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Dallas Business Journal
Dozens of Red Lobsters shut down, including in Dallas
Financial turmoil at restaurant chain Red Lobster Hospitality LLC has resulted in dozens of closed locations across the country, including two in Dallas.<\p> There were widespread reports that more than 80 Red Lobsters had shuttered May 13, as the Orlando-based company deals with mounting pressure.<\p>
Dallas firm's portfolio company strikes $280M pipeline deal
Houston-based Easton Energy LLC is selling its Gulf Coast Liquids Pipeline System to Tulsa, Oklahoma-based Oneok Inc. for $280 million.<\p> The pipeline system is one of Easton’s two primary assets. The other is its olefins storage business in Markham, Texas, south of Houston.<\p>
Global bank executives on opportunities and challenges in Africa
Dele Kuti, the global head of energy and infrastructure at Standard Bank Group Ltd., believes the opportunities in Africa overshadow the challenges that exist on the world's second-largest continent.<\p> The continent can be a difficult environment in terms of transparency, policy and ease of doing business. But the companies that invest in Africa don't leave after seeing the return on investment they can make, Kuti said.<\p>
Southern California jeweler eager to grow in DFW
A Southern California-based jeweler is expanding across Texas — it plans to put its 10th store in the state at Plano's Legacy West, with an opening date set for June 1.<\p> Gorjana, which is headquartered in Laguna Beach, California, calls itself a “casual luxury jewelry line” and was founded in 2004 by a couple who wanted to collaborate and try something new together. The brand prides itself on accessible, quality products, ranging from bracelets and necklaces to rings and earrings. Most products are in the $50 to $100 price range, and Gorjana is known for selling gold jewelry featuring diamonds, opals and sapphires.<\p>
Big regional bank makes another senior exec move
Bank of Texas has tapped a banker with more than 40 years of experience as its new Fort Worth market CEO.<\p> Bill McCoy stepped into the role May 10, according to a May 13 announcement. McCoy succeeds Mark Nurdin, who had served in the role since 2009. Nurdin announced his resignation in an April 30 LinkedIn post, after 14 years with the company.<\p>
Health care facility to close, shed jobs
Baylor Scott & White Institute for Rehabilitation - Home Health is closing in Flower Mound, resulting in about 80 potential layoffs.<\p> The rehabilitation clinic, located at 1241 Cross Timbers Road in Denton County, is expected to close around June 30, according to a letter sent to the Texas Workforce Commission.<\p>
Major DFW credit union could open first new branch in decades
Texans Credit Union is scouting sites for its first new branch in almost 20 years as it looks to follow the growth of Texas Instruments Inc. and Raytheon Technologies Corp. north of Dallas.<\p> CEO David Frazier told Dallas Business Journal in a recent interview he has looked at three properties in north McKinney and Prosper with a goal of opening a branch in 2025. While Richardson-based Texans already has a branch in McKinney, near South Hardin Boulevard and Eldorado Parkway, Frazier said he wants to open another location further north, tapping further into growth on the periphery of the Metroplex.<\p>
Wanted: Exec search firms that help DFW companies fill top jobs
If you lead an executive search firm, Dallas Business Journal wants to hear from you.<\p> DBJ is debuting a new list that spotlights companies that assist with the hiring of C-suite or senior-level jobs, across both the private and public sectors.<\p>
Why Amazon's recent moves bode well for a cooling CRE market
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals. We'll take a look today at a bankruptcy health care system's hospital sale; a $3.3B investment from Microsoft that will help establish an artificial intelligence hub; and what you need to know about upcoming changes to overtime rules. But we'll start with the dynamics in this once-hot commercial real estate subsector.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
Higher-for-longer rate environment means more uncertainty for CRE
Commercial real estate investors, owners and occupiers all have been monitoring whether the Federal Reserve will impose interest-rate cuts in 2024 after rapidly rising rates have substantially increased the cost of doing business.<\p> Earlier this month, the Fed signaled it needed to see more progress toward its inflation target of 2% and decided to maintain its key lending rate. At that meeting, Fed Chairman Jerome Powell said gaining greater confidence around inflation "will take longer than previously expected," although he also said he felt inflation would move back down in 2024.<\p>
Small business wins contest with 'perfect pitch'
Tneisha Brown and Megan Jackson spent two days practicing and perfecting the delivery of their pitch for RIPE Publishing House. It paid off, literally.<\p> Brown and Jackson won first place and the audience-voted "perfect pitch" prize at the City of Fort Worth's Business Plan Competition, a months-long program to develop business plans that culminated May 9. The finalists pitched to a group of judges and live audience on stage.<\p>
New financing for prominent downtown Dallas hotel explained
More information has been revealed about new financing for a prominent downtown Dallas hotel.<\p> Miami-based Driftwood Capital LLC said it was behind the $30 million in mezzanine financing for the 1,841-room Sheraton Dallas Hotel on the east end of downtown. The loan through Driftwood Lending Partners LP was part of a $300 million refinancing package first reported in April.<\p>
Gen Z's latest college grads have a new rival in the workforce
As new college graduates enter the workforce, they are facing some new competition for jobs: artificial intelligence. Given ChatGPT and other AI tools' ability to complete tasks such as research, data entry and email writing, some entry-level roles...
One-half of dynamic Dallas duo returns as CEO of Nextdoor
Nextdoor's co-founder recently reclaimed his position as CEO of the company he created more than a decade ago alongside other social media veterans who were wanting to make an impact. San Francisco-based Nextdoor Holdings Inc. is an online platform...
BizSpotlight: Dunaway
Dunaway has been honored with five awards from the Texas Chapter of the American Society of Landscape Architects (ASLA). Learn more about these award-winning projects and the individuals involved below. Espada Nature Park Master Plan | San Antonio,...
BizSpotlight: Grace Hebert Curtis Architects
Grace Hebert Curtis Architects (GHC) continues to experience substantial growth in size and reputation. GHC’s recent acquisition of Hahnfeld Hoffer Stanford joins two legacy firms with extensive experience in the architecture industry. This fusion...
Mavs, Stars get new next-door neighbors
One of the most recognizable office furniture makers has taken space in a new Dallas high-rise to show off its products while a local coffee shop plans to open its flagship location in the same building. Steelcase Inc. (NYSE: SCS) has opened a more...
Eatzi's CEO has an appetite to saturate the Texas market
Eatzi’s, a Dallas-based European market-style eatery and bakery, has been a staple for North Texas diners since its first opening on Oak Lawn Avenue in 1996 – which is still in operation today. Nearly 30 years later, the brand now operates six locations...
Pivotal role filled at group that's given out $2B-plus
Communities Foundation of Texas Inc. has appointed Robert Kent chief philanthropy officer. Kent, who is currently Trust for Public Land's Texas state director, will join Communities Foundation on June 17 and succeeds Wende Burton, who stepped down...
Own an older office building? Grab a sledgehammer or open your wallet
Imagine you own an office building in Dallas-Fort Worth, if you don't already. People are constantly moving to Texas, the pandemic is largely in the rear-view mirror and many large employers in town are often mandating workers come back to the office,...
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