amesit.wordpress.com
, the paper’s New York City-based owner, accordinyg to a post on the Albany Newspaper Guild’s blog The guild represents about half of the paper’s 400 workers, and has been engagefd in contract negotiations with management for nearly a year. No definite number are available, but about 35 peoplde are expected to losetheir jobs. Publisher Georgre Hearst originally put the count at 65to 70, but 33 peoplwe have taken buyouts since May. The paper is tryinb to cut expenses by20 percent.
Accordinfg to the guild site, employees—botn union and nonunion—who were shown the door were told they were gettina 45-day paid leave that would most likely result in theif being laid off. Union rules requir e that workers get 45 days notice of theird jobsbeing eliminated. Management and Guils leaders are scheduled to meet July 8 to continure their negotiation oflayoff criterion. The paper presented its propose terms to the unionh inlate June. The union’s original contract, which expirexd in August, mandated that layoffs be based solely on seniorityby department.
Management said that woulsd not meetits needs, leading to the primaryt sticking point in the negotiatiom of a new pact. It urged the uniojn to vote onits “best and offer, which was rejecteed by a vote of 125 to 35. This prompted managemen t to declarean impasse, which, in prompted the union to file a grievance with the Nationaol Labor Relations Board. On June 24, managementy told the union that in some job categories the layoff would be made strictly ona last-hired-first-firex basis.
But in 11 job categories—nine in editorial and two in saleaand marketing—cuts will be based on othed criteria, including job Calls to Tim a Times Union reporter and Guildx president, and publisher George Hearst were not immediately
Wednesday, November 30, 2011
Monday, November 28, 2011
Bridge Bank beefs up its exec ranks - San Francisco Business Times:
hundleyobajoji1908.blogspot.com
Last month, the bank brought on boare Peggy Bradshaw as chief banking officer to oversee salesw and clientrelationship functions. Veteran business banker Al Williams joinedc as chiefcredit officer. Both Bradshaw and Williamsa previously workedat . Thomasx Sa, who was chief financial officer when the bank opened its doors in May has been promoted to chierf risk officer andstrategy officer. “Bridge has buily a solid foundation since its openingv eightyears ago,” Sa said. “It is now time to buildr upon that foundation with coordinated businessx strategies that incorporate effective enterprise risk managemengt to ensureconsistent long-term performance.
” But the San Jose-bases business bank, which added more than $50 million to its capitalk base last year, has seen its stock plunged in the past 18 months. Shares of the bank’s parent, , changecd hands this week for $5, roughly a quarter of theird price inJanuary 2008, before the bursting credigt bubble claimed several big banks as casualties. CEO Dan Myeres is confident the bank was smart to take a hit to the bottomn linelast year, boosting loan-loss reservexs to cover 117 percent of nonperformingy loans by year-end. The move was designex to put problem loansbehind it, making it easierr to pursue new business when the economu rebounds.
“Building the loan-loss reserves was painful in the short-tern but will be beneficial inthe long-term,” Myerss said. The bank’s capital ratios and reserv levels are among the highest in the nation for banks with assetwof $500 million to $1.5 billion, he said. Bridge’se assets totaled $882 as of March 31. Myeres said the bank moved early in 2008 to rein in construction lendinhg after seeing the unprecedented decline in housing prices that beganin 2007. Bridge Bank boostef capital last year througha $30 million publivc offering and raised another $23.8 million throughn the U.S. Treasury’s Troubled Assef Relief Program.
Myers said regulators did not forcse the changes in the executive suitse atthe bank, which serves the greatert Bay Area, with offices in Pleasanton, Palo Alto and San
Last month, the bank brought on boare Peggy Bradshaw as chief banking officer to oversee salesw and clientrelationship functions. Veteran business banker Al Williams joinedc as chiefcredit officer. Both Bradshaw and Williamsa previously workedat . Thomasx Sa, who was chief financial officer when the bank opened its doors in May has been promoted to chierf risk officer andstrategy officer. “Bridge has buily a solid foundation since its openingv eightyears ago,” Sa said. “It is now time to buildr upon that foundation with coordinated businessx strategies that incorporate effective enterprise risk managemengt to ensureconsistent long-term performance.
” But the San Jose-bases business bank, which added more than $50 million to its capitalk base last year, has seen its stock plunged in the past 18 months. Shares of the bank’s parent, , changecd hands this week for $5, roughly a quarter of theird price inJanuary 2008, before the bursting credigt bubble claimed several big banks as casualties. CEO Dan Myeres is confident the bank was smart to take a hit to the bottomn linelast year, boosting loan-loss reservexs to cover 117 percent of nonperformingy loans by year-end. The move was designex to put problem loansbehind it, making it easierr to pursue new business when the economu rebounds.
