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Triad Business Journal
N.C. A&T receives $11M investment focused on engineering school
North Carolina A&T State University’s engineering school has received an $11 million investment from a Washington, D.C.-based private foundation.<\p> The A. James & Alice B. Clark Foundation recently donated $10 million to A&T’s College of Engineering, building upon a $1 million donation it made in 2020. At $11 million, the investment is one of the largest ever received by N.C. A&T.<\p>
Kontoor says staying in Greensboro helped it succeed
Kontoor Brands took over the Steven Tanger Center for the Performing Arts in downtown Greensboro Thursday morning to celebrate both five years as a stand-alone company and, while CEO and Chairman Scott Baxter might have been too polite to say it, freedom.<\p> As part of VF Corp. and its array of apparel brands like The North Face, Timberland, Vans and Smartwool, the venerable denim labels Wrangler and Lee had been given up on, Baxter said during a fireside chat on the Tanger Center main auditorium stage, accompanied by newly hired global brands director Jenni Broyles. So when he was offered a chance to stay with the larger company or lead the spin-off, the decision was easy, Baxter recounted.<\p>
Homegrown home goods store to double space with move to new W-S space
Fiddle & Fig, the homegrown home goods shop located in Winston-Salem’s historic West End neighborhood, is preparing to double its square footage with a move this fall to a new retail space only a mile and a half away on Stratford Road.<\p> Co-owners Morgan Holt and Jamie Lapp told TBJ that the 9,400-square-foot location at 107 S Stratford Road provides visibility that Fiddle & Fig lost last year when they moved it to the bottom floor at 403 W End Blvd. to make space for Mulberry Table, a bar and event space they opened in June. Currently, Holt and Lapp divide the approximately 5,000 square-foot space between the businesses, but they have decided to close Mulberry Table later this year.<\p>
Shopping in the Triad? Recent updates on local retail
Those looking to take a shopping trip will see a few changes in the Triad’s retail scene.<\p> At Friendly Center in Greensboro, a popular shop is expanding as the renovation of the former Sears building continues. Just a short drive away, a jewelry store is moving away from its namesake location to Battleground Avenue. while a home goods franchise opened an outlet location in the Wendover Avenue retail corridor.<\p>
Red Lobster files for bankruptcy a week after closing Triad location
Red Lobster Management LLC, and its related subsidiaries, announced in a May 19 news release it has voluntarily filed for Chapter 11 bankruptcy relief in the United States Bankruptcy Court for the Middle District of Florida.<\p> The news came via an 11:34 p.m. release distributed by the Orlando-based restaurant chain. The company added it plans to remain open and operate as usual during the sale process. Further, an initial filing made by Red Lobster on May 19 said the company has over 100,000 creditors and between $1 billion and $10 billion in liabilities.The law firm named on the filing is Berger Singerman LLP of West Palm Beach.<\p>
A Covid-era option for bankruptcy filings is about to expire
Small businesses will be left without a useful Covid-era bankruptcy tool when it expires in the coming weeks — a development occurring just as bankruptcies are on the rise.<\p> The program, called Subchapter V, was created to enable businesses with less than $2.75 million in debt to go through the Chapter 11 bankruptcy reorganization process in a streamlined way. In March 2020, as the pandemic took hold across the country and worldwide, Congress raised that benchmark to $7.5 million, allowing many more businesses to use the Subchapter V option. <\p>
One of largest Triad community colleges breaks ground on $29M project
Forsyth Technical Community College began work Wednesday on a $29 million construction project that will help transform the college’s Silas Creek Parkway campus in Winston-Salem. <\p> Six buildings in the center of campus will be demolished in the first phase of the project that will create a new learning and library facility, called a learning commons, as well as a new outdoor courtyard. The new building is expected to open in 2026. <\p>
In the Spotlight: Meet Sandy Milton, COO of Piedmont Advantage
Starting date of new position: April 1, 2024<\p> Duties: My areas include the branch network, the Member Relationship Team (our call center), e-commerce (electronic banking/credit and debit cards), business intelligence (reporting/system configuration), executive administration and facilities.<\p>
The 'lock-in' effect is hitting homebuyers. It may get worse.
Americans expect high mortgage rates to rise even more in the coming years, a perspective that could further dampen the housing market.<\p> The Federal Reserve Bank of New York’s SCE Housing Survey found Americans expect mortgage rates to climb from just under the 7% they are now to 8.7% a year from now and 9.7% in three years — the highest recorded since the agency started asking Americans that question in 2014.<\p>
Atlanta packaging company closing Triad plant, costing about 65 jobs
Graphic Packaging International has notified state and local authorities that it’s closing its Randleman facility, costing approximately 65 jobs, starting in July.<\p> The company notified the N.C. Department of Commerce of its plans in a letter dated May 9 under the federal Worker Adjustment and Retraining Notification, or WARN, Act.<\p>
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