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Denver Business Journal
Crocs growth slows as HeyDude stumbles
Crocs has scaled back its companywide growth projections after sales of its HeyDude shoe brand continued to drop in the third quarter despite company attempts to revitalize it.<\p> Broomfield-Based Crocs Inc. is now predicting HeyDude’s revenue to fall by 14.5% during 2024 — a much bigger decline than the 8% to 10% reduction the company had earlier predicted. The revision is due to a steeper-than-expected 14% revenue decline in HeyDude's third-quarter sales.<\p>
VF Corp. returns to profit, says it's 'on the right track'
Executives at VF Corp. say the Denver-based company is “on the comeback trail across the board” with Vans and the apparel giant's other brands starting to improve after a multi-year sales slump.<\p> The company turned a $52.2 million profit in its second quarter, reversing a $450.7 million loss in last year’s second quarter.<\p>
Multifamily property southeast of Denver sells for $54M
A four-building apartment community southeast of Denver sold to a real estate investment giant earlier this month.<\p> Pine + Parker, at 9550 Twenty Mile Road, in Parker, was purchased for $54.25 million by an LLC associated with Blackstone, records filed in Douglas County show. A covenant document associated with the property was signed by Asim Hamid, the senior managing director at Blackstone. <\p>
Workers are burned out, and one group of employees is feeling it most
The last few years haven’t exactly been stress-free, and it's left a majority of frontline workers with a sense of burnout.<\p> New research from workforce-management company UKG and consultancy Workplace Intelligence shows that 75% of nearly 13,000 frontline workers from around the world say they feel burned out. That response was highest among Gen Z workers, with 83% of those frontline workers reporting a sense of burnout.<\p>
Commercial foreclosures rise as lenders approach 'inflection point'
Commercial foreclosure activity across the nation crept up last month despite more positive sentiments overall across the commercial real estate industry.<\p> Foreclosure activity on U.S. commercial properties rose in September from the month prior, to 695, according to Attom Data Solutions LLC. The property data firm's analysis includes the total number of commercial properties with at least one foreclosure filing entered into its Data Warehouse during the month. It doesn't distinguish property types or sectors.<\p>
Boeing said to be exploring sale of some of its space business
Embattled planemaker The Boeing Co. is said to be exploring the sale of some parts of its space business, according to The Wall Street Journal. <\p> The Arlington, Virginia-based defense and aerospace giant is said to be exploring a move to offload its Starliner spacecraft and its unit supporting the International Space Station, according to the report, which cites people familiar with the matter. Boeing is said to not be considering the sale of its units building NASA’s Space Launch System, according to the report. That program includes massive rockets the company is contracted to build for NASA for future lunar exploration. <\p>
Colorado insurance group names new leader
Colorado's health insurance trade group has named a new leader who hails from the health care provider and nonprofit sides of the industry.<\p> The Colorado Association of Health Plans announced Kevin McFatridge as the organization's executive director on Oct. 14.<\p>
Where Denver's e-bike vouchers are being redeemed
Denver will release its latest round of rebates for electric bike purchases Tuesday, and that could mean more e-bikes flooding into northwest Denver and other areas where vouchers have been heavily redeemed so far.<\p> The rebate program, launched in 2022 by the city, gives out a limited number of e-bike vouchers that discount the price of a bike. Vouchers apply to the purchase of e-cargo bikes and standard e-bikes using a three-tired, income-based system where low-income residents receive larger rebates.<\p>
More companies are putting pay details in job listings
The number of job postings that list salary information continues to climb — and they tend to attract more competitive candidates.<\p> Indeed’s Hiring Lab found in a study released Oct. 23 that 57.8% of job postings on Indeed in September contained some salary information, up from 52.2% during the same time in 2023. Although the rate of growth has slowed from previous years, the rate still grew in 95 of the 110 metropolitan areas Indeed tracked. <\p>
Aurora apartment community sells for $32M
A multifamily property in eastern Aurora has sold to new owners who paid $32 million for the property, records show.<\p> Silverbrook, at 15403 E. First Ave. in Aurora, was recently purchased by an LLC associated with an address based in Santa Monica, California, according to records filed in Arapahoe County. The LLC associated with the seller features a New York-based address. <\p>
Managers trim staff by dialing up return-to-office policies
Editor’s Note: Welcome to The Playbook Edition, a look at stories, trends and changes that could affect your business. Want more stories like this in your inbox? Sign up for The Playbook newsletter. <\p> As more organizations implement return-to-office policies, more CEOs are explaining why they're opting to bring workers back to the office. Connectivity and collaboration are frequently cited reasons, but that's not true across the board. <\p>
$8 billion Denver public company mulls buyout
A Denver-based materials giant is seriously considering an acquisition proposal.<\p> Summit Materials Inc. (NYSE: SUM) is one of the top cement producers in the U.S. supplying customers with concrete, aggregate and asphalt. The company said Thursday that it held "initial discussions" with an interested party and has received a non-binding acquisition proposal.<\p>
MoonBikes tries to bounce back from bankruptcy
The French maker of an electric ‘snow bike’ hopes to mount a comeback in the U.S. despite declaring bankruptcy earlier this year.<\p> Thomas Gauffiau and Nicolas Muron are leading the charge. MoonBikes, an electric-powered snow bike made as an alternative to snowmobiles, previously operated its U.S. headquarters in Boulder.<\p>
'Sexiest chateau in Colorado' lists for $60M
An Evergreen mansion inspired by the Palace of Versailles in France is on the market for an eye-popping $59,998,000.<\p> The 21,692-square-foot residence situated on 35 acres in the mountains just west of the Denver-metro area is being marketed as the "sexiest chateau in Colorado."<\p>
Denver's fastest-growing companies revealed
Each year, the Denver Business Journal recognizes the fastest-growing metro-area companies through its Fast 50 awards program.<\p> It’s a difficult club to enter, considering economic headwinds, dramatic changes in the way work gets done and, of course, the deep pool of successful companies in the metro area.<\p>
Waldorf Astoria luxury condos coming to Denver
A luxury hospitality brand has expanded into Colorado, bringing 37 luxury residences with a starting price tag of $2.3 million a unit.<\p> The condominium building in Cherry Creek North marks the state’s first Waldorf Astoria-branded property. It was brought forth by national developer PMG and global hospitality company Hilton. <\p>
Colorado Thrives hires new CEO
A nonprofit formed in 2020 by current and former CEOs from 13 of the most prominent companies in the Denver area has named a new chief executive to lead its next iteration. <\p> Colorado Thrives has hired Centennial State native Christine Heitz as its CEO. <\p>
Denver marijuana facility to close, lay off dozens
A marijuana cultivation warehouse in Denver serving Green Dragon Dispensaries plans to close and lay off 59 people later this year. <\p> The changes come just after the building, at 830 Wyandot St. in the Lincoln Park neighborhood, sold to a Texas investor for $11.4 million. The closure does not appear to be related to the property’s sale.<\p>
Warehouse automation startup raises $62M
A supply chain automation startup based in Brighton expects to grow significantly after landing $62 million in new venture capital backing.<\p> Founded in 2017, Outrider seeks to automate the repetitive or manual aspects of yard operations through software, autonomous vehicles and other site infrastructure.<\p>
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