“Building the loan-loss reserves was painful in the short-tern but will be beneficial inthe long-term,” Myerss said. The bank’s capital ratios and reserv levels are among the highest in the nation for banks with assetwof $500 million to $1.5 billion, he said. Bridge’se assets totaled $882 as of March 31. Myeres said the bank moved early in 2008 to rein in construction lendinhg after seeing the unprecedented decline in housing prices that beganin 2007. Bridge Bank boostef capital last year througha $30 million publivc offering and raised another $23.8 million throughn the U.S. Treasury’s Troubled Assef Relief Program.
Myers said regulators did not forcse the changes in the executive suitse atthe bank, which serves the greatert Bay Area, with offices in Pleasanton, Palo Alto and San
Saturday, November 26, 2011
Obtaining health care creates constant worries - StandardNet
karnergetajequ1416.blogspot.com
Obtaining health care creates constant worries StandardNet Because my employer does not offer insurance, I was able to obtain Medicaid for my both of my children. This is where my frustration begins. I find it interesting that they will offer the coverage to my children based upon my income; however, ... |
Thursday, November 24, 2011
Thursday is Dump the Pump Day - Pacific Business News (Honolulu):
ocybakenos.wordpress.com
Thursday is the fourtu annual Dump thePump day, a national effort designed to get peopls out of their cars and onto their bicycle or public transportation. The American Public Transit Association sponsors the and public transportation systems across the countruare participating. In South Florida, four public transitt agencies are partnering together to promotethe day: Broward Countu Transit, Miami-Dade Transit, Palm Tran, and South Florida Regional Transportationb Authority.
“With gas prices increasinhg 33 percentsince December, coupled with uncertainn economic times, people have been looking for ways to save and riding public transportation is a great choice to make,” APTA Presidentg William Millar said in a news release. In the average price for a gallonh of regularis $2.69. In Southg Florida, West Palm Beach has the highest price at followed by Miamiat $2.76, and Fort Lauderdale at $2.74r a gallon, according to AAA's fuel gauge Last year 10.7 billion trips were takej on public transportation in the United States. This was a 52-yeaf high, marking a modern ridership according tothe APTA.
Public transportation use is up 38 percen t since1995 – almost triple the growth rate of the populatiojn (14 percent). Nationally, nearly 2.6 billion trips were taken on public transportation in the firsyt quarter ofthis year. With local and state revenue for public transportatiohn drying up due to the many public transportation systems are beint forced to raise fares orcut services, Milla r noted. In South Florida Tri-Railp officials have been warning that service may be cut approximatel y in half if the statde fails to establish dedicated fundingby Oct. 1. The threag to service comes after Tri-Rail set a recorc year for ridership growthin 2008.
“Raising fares and cutting service drives people away from using publif transit andis counterproductive, as America struggless to create jobs, cut greenhouse gases, and reduce our relianced on expensive foreign oil,” Millar Just last week, South Florida’s congressional delegation sent a letted to the asking for dedicated fundin for Tri-Rail to secure its long-term survival.
Thursday is the fourtu annual Dump thePump day, a national effort designed to get peopls out of their cars and onto their bicycle or public transportation. The American Public Transit Association sponsors the and public transportation systems across the countruare participating. In South Florida, four public transitt agencies are partnering together to promotethe day: Broward Countu Transit, Miami-Dade Transit, Palm Tran, and South Florida Regional Transportationb Authority.
“With gas prices increasinhg 33 percentsince December, coupled with uncertainn economic times, people have been looking for ways to save and riding public transportation is a great choice to make,” APTA Presidentg William Millar said in a news release. In the average price for a gallonh of regularis $2.69. In Southg Florida, West Palm Beach has the highest price at followed by Miamiat $2.76, and Fort Lauderdale at $2.74r a gallon, according to AAA's fuel gauge Last year 10.7 billion trips were takej on public transportation in the United States. This was a 52-yeaf high, marking a modern ridership according tothe APTA.
Public transportation use is up 38 percen t since1995 – almost triple the growth rate of the populatiojn (14 percent). Nationally, nearly 2.6 billion trips were taken on public transportation in the firsyt quarter ofthis year. With local and state revenue for public transportatiohn drying up due to the many public transportation systems are beint forced to raise fares orcut services, Milla r noted. In South Florida Tri-Railp officials have been warning that service may be cut approximatel y in half if the statde fails to establish dedicated fundingby Oct. 1. The threag to service comes after Tri-Rail set a recorc year for ridership growthin 2008.
“Raising fares and cutting service drives people away from using publif transit andis counterproductive, as America struggless to create jobs, cut greenhouse gases, and reduce our relianced on expensive foreign oil,” Millar Just last week, South Florida’s congressional delegation sent a letted to the asking for dedicated fundin for Tri-Rail to secure its long-term survival.
