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Gannett to refinance $1.05B in debt
McLean-based Gannett Co. Inc., the largest newspaper publisher in the U.S., announced Monday it will refinance $1.05 billion in debt to lower its interest rates and extend maturity on outstanding debt. Gannett, which has struggled financially during the pandemic, in November 2020 announced it had refinanced approximately $500 million in debt to more quickly repay […]
Peraton closes on $3.4B cash purchase of Northrop Grumman biz
Falls Church-based Fortune 500 aerospace and defense contractor Northrop Grumman Corp. announced Monday the closure of the sale of its federal IT and mission support services business for $3.4 billion in cash to Herndon-based national security contractor Peraton, a Veritas Capital affiliate. According to the December 2020 announcement about the sale, proceeds are expected to […]
Pharma manufacturer announces Albemarle County expansion
Pharmaceutical manufacturer Afton Scientific LLC will invest $500,000 to expand its Albemarle County operations, adding 20 jobs, Gov. Ralph Northam announced Monday. The company will add 8,000 square feet to its 2020 Avon Court facility to “accommodate its 50% growth over the past year and expected similar growth in 2021,” according to a statement from […]
Wells Fargo to lay off 320 Henrico County employees
The investment management and financial brokerage business unit of Wells Fargo & Co., Virginia’s third-largest bank by 2019 deposits, will lay off 320 employees from its Henrico County office. The wealth and investment management jobs are moving to some of the bank’s larger locations, Wells Fargo Advisors spokesperson Shea Leordeanu said in a statement. Wells […]
Blue Ridge Bank, Bay Banks complete merger
Charlottesville-based Blue Ridge Bankshares Inc., the parent holding company of Blue Ridge Bank, announced Monday it has completed the merger with Richmond-based Bay Banks of Virginia Inc., the parent holding company of Virginia Commonwealth Bank. Virginia Commonwealth Bank will continue to operate under its current name until systems are converted in May. The bank will […]
Va. hotel revenues fell 42% in December 2020
Virginia hotel revenues for December 2020 were on trend for a year that saw the hospitality industry suffer from the pandemic. Compared with December 2019, hotel revenues statewide declined by 42% during December 2020, according to data released Monday from STR Inc., a CoStar Group division that provides weekly market data on the U.S. hospitality […]
COVID roundup: Va. to receive more weekly vaccine doses immediately
Virginia expects to receive about 18,000 more weekly COVID-19 vaccine doses starting immediately, as the federal government’s pledge to increase distribution by about 16% kicks in Monday. That will raise the commonwealth’s vaccine supply from 118,000 doses to 128,000 doses per week, said Dr. Danny Avula, the state’s vaccine coordinator. Meanwhile, the number of virus-related […][...]
Chase sues Senate over censure, claims civil rights violation
A week after being censured by the state Senate, Sen. Amanda Chase, R-Chesterfield County, is suing the legislative body and its clerk for violating Chase’s civil rights, including her First Amendment right to freedom of speech, she announced Monday. Virginia Beach attorney Tim Anderson said Monday he has filed a lawsuit o[...]
2021 Virginia CFO Awards nominations open
NOMINATIONS ARE NOW OPEN FOR THE 2021 VIRGINIA CFO AWARDS! Each year, Virginia Business presents awards to chief financial executives in four categories: Small companies (fewer than 100 employees) Large companies (more than 100 employees) Small nonprofit/foundation (fewer than 100 employees) Large nonprofit/foundation (more t[...]
Rockingham County gets a little sweeter
Smiley’s Ice Cream will invest more than $1.15 million to build a new ice cream manufacturing facility and retail store in Rockingham County, creating eight jobs, Gov. Ralph Northam announced Friday. The homemade-style ice cream producer will source an additional 18,000 gallons of Virginia-produced dairy and 2,500 pounds of Virginia-grown fruits during the next three […]
Delegate tries again to advance paid sick leave bill
RICHMOND,Va. — A Virginia House of Delegates committee advanced a measure into appropriations that would provide some essential workers with paid sick leave. House Bill 2137, introduced by Del. Elizabeth Guzman, D-Woodbridge, reported out of the House Labor and Commerce committee Thursday in a 13-8 vote along party lines. This is Guzman’s latest effort to […]
York County shopping center sells for $2.9M
A shopping center in York County sold for $2.9 million, Cushman & Wakefield | Thalhimer announced Tuesday. The 39,000-square-foot Town & Country Shopping Center is located at 465-469 and 473 Merrimac Trail and is fully leased to tenants including NAPA Auto, Family Dollar, Davita Dialysis, Eastside Church, The Wash Hous[...]
