log in to manage your profile and account
- Create your account
- Receive up-to-date newsletters
- Set up text alerts
Published: Thursday, February 08, 2018 @ 2:05 PM
— A local retailer owes The Greene Town Center nearly $900,000 in past-due rent, other fees and court costs after defaulting on its five-year lease, a judge ruled last week.
The Greene filed a lawsuit in Greene County Common Pleas Court against tenant Griffin & Co. Home Decor, known as RM Underdog Rising in September 2017. The complaint states the retailer defaulted on its five-year lease last year.
Griffin & Co., a home decor and gift shop, announced in March 2017 that they would relocate to a space at 4392 Holly Drive at The Greene. The store had been located at the Town & Country Shopping Center since August 2014.
» TRENDING BUSINESS: Procter & Gamble to lay off hundreds in 2 cities
Last Friday, a judge ordered Griffin & Co. to pay $879,042.30 plus post-judgment interest; $5,123.45 in attorney fees and costs; and any additional court costs after the company failed to move within the time allotted by the court system.
The amount of accelerated rent, past due rent, late fees, re-letting costs, fees and cost to enforce the lease totaled approximately $884,165.76, according to court documents.
» BANKRUPTCY AND NEW STORES: 7 things we learned about retail this week
The complaint stated Griffin & Co. entered into a five-year lease at the center on March 13. The tenant’s minimum rent was $6,894.67 per month for the first three years, and $7,756.50 per month for the fourth and fifth years of the lease.
If the tenant failed to pay rent on time, the landlord could demand a late charge equal to 5 percent of the amount due each month until paid in full, and the tenant agreed to pay 1.5 percent interest rate on any unpaid amount, according to court documents.
The retailer, which sold country-themed home decor and other gifts, last paid rent in May. In August, The Greene notified the store that it was in default of its obligations under its signed lease agreement.
Officials for The Greene said they could not comment at this time. This news organization also attempted to call the owners of Griffin & Co., but the company phone number is already out of service and all store information has been taken off online.
FIVE FAST BUSINESS READS
Published: Monday, February 19, 2018 @ 10:48 AM
— Two new urgent care centers will open later this month south of Dayton.
Premier Health, which operates a network of hospitals and doctors offices, is planning to open the 752 N. Main St., Springboro, and 8 Prestige Plaza, Miamisburg, urgent cares on Feb. 26.
The centers are part of a series of urgent cares that Premier will open in 2018.
The Miamisburg center will have an open house 4 p.m. to 7 p.m. Friday and the Springboro center next to Dorothy Lane Market will have an open house 10 a.m. to 1 p.m. Saturday.
Published: Monday, February 19, 2018 @ 11:07 AM
Two new businesses are opening in Beavercreek and the Beavercreek Chamber of Commerce will host ribbon-cutting ceremonies to celebrate.
Fit Body Boot Camp, located at 2340 Grange Hall Road, will celebrate its ribbon-cutting ceremony on Feb. 28 at 4 p.m. Fit Body Boot Camp offers high intensity interval training and high energy training sessions with a certified training team.
» TRENDING BUSINESS NEWS: Price Stores cuts store hours for renovations
Needle, Ink and Thread, a local sewing studio, announced it was moving locations. A portion of the recently closed Antiques Marketplace of Beavercreek at 3491 Dayton Xenia Road, will be the studio’s new home. Currently located at 4005 Dayton-Xenia Road. Needle, Ink and Thread was founded just over a year ago by Jesy Anderson, previous co-owner of Sew Dayton.
The business will celebrate its grand opening event on March 8 at 4 p.m.
FIVE FAST BUSINESS READS
Published: Monday, February 19, 2018 @ 10:41 AM
Price Stores has cut its store hours temporarily for remodeling and repairs to its downtown Dayton building.
The tuxedo and tailored suit store, located at 52 S. Jefferson St., will have limited hours during February. February store hours are:
• Monday: Noon to 8 p.m.
• Thursday: Noon to 8 p.m.
• Saturday: Noon to 5 p.m.
» CONTINUED COVERAGE: Price Stores building in downtown sold to investor
“We are doing some much needed repairs and remodeling, All wedding reservations and men’s alterations will be ready as promised!! Any measurements needed to be completed will be done during our restricted hours for the month of February only,” the store announced on its website.
This news organization reached out to the company, but was unable to reach the owners for comment.
» TRENDING BUSINESS NEWS: Retail sales boom in January
Price Stores sold its building for approximately $550,000 in March 2017, according to county property records. Edd Wimsatt, owner of Price Stores, said it was the right time to sell the building to an investor who is interested in revamping and developing downtown Dayton.
The Ellway Group now owns the Price Stores building and at the time of the purchase said they planned to renovate it into a boutique hotel. The Ellway Group also owns or controls 1 million square feet of space in the Fire Blocks District, which is the area bordered by Jefferson and St. Clair streets and Second and Fourth Streets. The group also purchased two buildings near the Cannery Lofts, also along East Third Street.
Price Stores, which has been in business for more than 60 years, will now lease the same space within the building. The business sells suits, tuxedos and other clothing accessories for men.
FIVE FAST BUSINESS READS
Published: Monday, February 19, 2018 @ 9:24 AM
— Gibson is pushing back against reports of an impending bankruptcy and has hired a new chief financial officer, who starts with the company Monday.
Gibson Brands, Inc., maker of the famed Les Paul and ES-335 electric guitars, released a statement saying it has met all “current obligations to the bondholders, is in the process of arranging a new credit facility to replace the bonds, and fully expects the bonds to be refinanced in the ordinary course of business.”
In the statement, Gibson Chairman and Chief Executive Henry Juszkiewicz said: “These bonds expire as all fixed income instruments do at the end of their term.”
He said also that the company has been working with Jefferies investment bank to manage the refinancing process.
“While the musical instrument and pro audio segments have been profitable and growing, they are still below the level of success we saw several years ago,” Juszkiewicz said.
Also, the Nashville-based company said that Benson Woo will return to Gibson as the company’s chief financial officer today.
Said Juszkiewicz:”We are excited and pleased that Benson with be coming back to the Gibson Brands family. He has a great knowledge of the industry, our current businesses and is liked and respected by everyone at Gibson and with whom he dealt. We are confident he will contribute to moving the company forward.”
Woo had previously served with Gibson in 2016. He replaces Bill Lawrence.
The CEO said that the company is “streamlining” and will focus its Philips brand consumer audio business on those products that have “greater growth potential,” as well as eliminating product segments that fall below expectations.
While Gibson has been struggling to re-pay debt, an officer with Moody’s Investors Service has told the Nashville Post that the company’s core guitar business remains sound.
“The core business is a very stable business, and a sustainable one,” Kevin Cassidy, of Moody’s, told the newspaper. “But you have a balance sheet problem and an operational problem.”