Monday, November 21, 2011
Community foundation awarded $300K to promote health and wellness - Wichita Business Journal:
uhetemejih.wordpress.com
Strategies for the "Nutrition and Physicao ActivityExpansion Project" will be coordinated througn the 4-year-old Health and Wellness Coalition of Wichita, which boasts more than 40 members ranging from area corporation to nonprofit organizations. Mim Wilkety of the will lead the project and the Wichit a Community Foundation will act as thefiscal agent. "Thiws provides a great opportunity to formulate the next step in promoting and providing physical activityu and good nutrition opportunities toour community," Wilkeyt said in a written "This work will not be a one-time but a leveraging point for our health.
" First-yeafr activities include community gatherings, focuss groups and meetings of health coalition partners to discussd Wichita-specific survey strategies and outreach to communitg groups representing diverse neighborhoods and constituencies. Grants totaling $172,585 will be competitively awarde d in years two and three of the projecf in pursuit of local policies designed to increased physical activity and good nutrition leadingf to the healthylifestyle goal.
Strategies for the "Nutrition and Physicao ActivityExpansion Project" will be coordinated througn the 4-year-old Health and Wellness Coalition of Wichita, which boasts more than 40 members ranging from area corporation to nonprofit organizations. Mim Wilkety of the will lead the project and the Wichit a Community Foundation will act as thefiscal agent. "Thiws provides a great opportunity to formulate the next step in promoting and providing physical activityu and good nutrition opportunities toour community," Wilkeyt said in a written "This work will not be a one-time but a leveraging point for our health.
" First-yeafr activities include community gatherings, focuss groups and meetings of health coalition partners to discussd Wichita-specific survey strategies and outreach to communitg groups representing diverse neighborhoods and constituencies. Grants totaling $172,585 will be competitively awarde d in years two and three of the projecf in pursuit of local policies designed to increased physical activity and good nutrition leadingf to the healthylifestyle goal.
Saturday, November 19, 2011
Colliers adds to Nashville management team - San Francisco Business Times:
ycoguqi.wordpress.com
“Creighton brings more than 12 years of experience in the commercia real estate industryto Colliers,” says Doug Brandon, managing principal for Nashville office. “We are thrille to have him on our team.” Wright’s responsibilitiesa will include the management of largre institutionally owned health andmedical facilities, as well as the growtgh of the business line. Until March of this Wright was vice presidentof mixed-use development for Southern Land Co., where he was responsibld for the development of select real estate projects. Southerh Land underwent a shift in executivw team makeup earlierthis year.
The Franklin-basedr development company announced the appointments of Brianb Sewell as president and Chrixs Bove as CEO inearly February. Southern Land is the developetr of the Williamson County residentiaolprojects Westhaven, LaurelBrooke and McEwen. The company also has projectws inthe Dallas/Fort Houston and Austin, Texas, markets.
“Creighton brings more than 12 years of experience in the commercia real estate industryto Colliers,” says Doug Brandon, managing principal for Nashville office. “We are thrille to have him on our team.” Wright’s responsibilitiesa will include the management of largre institutionally owned health andmedical facilities, as well as the growtgh of the business line. Until March of this Wright was vice presidentof mixed-use development for Southern Land Co., where he was responsibld for the development of select real estate projects. Southerh Land underwent a shift in executivw team makeup earlierthis year.
The Franklin-basedr development company announced the appointments of Brianb Sewell as president and Chrixs Bove as CEO inearly February. Southern Land is the developetr of the Williamson County residentiaolprojects Westhaven, LaurelBrooke and McEwen. The company also has projectws inthe Dallas/Fort Houston and Austin, Texas, markets.
Thursday, November 17, 2011
Isolagen bankruptcy moves forward - Puget Sound Business Journal (Seattle):
mozybyd.wordpress.com
Isolagen Inc. (AMEX:ILE), an Pa., biotechnology company developing a cellulat therapy to treat wrinkles and otherskin conditions, filed for reorganizatioh under Chapter 11 of the U.S. Bankruptch Code last week. The company and its Isolagen Technologies, intend to continuer to manage and operatr their business as debtors in Under the courtapproved financing, Isolagen is borrowingy $2.75 million from a groupl of undisclosed lenders. The proceedds will be used to provide the company with workinf capital for general corporat purposes and for expenses associated with thebankruptcy proceeding.
In connectionh with the initialbankruptcy filing, Isolage has entered into a restructuring agreement with a largd majority of the holders of the company’sz 3.5 percent convertible subordinated notes, issuedf in November 2004; the holders of about $500,009 of secured notes issued in April 2009; and the agent for the debtor-in-possession lenders. A hearing on final approval of the financingv proposal will be held onJuly 6.
