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Memphis Business Journal
FedEx plans to lay off up to 2,000 across major international market
Memphis-based FedEx Corp. intends to lay off up to 2,000 workers across Europe.<\p> The company announced the plan on Wednesday, June 12. Its filing with the Securities and Exchange Commission (SEC) said the move to cut 1,700 to 2,000 jobs was an effort to "streamline its workforce in Europe as part of ongoing measures to reduce structural costs."<\p>
WeWork emerges from bankruptcy, appoints new CEO
After filing for bankruptcy protection in November, New York-based WeWork Inc. said Tuesday it has emerged from Chapter 11 and completed its operational and financial restructuring.<\p> The coworking giant's new era will include a new board of directors and a new chief executive. John Santora will become WeWork's new CEO, effective Wednesday. Santora joins WeWork from commercial real estate firm Cushman & Wakefield PLC (NYSE: CWK), where he most recently served as the firm’s Tri-State chairman.<\p>
Sweet Magnolia adds production facility with eye toward growth
Hugh Balthrop, the owner of Sweet Magnolia Gelato Co., said he sees the path the business has taken as something of a natural progression. He started in Clarksdale, Mississippi, moved to Oxford, and then made his way to Memphis. <\p> The next step: Opening a production facility in Memphis at 4000 Summer Ave. at the Grahamwood Crossing shopping center. It went into operation earlier in the spring and employs four people.<\p>
Overton Park Conservancy seeks a new leader
The executive director of the Overton Park Conservancy is stepping down from the role. <\p> Overton Park Conservancy announced on Tuesday, June 11, Tina Sullivan's plan to transition out of the organization's top leadership role after 12 years. She will step down once a successor is brought to the board for consideration. The conservancy plans to begin the search next week and have a new executive director selected within four to five months. <\p>
Collierville's Ironsmith Fire leans into craftsmanship
Ever been to a show at Minglewood Hall and marveled how the act didn’t burn the house down? <\p> You can thank Collierville-based Ironsmith Fire LLC. The company works in a niche, where Ironsmith Fire sells, designs, fabricates and installs fire suppression systems. The company prides itself on its old school grit with a new-age edge, and it does all of the steps needed for those systems in-house. <\p>
The National Observer: Here's where the money lives
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today,y we've got stories on the rising number of towns in which the median home costs more than $1 million; the interest office tenants are taking in their landlords' financial situation; and plans for a multibillion-dollar supercomputer complex by Elon Musk. But first, here's our inaugural list of the ZIP codes with the greatest concentrations of wealth in the U.S.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
Large local brewery closing original site when it opens new taproom
As Memphis Made Brewing Co. nears the long-awaited opening of its taproom at 435 Madison Ave. in the Edge District, its founders, Drew Barton and Andy Ashby, plan to close the original location at 768 Cooper St.<\p> "Our lease was up," Ashby said. "We went back and forth, then we decided to make the call."<\p>
Big deadlines loom for Realtors commission lawsuits
The class-action lawsuits that rocked the residential real estate industry over the last year are barreling toward a possible conclusion — and some big changes in the remainder of 2024. <\p> One of the most important deadlines is Aug. 17, 2024, when the NAR has said it would implement a series of changes as part of its own $418 million settlement agreement over buyer commissions. <\p>
Mobile business turns brick-and-mortar at Crosstown Concourse
The story of Mili's Flowers & Gifts begins with a truck — a Volkswagen, to be exact. The husband of Mili's founder, Miriam Cordero, had a thing for Volkswagens, so they found a truck and worked on it for about a year. In 2019, they launched Mili's Flowers, running the truck on weekends.<\p> Today, the truck still goes on runs, but mostly for special events, such as Crosstown's upcoming Crafts & Drafts. <\p>
Three homes in one East Memphis ZIP code sell for $1.5M+
Here are the nine most expensive homes sold recently for at least $1 million in Shelby County. All transaction information comes from MBJ Biz Leads research, the Shelby County Register of Deeds, and the Shelby County Assessor of Property. The Google Street View of the property or nearest intersection is embedded, where available. The real estate agents named come from Realtor.com and Redfin.<\p> Address: 160 Cherry Road, Memphis 38117<\p>
Gen Z cites housing affordability as its top election issue
In the wake of rapid home-price appreciation during the Covid-19 pandemic, housing is playing a bigger role in how Americans vote — among one demographic in particular.<\p> Ninety-one percent of adult Gen Zers said in a recent Redfin Corp. (Nasdaq: RDFN) survey housing affordability is important when considering whom they will vote for in the presidential election this November. Among a list of nine broad political topics, the subject ranked No. 1 for that generation — ranking even higher than the strength of the overall economy, which was the top priority for millennials, Gen Xers and baby boomers. Housing affordability for Gen Z respondents also outranked issues of education, gun rights and abortion rights.<\p>
First look at immersive experience coming to Mud Island
An immersive experience by artist Christopher Reyes is being built inside the former Mississippi River Museum on Mud Island.<\p> The Baron Von Opperbean and the River of Time (BVO) experience is set to transform the 18-room, 33,000-square-foot space on Mud Island that has been unused since the museum closed in 2018. Construction on the new feature is expected to begin in 2024 and cost $10 million. <\p>
AutoZone Liberty Bowl officials see prime-time viewing opportunity
Details about when the 2024 AutoZone Liberty Bowl is set to be played were announced on Thursday, June 6. <\p> The 66th annual AutoZone Liberty Bowl is scheduled for 6 p.m. on Friday, Dec. 27, at Simmons Bank Liberty Stadium, home of the Memphis Tigers football team. The game is set to be broadcast on ESPN. <\p>
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