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Published: Friday, September 29, 2017 @ 11:45 AM
The state minimum wage will increase by 15 cents next year to adjust for inflation.
Officials say non-tipped workers must be paid an hourly wage of at least $8.30 beginning Jan. 1, 2018. Tipped workers are slated to receive a minimum of $4.15 an hour starting next year — a bump of 8 cents.
The new wage only applies to companies with annual gross receipts of more than $305,000 a year. Ohio’s minimum wage for employees at smaller companies along with 14- and 15-year-old workers is tied to the federal minimum wage set by Congress.
» STORE CLOSINGS: What’s really going on?
Published: Tuesday, December 12, 2017 @ 8:45 AM
— Charming Charlie, a jewelry and accessories chain, has filed for Chapter 11 bankruptcy protection.
The chain, which has several store locations in the region, announced continued efforts to “stabilize its business.” Charming Charlie filed voluntary petitions under Chapter 11 in the U.S. Bankruptcy Court of the District of Delaware. The chain expects to continue to operate the majority of its stores and its website during the court process.
» RELATED: 10 retailers file for bankruptcy in 2017
“We are confident that by reducing the size and scale of our business, we can focus on the core strengths that make the company successful,” said Lana Krauter, interim chief executive officer of Charming Charlie.
The company entered into a Restructuring Support Aggreement with a majority of its term loan lenders and equity sponsors, according to a company statement. The company secured commitments for $20 million in new-money debtor-in-possession financing from a majority of its existing term loan lenders. The company also entered into a $35 million DIP asset backedloan with its current lenders.
» RELATED: 5 retailers closing Ohio stores in 2017
Charming Charlie has locations in Beavercreek, Cincinnati, Columbus, Fairfield Twp. and Mason. Dozens of retailers have filed for bankruptcy this year including: ToysRUs, The Limited, Gymboree, Wet Seal, RadioShack, Gander Mountain and Payless.
FIVE FAST BUSINESS READS
Published: Friday, December 08, 2017 @ 4:59 PM
Updated: Wednesday, January 17, 2018 @ 4:23 PM
— The sale of area and Ohio Bob Evans restaurant properties continues.
A New Albany outfit has purchased the property housing the Centerville-area Bob Evans restaurant for $2.5 million.
The 4,992-square-foot building and 1.25-acre site at 7115 Far Hills Ave. was sold to Timothy P. and Paula S. Heather, of New Albany, Ohio, according to Montgomery County property records.
The new owners give the same address as the Bob Evans headquarters in New Albany.
The local franchise food site was built in 1986.
Bob Evans has been restructuring its business and selling its restaurants quickly. Back in May, a trio of Dayton-area Bob Evans restaurants sold for a total of $5.6 million.
At the time, Bob Evans Farms Inc. had divided its business by keeping its food production side and selling off its restaurant chain to private equity group Golden Gate Capital.
Bob Evans Farms, Inc. said in January it intended to sell off its restaurants to focus on packaged foods.
Published: Wednesday, December 06, 2017 @ 2:50 PM
Updated: Wednesday, January 17, 2018 @ 4:17 PM
Roosters is on the hunt for more sites in the Dayton area.
Dan Ponton, president and CEO of the chicken chain, said even though many other casual dining chains are scaling back and closing stores, Roosters is on a growth streak and seeking to open three or four more stores in the area.
The Dayton Daily News reported first the restaurant was replacing its Dayton Mall area store with a larger Miami Twp. location.
The restaurant chain, based in Dublin, has been scooping up vacant buildings once home to brands like Ponderosas, Bob Evans and Denny’s.
“But for us, we are able to buy their properties and go in and actually employ more people than they were employing anyways,” Ponton said.
Ponton said as he shops for the right location for the next restaurants, he has plenty of places to chose from.
“I used to get a call on buildings maybe once a month and now I’m getting two calls a week on what’s available,” he said.
It’s been a challenging environment for casual dining chains. By August, publicly traded chains announced the closure of more than 350 stores in the U.S. just this year, according to Nation’s Restaurant News.
The casual dining industry has been squeezed by flat consumer spending, a highly competitive landscape and the rise of fast casual competitors.
But Ponton said for his business, this has left prime, vacant restaurant real estate at a good price for Roosters to buy.
He said Roosters has advantages despite the challenging overall environment because of aspects like its low menu prices and its low corporate overhead, with the company having no headquarters.
“Our world headquarters is my basement,” he said.
Roosters just bought the former Caddy’s Tap House at 9400 Springboro Pike for $1.7 million and plans to move its 103 N. Springboro Pike store near the Dayton Mall into the larger space.
Besides growing into a 8,500-square-foot space, the new restaurant location will let Roosters have a patio area with outdoor seating.
Renovations should start in early 2018 with a build out complete sometime after March.
Ponton estimated Roosters might spend about $1 million on the renovation work to prepare the new store for opening.
Each store employs about 100 people, depending on the size of the location. Roosters has about 38 stores, with most in the Dayton area corporately owned and franchising in other markets.
Including Xenia and Springfield, there are six Roosters stores in the region and Ponton said he’s actively looking for the additional locations. He’s also looking to add more stores in the Columbus market.
Published: Wednesday, January 17, 2018 @ 11:56 AM
— Good Samaritan Hospital in Dayton will close by the end of 2018.
Premier Health announced today that the hospital, based on the northwest side of Dayton, will shut down by the end of 2018. The health network — the largest private employer in the region — said the closure is “part of Premier Health’s new strategic plan.”
“Premier Health made this difficult but necessary decision partly in response to the changing national and local dynamics of health care,” company officials said.
» MUST-READ BUSINESS NEWS: 5 things you need to know about Good Samaritan Hospital in Dayton
Here’s what we know about the closure now:
1. WHY IS THE HOSPITAL SHUTTING DOWN? Premier said it was unsustainable to operate two hospitals within five miles of each other. “The impact of national changes in the health care industry, compounded by the changing face of Dayton over the past decade, made clear that Premier Health had to make significant changes to continue to serve the entire region and reach patients in innovative ways in their communities going forward,” Premier officials said on Wednesday morning.
2. WILL OTHER PREMIER HOSPITALS CLOSE? No. Other Premier hospital will not be impacted. “Premier Health’s strategic plan encompasses the entire organization and calls for continued investment in higher acuity services and critical programs at Atrium Medical Center. It also remains committed to ensuring Upper Valley Medical Center remains the leading ambulatory and surgically focused community hospital in its region,” the company explained in a statement.
3. HOW MANY JOBS WILL BE IMPACTED? Approximately 1,600 jobs will be impacted. More than 1,500 employees worked for Good Samaritan Hospital in 2016, according to data obtained by this news organization. It is not immediately clear how many jobs will be cut in the process of the hospital’s closure, but Premier officials said they were committed to finding jobs for Good Samaritan employees in other Premier facilities.
Premier Health employs around 14,000 in the Dayton region.
4. WILL THE PROPERTY BE REDEVELOPED?
The firm tasked with fostering a redevelopment plan for the Montgomery County Fairgrounds will also be in charge of planning what the hospital’s campus could become.
The firm planning NEXT, a Columbus-based company, will be involved in potential redevelopment.
The goal will be to get the site “shovel ready” for potential redevelopment, Premier’s CEO said during a press conference. No date for any demolition has been set since the hospital will still be in operation until the end of the year.
Premier will also be working with CityWide Development Corporation to help repurpose the site.
Over the next few months, community input for redevelopment of the property will be sought, according to Premier. Updates on the plans for the property will be available online.
FIVE FAST BUSINESS READS