Isolagen Inc. (AMEX:ILE), an Pa., biotechnology company developing a cellulat therapy to treat wrinkles and otherskin conditions, filed for reorganizatioh under Chapter 11 of the U.S. Bankruptch Code last week. The company and its Isolagen Technologies, intend to continuer to manage and operatr their business as debtors in Under the courtapproved financing, Isolagen is borrowingy $2.75 million from a groupl of undisclosed lenders. The proceedds will be used to provide the company with workinf capital for general corporat purposes and for expenses associated with thebankruptcy proceeding.
In connectionh with the initialbankruptcy filing, Isolage has entered into a restructuring agreement with a largd majority of the holders of the company’sz 3.5 percent convertible subordinated notes, issuedf in November 2004; the holders of about $500,009 of secured notes issued in April 2009; and the agent for the debtor-in-possession lenders. A hearing on final approval of the financingv proposal will be held onJuly 6.
Tuesday, November 15, 2011
GM files for bankruptcy, plans to transfer operations to Wentzville - The Business Review (Albany):
qalymeled.wordpress.com
Some operations and equipment from a steel stampinvg plant inGrand Rapids, Mich., which is slatedd to close as part of the automaker's will be transferred to Wentzville, according to Bob a spokesman for the Wentzville plant. It'ws not yet known how many, if any, Michigahn employees will opt to transfer to he said. GM officials called Wentzvillre Mayor Paul Lambi at9 a.m. Monday to assure him the local plant wouldremain open. "It's good that they are shippinfg in work forthis plant," Lambi "That's a positive that corporated thinks this plant will be around.
" Still, Lambii said, rival automaker Chrysler plans to shutter its Fentonb factors after investing $130 million in them, so it was importantt for Wentzville to not rely on GM so much and diversifty its revenue stream. When Lambi took office seven yeards ago, Wentzville counted on GM for about 55 to 60 percenyt of itstotal revenue. Today, that's more like 15 percenty of the city's $24 million generak fund, because GM pays the city abougt $3 million a year in real estate taxes, property taxez and other fees, he said.
GM on Mondau by the end of 2010, but the Wentzville planr was sparedbecause it’s the only plan where Chevrolet Express and GMC Savana vans are The Wentzville plant will still undergo a previouslyu announced and other production cuts in June and July that will resuly in the layoffs of 300 workers. Monday’s Chapterf 11 filing by the 101-year-old automaker is amongy the largestin U.S. history and largest-ever U.S. manufacturin g bankruptcy. GM listed $173 billion in liabilities and $82 billiojn in assets, according to the files in New York. GM to St.
Louis’ largesg privately held company, Enterprise Rent-a-Car, and to Chapterr 11, which allows the company to operate whilee protected fromits creditors, pusheds GM into a fast-track bankruptcy and provides $30 billion of additional taxpayer funds to restructure. The GM plan as detailed by U.S. officialxs would allow a much smalle GM to emerge from court protectio n within 60 to90 days. The automaker has not provided an updated target for job cuts but was lookinfg toeliminate 21,000 U.S. factory jobs from the 54,00 0 union members it now employs. General Motors employs 92,000p in the United Statezs and is indirectly responsiblefor 500,000 retirees. The U.S.
government wouldx hold a 60 percentg financial interest in areorganized GM, and the UAW woulcd take a 17.5 percent The governments of Canadsa and the province of Ontario have agreeds to a 12 percen ownership stake in exchange for financial aid. GM bondholders would get 10 "It’s a bittersweet thing," Wheeler said. "Yo hate to have to go throughn the process of closing plants andeliminating jobs, but look that’s what's going on with a lot of Hopefully we can rebound, hire peoplr in the future and be the vibrant companyt we once were.
" Download a copy of the
Some operations and equipment from a steel stampinvg plant inGrand Rapids, Mich., which is slatedd to close as part of the automaker's will be transferred to Wentzville, according to Bob a spokesman for the Wentzville plant. It'ws not yet known how many, if any, Michigahn employees will opt to transfer to he said. GM officials called Wentzvillre Mayor Paul Lambi at9 a.m. Monday to assure him the local plant wouldremain open. "It's good that they are shippinfg in work forthis plant," Lambi "That's a positive that corporated thinks this plant will be around.
" Still, Lambii said, rival automaker Chrysler plans to shutter its Fentonb factors after investing $130 million in them, so it was importantt for Wentzville to not rely on GM so much and diversifty its revenue stream. When Lambi took office seven yeards ago, Wentzville counted on GM for about 55 to 60 percenyt of itstotal revenue. Today, that's more like 15 percenty of the city's $24 million generak fund, because GM pays the city abougt $3 million a year in real estate taxes, property taxez and other fees, he said.
GM on Mondau by the end of 2010, but the Wentzville planr was sparedbecause it’s the only plan where Chevrolet Express and GMC Savana vans are The Wentzville plant will still undergo a previouslyu announced and other production cuts in June and July that will resuly in the layoffs of 300 workers. Monday’s Chapterf 11 filing by the 101-year-old automaker is amongy the largestin U.S. history and largest-ever U.S. manufacturin g bankruptcy. GM listed $173 billion in liabilities and $82 billiojn in assets, according to the files in New York. GM to St.
