauces, which Faro had founded in 1991 in the attic of his family’s Haverhill bakery.<\p>
Cybersecurity rivals' legal battle continues after ruling
Boston-based Bitsight Technologies Inc. says the patent infringement litigation it brought one year ago against its local competitor Black Kite "remains active" after a district judge dismissed the patent-related claims of that litigation. <\p> In a written decision dated Sept. 20, U.S. District Judge Myong Joun partially granted and partially denied Black Kite's motion to dismiss. <\p>
Fulcrum Therapeutics to cut 36% of its workforce
Fulcrum Therapeutics Inc. is cutting jobs as part of a plan to reprioritize its research and development activities after one of its lead drugs recently failed a late-stage trial. <\p> The Cambridge company said in a securities filing on Tuesday afternoon that it will reduce its workforce by 36%, from 80 to 51 full-time employees, including cutting positions across both research and development and general and administrative functions.<\p>
Appeals court rules in favor of Encore in gaming lawsuit
A class-action lawsuit dating back to the opening weeks of Encore Boston Harbor’s operations in Everett — which argued the casino’s games shortchanged customers — has been dismissed.<\p> The U.S. Court of Appeals ruled in Encore’s favor, saying on Monday that a ticket redemption program Encore had run was not “inherently deceptive.”<\p>
Wu names MIT professor to lead planning, development
Boston Mayor Michelle Wu has appointed Kairos Shen, a longtime top planning official for the city under former Mayor Tom Menino, as the next chief of planning.<\p> Shen replaces Arthur Jemison, who left the position earlier this month in order to be closer to his family in Detroit. He will formally take over the role Oct. 15. Shen has spent the past nine years teaching at the Massachusetts Institute of Technology’s Center for Real Estate.<\p>
Mass. native takes the helm at Stop & Shop; company 'repositions'
Stop & Shop has promoted a chief commercial officer to be its new president as the Quincy grocery chain is closing 32 locations across the Northeast and looking to improve its pricing.<\p> The new president, Roger Wheeler, succeeds Gordon Reid, the company’s head since 2019. Stop & Shop’s parent company, Ahold Delhaize, announced the personnel move Tuesday. <\p>
One of first MBTA Communities projects breaks ground
Construction has started on a 160-unit residential development in Westwood, one of the first multifamily projects to break ground in zoning approved under the MBTA Communities law.<\p> Petruzziello Properties, a subsidiary of Dedham-based Supreme Development, began foundation work earlier this month for the first building at The Block at 22 Everett St.<\p>
Sublime Systems gets money for first manufacturing facility
Somerville climate technology company Sublime Systems continues to gather new funding to support the planned construction of its first commercial facility in Holyoke. <\p> Building materials manufacturers Holcim and CRH invested a combined $75 million in the MIT spinout, Sublime Systems said Tuesday. <\p>
Biogen lupus drug succeeds in late-stage trial
Biogen Inc. and development partner UCB shared promising late-stage trial results on Tuesday for a drug designed to treat a chronic autoimmune disease.<\p> The companies said the drug, dapirolizumab pegol, in addition to standard-of-care treatment, met its primary goal of showing greater improvement of moderate-to-severe disease activity. The topline results came from a Phase 3 trial of patients with moderate-to-severe systemic lupus erythematosus.<\p>
What’s current at The Current, and more retail news
The seasonal Seaport pop-up shops that make up The Current are about to embark on a new season — and a new look.<\p> The Current will sport a cozier, seasonal look as The Current Chalets, a cooler-weather cousin to its recently-concluded iteration as colorful, summertime cabanas.<\p>
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