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Triad Business Journal
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>
Furniture components maker to close Triad plant, cut 158 jobs
Furniture component maker Leggett & Platt plans to cut 158 jobs in High Point, the company told the North Carolina Department of Commerce.<\p> The company plans to close its manufacturing operation at 1629 Blandwood Drive. The elimination of jobs will be permanent, the company said.<\p>
Numbers paint portrait of U.S. Open winner
In just a few short days, the golf world will crown a major champion at the 2024 U.S. Open at Pinehurst. And the numbers give us an idea of who the winner will be come late Sunday.<\p> This year is the 124th U.S. Open Championship, meaning that, based on past champions, it is possible to produce a typical winner based on all the historical data — from age, height and weight to nationality and even the color of the winning golfer's shirt. <\p>
Summerfield hires interim town manager as it begins to rebuild staff
The town of Summerfield has hired an interim town manager after the town's entire staff announced its resignation at the end of May.<\p> The town has hired Dana Luther, former finance officer who served as the interim town manager in 2011. She will serve in the role until the town finds a permanent replacement, according to a press release from Summerfield Councilman Jonathan Hamilton.<\p>
Truist sells large Triangle building for $10M less than assessed value
Truist Bank (NYSE: TFC) sold its recently vacated data center in Durham for $10 million less than its assessed value.<\p> Truist sold its free-standing data center at 2323 Operations Drive for $5.4 million, according to Durham County deed records. The property has an assessed value of about $15.5 million. The bank vacated the property before putting it on the market in April.<\p>
Longtime restaurateur opens Taco Street at Triad food hall
Mexican restaurant Taco Street began as Ana Marie Arriaga’s “Covid project” when the pandemic caused her to transition her first restaurant, Mexicasa, to a carry-out-only operation. Four years later, Taco Street occupies spaces in two NC food halls, the most recent being High Point’s Stock + Grain.<\p> “I didn’t know what was going to happen [with the pandemic,]” Arriaga said. “I knew a lot of places closed down, and I said ‘Well, I have to start thinking of something else just in case.’”<\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>
Company to hire 47 to recycle scraps at Toyota's massive battery plant
A Toyota-affiliated company plans to invest nearly $20 million and create 47 jobs to recycle various forms of waste at the massive plant under construction near Liberty to make batteries for the automaker’s electric and hybrid vehicles, the Randolph County Economic Development Corporation announced Monday.<\p> Green Metals inc., part of the Toyota Tsusho group, will process dry battery material for off-site recycling, and handle other waste streams from the battery plant such as cardboard, plastic and general waste.<\p>
Steelhouse project starts this month with startup manufacturing space
Construction is to start June 20 on the first phase of a multi-year project to turn the hulking former Carolina Steel fabrication building into a home for small-scale startup manufacturing, a farmers market, artisan workspace and sales shops, and a medical clinic serving low-income neighborhood residents, as well as office space to support it all.<\p> That’s according to the Nussbaum Center for Entrepreneurship, which has taken over the former steel site and assembled a $9 million funding package to get started with the first phase. The center revealed plans at a gathering at the steel fabrication site Monday morning.<\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>
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>
Triad university creating cybersecurity clinic with $1M from Google
A philanthropic arm of Google will provide UNC-Greensboro’s Bryan School of Business and Economics $1 million in grant funding and support to establish the Spartan CyberGuardian Academy.<\p> The cybersecurity clinic, expected to open in the spring of 2025, will train 870 students to assist 174 organizations over the next six years.<\p>
National builder plans 600-home community near historic Forsyth town
A subdivision with almost 600 homes by a developer that has been expanding in the Triad is set for Winston-Salem.<\p> The City-County Planning Board of Winston-Salem and Forsyth County recently approved the subdivision Bethania Forest by home builder PulteGroup, located on 243.12 acres on the east side of Bethania Road and at the northern terminus of Bethabara Road. The subdivision will have 594 lots and have a density of 2.44 units per acre. <\p>
Raleigh bank crashes the Fortune 500 party, Labcorp represents Triad
Riding a wave of growth fueled by a pair of major deals in recent years, Raleigh's First Citizens Bank is now among the largest companies in the country. <\p> Among the 14 companies making their debut this week on the 70th annual Fortune 500 list is First Citizens (FCNCA), coming in at 182 overall among the highest revenue generating corporations in the United States. <\p>
Here's why Hanesbrands will keep running Champion during transition
The company taking over Champion from Winston-Salem’s Hanesbrands will likely outsource much of the work now done in-house.<\p> Authentic Brands, the buyer, is a brand-management company behind names such as Brooks Brothers, Barneys New York, Nautica, Juicy Couture, Eddie Bauer, Quicksilver, Hart Schaffner Marx, Izod and Van Heusen. It also represents several retired celebrity athletes including basketball’s Shaquille O’Neal, golf’s Greg Norman, and soccer’s David Beckham.<\p>
After a crash on I-85, a local sushi food truck is back in business
Earlier this year, sushi food trailer Sushi Empire was hit by a car on I-85, damaging the vehicle and ruining the equipment inside. Five months later, co-owners Jesse Rothstein and Rebecca Yeen are back in business with a new truck, an updated menu and a passion to serve the Triad.<\p> “We are excited to get back out there and not only nurture the connections that we had in the past, but create new for the future,” Rothstein said.<\p>
Former insurance agent opens burrito restaurant in Greensboro
After working as president and owner of an insurance agency for over 10 years, J. Kelly Hampton was ready to make a career change. That change came to fruition after his daughter Anna told him about North Carolina-based restaurant franchise Burrito Shak.<\p> “That was the hook,” Hampton said. “I started to very routinely search, just to engage and just to see a little bit. I asked them questions and before you know it, I'm talking to the franchise side of their business, and they invited me down to meet them.”<\p>
Need legal help? Here's a look at the Triad's largest law firms
This week, Triad Business Journal looks at the largest law firms in the Triad ranked by the number of Triad-based attorneys, then by number of Triad-based employees.<\p> While one firm has consistently ranked atop the list, there's been some shuffling over the past five years among the other four.<\p>
Triad native, a longtime UNC System official, to lead NC Central
A prominent historically Black university in Durham has a new chancellor.<\p> The UNC system Board of Governors on Thursday appointed Karrie Dixon, a Winston-Salem native, to be the new chancellor of North Carolina Central University. Dixon comes from Elizabeth City State, also part of the UNC system, where she's been chancellor since 2018. <\p>
GoodHomes hungry for more Triad hotel-to-apartment conversions
A housing developer that specializes in converting vacant hotels into middle-income apartments has its eye on quadrupling its presence in outer areas of the Triad.<\p> David Mitchell of GoodHomes Communities said the company is looking to expand its reach in the area to 500 units, which would likely entail redeveloping three to four new communities. GoodHomes Communities is a private real estate investment company that focuses on "acquiring low-demand hospitality and assisted-living assets and converting them into vital housing for America's workforce."<\p>
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