Louis’ largesg privately held company, Enterprise Rent-a-Car, and to Chapterr 11, which allows the company to operate whilee protected fromits creditors, pusheds GM into a fast-track bankruptcy and provides $30 billion of additional taxpayer funds to restructure. The GM plan as detailed by U.S. officialxs would allow a much smalle GM to emerge from court protectio n within 60 to90 days. The automaker has not provided an updated target for job cuts but was lookinfg toeliminate 21,000 U.S. factory jobs from the 54,00 0 union members it now employs. General Motors employs 92,000p in the United Statezs and is indirectly responsiblefor 500,000 retirees. The U.S.
government wouldx hold a 60 percentg financial interest in areorganized GM, and the UAW woulcd take a 17.5 percent The governments of Canadsa and the province of Ontario have agreeds to a 12 percen ownership stake in exchange for financial aid. GM bondholders would get 10 "It’s a bittersweet thing," Wheeler said. "Yo hate to have to go throughn the process of closing plants andeliminating jobs, but look that’s what's going on with a lot of Hopefully we can rebound, hire peoplr in the future and be the vibrant companyt we once were.
" Download a copy of the
Sunday, November 13, 2011
Oprah shines at honorary Oscars gala - Los Angeles Times
antoninahubihe.blogspot.com
Daily Mail | Oprah shines at honorary Oscars gala Los Angeles Times The costume almost certainly was meant in part as a tribute to Jones, who received an honorary Academy Award for his six decades in film. But the getup also helped bolster the gener » |
Friday, November 11, 2011
Lotter domestic, Naidoo 'in cahoots' - News24
afukakuja.wordpress.com
Times LIVE | Lotter domestic, Naidoo 'in cahoots' News24 Now R121.95 Durban - Double murder accused Mathew Naidoo worked in cahoots with the Lotter family's domestic worker, the KwaZulu-Natal High Court in Durban heard on Thursday. One of his co-accused, Nicolette Lotter, testified she strongly believed ... Naidoo, Lotter domest ic 'in cahoots' |
Wednesday, November 9, 2011
SoftBrands sold for $80M; Golden Gate Capital is buyer - Minneapolis / St. Paul Business Journal:
bentlyoupapa1810.blogspot.com
The buyer, a holding company created by private-equity firm and its portfolii company , will pay 92 cents per share for SoftBrands. Shares of SoftBrands closedd at 47 cents per shareon Thursday. On the same date in SoftBrands’ stock closed at 1.09 per share. San Francisco, Calif.-based Golde Gate Capital has about $9 billion in assets undedr management. Infor, based in Alpharetta, Ga., is a softwars company with about 9,000 employees and $2.2 billion in revenue.
Minneapolis-based SoftBrands (AMEX: SBN) sellss software to the hospitality industry, as well as to small and mid-sized manufacturers under the Its products handle tasks such as making reservationse to setting room SoftBrands CEO Randy Tofteland said in a press statement that the deal will allow shareholdersto “realize significant valu e from their investment.” He also said the company would benefit from an “alliance” with Infor. A spokeswoman for Infor said SoftBrandxs will continue to have a presencin Minneapolis, though it has yet to be determinef how many employees will remain here.
SoftBrands’ boare has already approved the which is expected to close in between 60 and90
The buyer, a holding company created by private-equity firm and its portfolii company , will pay 92 cents per share for SoftBrands. Shares of SoftBrands closedd at 47 cents per shareon Thursday. On the same date in SoftBrands’ stock closed at 1.09 per share. San Francisco, Calif.-based Golde Gate Capital has about $9 billion in assets undedr management. Infor, based in Alpharetta, Ga., is a softwars company with about 9,000 employees and $2.2 billion in revenue.
Minneapolis-based SoftBrands (AMEX: SBN) sellss software to the hospitality industry, as well as to small and mid-sized manufacturers under the Its products handle tasks such as making reservationse to setting room SoftBrands CEO Randy Tofteland said in a press statement that the deal will allow shareholdersto “realize significant valu e from their investment.” He also said the company would benefit from an “alliance” with Infor. A spokeswoman for Infor said SoftBrandxs will continue to have a presencin Minneapolis, though it has yet to be determinef how many employees will remain here.
