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Dec 20, 2024

Party City declares bankruptcy, closing 700 stores, including 18 in Va.

Party City filed for bankruptcy Saturday and said it would “commence a wind down of its retail and wholesale operations and going out of business sales at its approximately 700 stores nationwide,” including 18 stores in Virginia. The company just came out of bankruptcy in September, after bringing on a new CEO, Barry Litwin, in […]

Jun 5, 2024

Dollar Tree considers selling or spinning off Family Dollar

Chesapeake-based Fortune 500 discount retailer Dollar Tree is considering selling or spinning off its Family Dollar brand, which it acquired in 2015 for $8.5 billion. “Dollar Tree has been on a multiyear journey to help the company fully achieve its potential,” CEO and Chairman Rick Dreiling said in a statement Wednesday. “Last year, we announced […]

May 29, 2024

Dollar Tree to acquire 99 Cents Only stores

Chesapeake-based Fortune 500 discount retailer Dollar Tree has acquired 170 leases of another discount retailer, 99 Cents Only, the company announced Wednesday. The stores are across Arizona, California, Nevada and Texas. In April, Commerce, California-based 99 Cents Only filed for Chapter 11 bankruptcy protection and initiated a process to sell its assets, including inventory, owned […]

Stephen E. and Phyllis Bachand committed $5 million to U.Va. Photo courtesy University of Virginia
Jan 4, 2024

U.Va. receives $5M donation for business ethics professorship

The former president and CEO of Canadian Tire Corp. and his wife have committed $5 million to establish a University of Virginia Darden School of Business professorship focused on business ethics. U.Va. President Jim Ryan announced the donation by Stephen and Phyllis Bachand to the Darden School Foundation on Dec. 19, 2023. The university will […]

LL Flooring logo
Oct 12, 2023

LL Flooring receives $194M acquisition proposal

Las Vegas-based holding company Live Ventures has submitted a proposal to acquire Henrico County-based hard-surface flooring retailer LL Flooring Holdings for approximately $194.4 million in cash. Live Ventures, which specializes in the retail and flooring industries, published Thursday the letter sent by its president and CEO, Jon Isaac, to the LL Flooring board the previous […]

Jenny Crittenden. Photo courtesy Sara Harris Photography.
Feb 24, 2023

Hampton Roads’ Retail Alliance appoints new CEO

Jenny Crittenden is the new president and CEO of the Retail Alliance, making her the second woman to be president and CEO of the Hampton Roads nonprofit trade association in its 120-year history. The Norfolk-based alliance’s board of directors appointed Crittenden, formerly the organization’s senior vice president, on Feb. 16. Crittenden succeeds Ray Mattes, who […]

Sep 12, 2022

Arko to acquire Transit Energy Group for $375M

Arko Corp., a Fortune 500 holding company for Richmond-based convenience store chain GPM Investments LLC, announced Monday that GPM and some of its subsidiaries have agreed to acquire South Carolina-based Transit Energy Group for approximately $375 million plus the value of inventory. Transit Energy Group has about 150 convenience stores and fuel supply rights to […]

Gov. Glenn Youngkin signs a hood as Carvana General Manager Robert Sheets steadies it at Carvana's inspection facility in Chesterfield County. Del. Carrie Coyner and Chesterfield Supervisor James Holland stand to the governor's right.
Aug 31, 2022

Chesterfield Carvana facility opens with 240 employees

Fortune 500 used car online retailer Carvana Co. is more than halfway to its 400-employee hiring goal for its $25 million, 191,000-square-foot Chesterfield County inspection center, General Manager Robert Sheets said Wednesday at the center’s ribbon cutting. Carvana has hired 240 employees and expects to reach 400 workers when it begins full production later this […]

Apr 5, 2022

Midlothian lighting company promotes exec to CFO

Midlothian-based lighting and home decor company Shades of Light promoted Sean Acton to chief financial officer on Thursday. Acton was the company’s controller for about two years, and he will continue to oversee the accounting team until the company hires an accounting manager. Acton will take on oversight of the purchasing, inventory and production teams. […]

Patricia Hunter-Jordan, president of the Hanover County NAACP, says the Wegmans project will disrupt the historic Brown Grove community. Photo by Caroline Martin
Feb 27, 2022

Complicated history

Rochester, New York-based supermarket chain Wegmans Food Markets Inc. is building a $175 million distribution center and regional headquarters near the intersection of Sliding Hill and Ashcake roads in Hanover County. The 1.1 million-square-foot facility is expected to create roughly 700 jobs, making it one of the most significant economic development projects in county history. […]

Jan 12, 2022

Fifth District economy has moderate growth, Fed says

The Federal Reserve’s Fifth District (including Virginia, North Carolina, South Carolina, West Virginia and Maryland) saw modest growth but was constrained by supply issues and labor shortages, according to the latest edition of the Federal Reserve’s Beige Book, released Wednesday. The Beige Book is published eight times per year and is based on anecdotal information gathered [&hellip[...]

Nov 8, 2021

Commercial real estate leasing roundup

The following lease transactions took place in Virginia through Nov. 8: Central Virginia  Virginia Insurance Services Inc. leased 1,900 square feet at 1 Park West Circle in Chesterfield County. Tucker Dowdy and Jamie Galanti of Commonwealth Commercial Realty represented the landlord. Kala Brand Music Co. leased 29,342 square feet at 11223 Leadbetter Road in Hanover […]

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