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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>
Contractor working on stadium project to host pre-bid Memphis event
The Tennessee Builder's Alliance (TBA), along with Turner Construction Co.’s Memphis office, plans to host a local pre-bid event for area contractors and businesses interested in working on the multibillion-dollar Nissan Stadium project in Nashville.<\p> TBA, the joint venture overseeing construction of the new $2.1 billion home of the Tennessee Titans, is scheduled to host the event at the Memphis Sports and Event Center at 995 Early Maxwell Blvd. on June 20, from 5-7 p.m. <\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>
Germantown business to open location in Collierville
Music Box is set to open a second location of its music school at 1950 W. Poplar Ave. in Collierville sometime in July, according to Yelena Ovando, who owns the business with her husband Alex.<\p> "She's grand, and she's beautiful," said Yelena of the new space. "The building is in perfect shape."<\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>
Memphian's podcast forms business niche for founder
Driven by Sam Coates started as a podcast in 2020. Coates has since built that endeavor into a business — also known as Driven by Sam Coates — providing bespoke podcast and video content for business leaders and families.<\p> Coates said when he first started the business, it was Memphis-centric. But, he's since branched out. He's got clients in Albany, New York, and Columbus, Ohio. He's even got a potential client in Ireland. <\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>
Memphis CEO on proposed all-cash deal and what it means for company
Frontdoor Inc. announced on Tuesday, June 4, the largest potential acquisition the company has made since it spun out from ServiceMaster Global Holdings in 2018. <\p> The Memphis-based company confirmed an agreement to acquire Denver-based 2-10 Home Buyers Warranty in an all-cash transaction valued at $585 million, according to a news release. The agreement includes a potential $30 million termination fee. <\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>
Founder of Memphis-based FeedWells seeks to end food insecurity
BreAnna Boyd, the CEO and founder of FeedWells, said she's no chef. She got interested in nutrition through fitness. She realized that no matter how much she trained, she would never meet her goals without the right nutrition. So, she looked further into the matter.<\p> "I started to dive deep into nutrition and understanding the value to your body," she said. "That led me into child nutrition, and I learned of the huge food insecurity issues we have in the city."<\p>
Restaurant signs 10-year lease in Collierville
The Asian fusion restaurant Stix opened at Carriage Crossing in 2005. Owner Wayne Yeh said he's encouraged by recent developments at the shopping center, which was bought by Illinois-based Edwards Realty Company in 2023 for $25 million.<\p> Yeh recently signed a new 10-year lease at Carriage Crossing. <\p>
This regional area has become an industry-driven land of opportunity
A drive from Memphis to St. Louis via I-55 passes miles of Delta farmland, with row crops such as soybeans, corn, and rice dotting the landscape between towns. Well to the east and beyond the interstate and farmland, the Mississippi River roughly forms the path north for I-55. The outer boundaries of Osceola, Arkansas, then Blytheville, trace a portion of I-55, with stores, restaurants, and gas stations not indicating the big investments and large-scale industry that those cities support.<\p> Mississippi County, Arkansas, has an abundance of land, as well as easy access to river transport. In 1988, Nucor Steel opened a plant in Blytheville and then a second plant in nearby Hickman in 1992. Those two facilities solidified that area of Northeast Arkansas as a hot point for steelmaking. More recently, the steelmakers have collectively invested multiple billions of dollars to further that industry in both Blytheville and Osceola. Products made in those Mississippi County towns include structural and sheet steel, flat-rolled steel, steel tube, steel rebar, and steel needed for electric vehicle production. Momentum for the Northeast Arkansas steel industry has increased, with multiple facilities, each representing nine-figure investments, having opened in the past five years. <\p>
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