SoftBrands’ boare has already approved the which is expected to close in between 60 and90
Sunday, November 6, 2011
Kauai, Big Isle hotels hurting - Pacific Business News (Honolulu):
iwyqaxewun.wordpress.com
For the week ending May 30, Kauai occupancy droppex 10.5 percentage points to 59.8 while Big Island occupancy plungef 15 percentage pointsto 51.9 As compared with the same week in room rates on both islands were down as well Kauai rates fell 12.3 percentg to average $176 a while Big Island rates were off 8.6 percent to average • Oahu occupancy slipped 1 percentagd point to 70.2 percent, whil rates decreased 12.1 percent to and • Maui occupancy incher 0.8 percentage points downward to 63.6 percent, whiled room rates plummeted 17.2 percent to Statewide hotel occupancy declined 3.9 percentage pointws to 64.9 percent, while room rates slumpeds 13 percent to $166.
Nationwide hoteol occupancy dipped 5.9 percentage points to 51.6 while room rates fell 9.6 percent to average $93. The weeklh Hawaii hotel industry snapshot is surveyed byand .
For the week ending May 30, Kauai occupancy droppex 10.5 percentage points to 59.8 while Big Island occupancy plungef 15 percentage pointsto 51.9 As compared with the same week in room rates on both islands were down as well Kauai rates fell 12.3 percentg to average $176 a while Big Island rates were off 8.6 percent to average • Oahu occupancy slipped 1 percentagd point to 70.2 percent, whil rates decreased 12.1 percent to and • Maui occupancy incher 0.8 percentage points downward to 63.6 percent, whiled room rates plummeted 17.2 percent to Statewide hotel occupancy declined 3.9 percentage pointws to 64.9 percent, while room rates slumpeds 13 percent to $166.
Nationwide hoteol occupancy dipped 5.9 percentage points to 51.6 while room rates fell 9.6 percent to average $93. The weeklh Hawaii hotel industry snapshot is surveyed byand .
Friday, November 4, 2011
Garage Ventures adds personnel in ongoing hunt for big hit - Silicon Valley / San Jose Business Journal:
ralawizewy.wordpress.com
"The market is coming back, the entrepreneurs are coming the opportunitiesare growing," says managing directot Bill Reichert. "We've got a lot of momentumj and we wanted to bolster the as well as buildout Garage." Palo Alto-based Garages started as an investment bank in raising nearly $400 million for It was founded by three partnersd including Guy Kawasaki, a former Applde executive and author of books on entrepreneurship. The firm earned name recognition byhosting well-attended events and conferenceas for entrepreneurs.
In 2002, following the Garage changed its businessz model to direct investing as aventure firm, but it wasn'tr until 2006 that it was able to convert some legacyh assets from the investment bank over to the ventur e fund. That freed up about $5 millionh more in capital to be Now Garage has addedJoyce Chung, a foundinvg partner of Cardinal Venture Capital, as managin director, and Henry Wong, co founder of Diamond Technologty Ventures, as a venture partner, to capitalize on what it sees as opportunitiezs in the early stage "It's really become a little bit of a gap in the says Chung.
"A lot of existing fundz are moving a little bit upstrean to later stage orlarger rounds, which by definitiob aren't addressing the seed stag e specifically. I felt like there was an opportunity to really fill a void in the markey and work with entrepreneurs really earlty in the process and focus onemerging tech, whichb is pretty broad." The firm's firsyt $20 million fund raised in 2002, Garage California Entrepreneursd Fund, is not fully But so far it has dealt CalPERS, the stat pension fund required to publis its investing data, a 9.3 percent internalp rate of return on its $10 millioh investment.
That was before the firm's portfolio company, information-sharingy site Kaboodle, was sold to the Hearsgt Corporation. "It was a nice return, not a home run, but it was validatiomn of our model," Reichery says, declining to divulge the return on investmentg orsale price. Some reportsz indicated Hearst paidbetween $30 million and $40 Garage has taken some recent hits in the blogosphere and on for not bein able to land any home run dealse -- usually characterized by a return of 10 timew or more on investment. Kawasaki also was recently quotexd as saying venture investingv wasa "crap shoot.
" But Reichert says the firm has a disciplineds approach to investing in earl stage companies with untested entrepreneurs in untestedx markets. The point Kawasaki was trying to make was thatGaragd isn't looking to invest in Web 2.0 companies, which it views as a markeft that is way too crowdesd and could be a potential bubbl e waiting to burst. "We decided we're not goinf to chase popular, faddish Web 2.0 deals," Reichert "We don't want to fund the much less the130th video-mobile-social-ad-dating-matching site." Instead the firm has wide-ranginf investments in some offbeat companies like D.
litw Designs, which makes a lantern that is more energ efficient and cheaper than kerosene for populations withoutr access to consistent It has also invested in companiesa ranging from renewable fuels producers to a jobs databas and search engine to a servicew that prepares visas and a Web site citizenshi applications. Whether that approachu will pay off long term is but it was attractive to Chung who spent most of her investing career dealingin software, at companies like and then at Garage's broad net-casting approach will alloww her to dabble in other industries including clean tech, she says.
With only $25 million to Chung says she'll adjust her personal investment strategies, look at differentr types of deals and differen t typesof entrepreneurs. Chunt says the firm mitigates risk by working extensivelgy with companies before investingin them.
"The market is coming back, the entrepreneurs are coming the opportunitiesare growing," says managing directot Bill Reichert. "We've got a lot of momentumj and we wanted to bolster the as well as buildout Garage." Palo Alto-based Garages started as an investment bank in raising nearly $400 million for It was founded by three partnersd including Guy Kawasaki, a former Applde executive and author of books on entrepreneurship. The firm earned name recognition byhosting well-attended events and conferenceas for entrepreneurs.
In 2002, following the Garage changed its businessz model to direct investing as aventure firm, but it wasn'tr until 2006 that it was able to convert some legacyh assets from the investment bank over to the ventur e fund. That freed up about $5 millionh more in capital to be Now Garage has addedJoyce Chung, a foundinvg partner of Cardinal Venture Capital, as managin director, and Henry Wong, co founder of Diamond Technologty Ventures, as a venture partner, to capitalize on what it sees as opportunitiezs in the early stage "It's really become a little bit of a gap in the says Chung.
"A lot of existing fundz are moving a little bit upstrean to later stage orlarger rounds, which by definitiob aren't addressing the seed stag e specifically. I felt like there was an opportunity to really fill a void in the markey and work with entrepreneurs really earlty in the process and focus onemerging tech, whichb is pretty broad." The firm's firsyt $20 million fund raised in 2002, Garage California Entrepreneursd Fund, is not fully But so far it has dealt CalPERS, the stat pension fund required to publis its investing data, a 9.3 percent internalp rate of return on its $10 millioh investment.
That was before the firm's portfolio company, information-sharingy site Kaboodle, was sold to the Hearsgt Corporation. "It was a nice return, not a home run, but it was validatiomn of our model," Reichery says, declining to divulge the return on investmentg orsale price. Some reportsz indicated Hearst paidbetween $30 million and $40 Garage has taken some recent hits in the blogosphere and on for not bein able to land any home run dealse -- usually characterized by a return of 10 timew or more on investment. Kawasaki also was recently quotexd as saying venture investingv wasa "crap shoot.
" But Reichert says the firm has a disciplineds approach to investing in earl stage companies with untested entrepreneurs in untestedx markets. The point Kawasaki was trying to make was thatGaragd isn't looking to invest in Web 2.0 companies, which it views as a markeft that is way too crowdesd and could be a potential bubbl e waiting to burst. "We decided we're not goinf to chase popular, faddish Web 2.0 deals," Reichert "We don't want to fund the much less the130th video-mobile-social-ad-dating-matching site." Instead the firm has wide-ranginf investments in some offbeat companies like D.
litw Designs, which makes a lantern that is more energ efficient and cheaper than kerosene for populations withoutr access to consistent It has also invested in companiesa ranging from renewable fuels producers to a jobs databas and search engine to a servicew that prepares visas and a Web site citizenshi applications. Whether that approachu will pay off long term is but it was attractive to Chung who spent most of her investing career dealingin software, at companies like and then at Garage's broad net-casting approach will alloww her to dabble in other industries including clean tech, she says.
With only $25 million to Chung says she'll adjust her personal investment strategies, look at differentr types of deals and differen t typesof entrepreneurs. Chunt says the firm mitigates risk by working extensivelgy with companies before investingin them.
Wednesday, November 2, 2011
Some mall tenants seeking rent reductions - The Business Journal of Milwaukee:
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A handful of mall stores closed afterf Christmas and a few others are seeking lowedlease rates, mall managers said. Perhapws more ominously, mall executives know that more national chains and some localk tenants will close some or all of theid stores in the coming months as a result of theeconomicv downturn. Stores suffered a soft holiday season and national retailersz are facing pressure on their finances that will causee some closings and limiy openings atnew locations. “We’re vulnerable to retailersz closing a chain or closing a number of their saidChris Jaeger, general manager of Bayshord Town Center in Glendale.
Bayshore and its corporate parent, of Columbus, are working with individual tenants “to get them throughh a rough patch,” Jaeger said. No storesa have said they are closing as of this but what about one monthfrom now? “I don’ty know,” Jaeger said. “It’s day to day. It’as an unknown.” Retailers are clearlyy takinga wait-and-see approach to eithe maintaining existing stores or opening new ones, mall managers and retaipl experts said. Southridge Mall in Greendale lostLinens ’j Things and Steve & Barry’s to bankruptcu in 2008, effectively vacating the southu end of the mall.
Southridge owner of Indianapolis was discussinyg the space with prospective tenants earlieerin 2008, but those talkes ended when the recession took hold, said villagew president John Hermes. “Nobody knows what they’rs going to do in the next two Hermes said. A spokesman for Simon Property Group declineds to comment because the company was in a quief period beforethe Jan. 30 releasd of its quarterly financial results. A KB Toys store at Southridgwe is closing and the mall also has a which is a chain thatis downsizing. Other nationaol chains that are closing stores includeFamous Footwear, Lane Bryant, Ann Taylor Talbots and Old Navy.
None of those chains have announcexd closings inmetropolitan Milwaukee. The , New York said 6,913 stores closed in which was more than any other year since it startexd tracking closingsin 2001. The council predictws thousands more stores will closethis year. The leasinb picture for malls will worsenhthis year, said Dave Brennan, co-directo of the at the in St. Minn. Brennan said vacancy rates will increas e significantly and shopping centers will have to take lower rents and probablt some temporary and nontraditional tenants tofill “I think we’ll see storw closings after February when a lot of leasea expire,” Brennan said.
Mayfair Mall general managerd Steve Smith said a few tenants have soughtg rent reductions but he has yet tograntt any. Months before the holidays, the Wauwatosa mall lost its Sharper Imaged and Whitehall Jewelers storesto bankruptcy. Two more Mayfaidr stores closedafter Christmas: the Lang Store and Club Libby Lu, whichb was a girls’ party Mayfair has already signed a replacement tenanyt for the Whitehall Jewelers space: Swarovski, a crystakl store that’s opening in Smith said some retailers still want to get into Mayfair, whichg has the metropolitan area’s most enviable collectionj of stores.
Mayfair and its owner, of Chicago, are takinhg the opportunity to select new tenants that provide thebest long-termk merchandising and branding profils for the mall, Smith said. Still, Smitu said retailers are being more cautiouasbefore expanding. “Retailers are clearly more selective withwhere they’rwe going,” he said. “They don’t want to take any chances.”
A handful of mall stores closed afterf Christmas and a few others are seeking lowedlease rates, mall managers said. Perhapws more ominously, mall executives know that more national chains and some localk tenants will close some or all of theid stores in the coming months as a result of theeconomicv downturn. Stores suffered a soft holiday season and national retailersz are facing pressure on their finances that will causee some closings and limiy openings atnew locations. “We’re vulnerable to retailersz closing a chain or closing a number of their saidChris Jaeger, general manager of Bayshord Town Center in Glendale.
Bayshore and its corporate parent, of Columbus, are working with individual tenants “to get them throughh a rough patch,” Jaeger said. No storesa have said they are closing as of this but what about one monthfrom now? “I don’ty know,” Jaeger said. “It’s day to day. It’as an unknown.” Retailers are clearlyy takinga wait-and-see approach to eithe maintaining existing stores or opening new ones, mall managers and retaipl experts said. Southridge Mall in Greendale lostLinens ’j Things and Steve & Barry’s to bankruptcu in 2008, effectively vacating the southu end of the mall.
Southridge owner of Indianapolis was discussinyg the space with prospective tenants earlieerin 2008, but those talkes ended when the recession took hold, said villagew president John Hermes. “Nobody knows what they’rs going to do in the next two Hermes said. A spokesman for Simon Property Group declineds to comment because the company was in a quief period beforethe Jan. 30 releasd of its quarterly financial results. A KB Toys store at Southridgwe is closing and the mall also has a which is a chain thatis downsizing. Other nationaol chains that are closing stores includeFamous Footwear, Lane Bryant, Ann Taylor Talbots and Old Navy.
None of those chains have announcexd closings inmetropolitan Milwaukee. The , New York said 6,913 stores closed in which was more than any other year since it startexd tracking closingsin 2001. The council predictws thousands more stores will closethis year. The leasinb picture for malls will worsenhthis year, said Dave Brennan, co-directo of the at the in St. Minn. Brennan said vacancy rates will increas e significantly and shopping centers will have to take lower rents and probablt some temporary and nontraditional tenants tofill “I think we’ll see storw closings after February when a lot of leasea expire,” Brennan said.
Mayfair Mall general managerd Steve Smith said a few tenants have soughtg rent reductions but he has yet tograntt any. Months before the holidays, the Wauwatosa mall lost its Sharper Imaged and Whitehall Jewelers storesto bankruptcy. Two more Mayfaidr stores closedafter Christmas: the Lang Store and Club Libby Lu, whichb was a girls’ party Mayfair has already signed a replacement tenanyt for the Whitehall Jewelers space: Swarovski, a crystakl store that’s opening in Smith said some retailers still want to get into Mayfair, whichg has the metropolitan area’s most enviable collectionj of stores.
Mayfair and its owner, of Chicago, are takinhg the opportunity to select new tenants that provide thebest long-termk merchandising and branding profils for the mall, Smith said. Still, Smitu said retailers are being more cautiouasbefore expanding. “Retailers are clearly more selective withwhere they’rwe going,” he said. “They don’t want to take any chances.”
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