Friendly's closed over 60 restaurants and eliminated 1,200 jobs on Tuesday and decided to file for Chapter 11 bankruptcy. The chain closed 30 Massachusetts locations. [WCVB] Remember to follow Bostonist on Twitter and like us on Facebook.
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Results tagged “business”
We thought Localocracy was a good idea when we saw it. Now we know why. If you recall, Localocracy billed it as "an online forum for residents and decision makers to weigh in on issues facing their community." Arianna Huffington, cofounder of Huffington Post and president of Huffington Post Media Group, noticed it, too. The company bought Localocracy, a four-person Boston start-up, for less than $1 million to be part of a team to foster participation in local government and communities through Huffington Post and the Patch.
Friendly's will reportedly file for Chapter 11 bankruptcy protection as soon as next week. The Wilbraham chain may seek to be sold at an auction. Sun Capital Partners Inc., of Boca Raton, Fla. bought Friendly’s for $337.2 million in 2007. [Boston Globe] Remember to follow Bostonist on Twitter and like us on Facebook.
According to a Boston Business Journal poll, 84% of Massachusetts residents say we're in a recession. Thirty percent of the readers of the Journal said we're in a "severe" recession. [Boston Business Journal] Remember to follow Bostonist on Twitter and like us on Facebook.
As the sports talk radio war continues between WEEI and 98.5 Sports Hub, Comcast SportsNet will simulcast the top-rated afternoon show hosted by Mike Felger and Tony Massarotti. The simulcast will begin once the show's new studio is finished. WEEI recently began an FM simulcast on WMKK to counter SportsHub's ratings lead. [Boston Herald] Remember to follow Bostonist on Twitter and like us on Facebook.
Dunkin' Donuts is saying yes to banks and no to California. Yes, Citizens Bank customers in Cambridge can now conduct all banking business at a new, full-service branch inside a city Dunkin’ Donuts shop. The Citizens branch is at 808 Memorial Drive in Cambridge. A similar coffee/banking combo in Bellingham.
Boylston Street was ranked as the eighth-most expensive office address in the country at $52.65 per square foot. Silicon Valley's Sand Hill Road in Menlo Park, California leads the list, by a lot, at $114 per square foot. [Boston Globe] Remember to follow Bostonist on Twitter and like us on Facebook.
The Patriots recently showed off the team's new Putnam Club premium seating club at Gillette Stadium. Club seats feature a great view of the games, extra space for sating, and a full bar and menu. [Foxboro Patch] Remember to follow Bostonist on Twitter and like us on Facebook.
Massachusetts insurers reported increased profits in the second quarter of 2011 after health care providers lowered reimbursement prices. Blue Cross and Blue Shield made $56.5 million in the second quarter of 201 after losing $14.3 million in the second quarter of 2010. [Boston Business Journal] Remember to follow Bostonist on Twitter and like us on Facebook.
Governor Deval Patrick signed rhe two-day sales tax holiday into law. The bill suspends the 6.25% state sales tax on August 13 and 14. [Boston Herald] Remember to follow Bostonist on Twitter and like us on Facebook.
Jim Koch, founder of Boston Beer, presented $3,500 in microloans to Lulu’s Sweet Shoppe and Boston Pretzel Bakery as part of the Samuel Adams Brewing the American Dream philanthropic program. Koch has loaned $500,000 since 2008 to create or save 589 jobs in the food, beverage, and hospitality industry. [Boston Globe] Remember to follow Bostonist on Twitter and like us on Facebook.
Businesses in Foxboro, either in Patriot Place or near Gillette Stadium, are among the happiest people regarding the conclusion of the NFL lockout. Football is good for business. "When training camp starts we’ll see a 20 percent increase,” said Grasi Souza, manager of the Dunkin’ Donuts at Patriot Place. [Boston Globe] Remember to follow Bostonist on Twitter and like us on Facebook.
Boston ranked seventh among the top 100 city areas in the country for alternative energy jobs. Massachusetts has over 5,000 such jobs, a total that has grown by 6.4% since 2003. [Boston Globe] Remember to follow Bostonist on Twitter and like us on Facebook.
Attention Stop & Shop shoppers! You can now use your iPhones at Stop & Shop stores at 65 Newport Ave., Quincy; 300 Grove St., Braintree; and 129 Samoset St., Plymouth to scan your groceries. There's an app called Scan It! Mobile that was developed by Modiv Media of Quincy that Stop & Shop will evaluate for 18 months at those three stores. [Boston Globe] Remember to follow Bostonist on Twitter and like us on Facebook.
BJ’s Wholesale Club Inc., of Westborough will be sold to Leonard Green & Partners LP and CVC Capital Partners, both private equity firms, for $2.8 billion in cash. Rumors on BJ's sale have been floating around since November. BJ’s has 190 warehouse clubs in 15 states and the sale could allow them to expand beyond the Northeast and Southeast. [Boston Globe]
City officials and community activists are concerned about a lack of jobs for teenagers this summer. John Drew of Action for Boston Community Development described the shortage as "dangerous" for the city and kids. "These kids could really be thriving if they had an opportunity to get to work," he said.
The proposed sale of the Faneuil Hall Marketplace lease held by General Growth Properties to Ashkenazy Acquisition Corp. is apparently off for now. The Boston Redevelopment Authority rejected the deal because, according to new BRA boss Peter Meade, General Growth didn't provide enough information on Ashkenazy's "financial reserves" and other projects. General Growth also didn't let Ashkenazy meet with the Faneuil Hall Merchant's Association. The General Growth lease runs until 2074. [Boston Business Journal Remember to follow Bostonist on Twitter and like us on Facebook.
The Greater Boston Convention & Visitors Bureau estimates each Stanley Cup game in Boston will generate $5 million for the city's economy. Revenue from bars, restaurants, hotels, and apparel and memorabilia will spike. Donations to tornado victims can be dropped off at Old Navy shops in Framingham, Boston, Milbury, and Sturbridge until tomorrow. Remember to follow Bostonist on Twitter and like us on Facebook.
Massachusetts activated a consumer hotline number, 617-521-7777, to facilitate claims to insurance companies in the wake of Wednesday's devastating tornadoes in the western and central part of the state. [WCVB] Remember to follow Bostonist on Twitter and like us on Facebook.
The Boston Business Journal ranks Boston's richest athletes. Kevin Garnett leads the way with an $18.8 million salary in 2010-2011. Red Sox Josh Beckett ($17 million), John Lackey ($16 million), Carl Crawford ($14.9 million), and J.D. Drew ($14 million) round out the top five. The Bruins, you know the team playing for a title, pay Zdeno Chara $7.5 million and that makes him #14. Remember to follow Bostonist on Twitter and like us on Facebook.
Mayor Tom Menino and HUD Secretary Shaun Donovan announced a project labor agreement to create jobs for unions, residents of public housing, and small businesses. The jobs are part of a $63 million Boston Housing Authority project. [CityBizList.com] Remember to follow Bostonist on Twitter and like us on Facebook.
Questions exist about the company, Ashkenazy Acquisition Corp., poised to purchase the lease to operate Faneuil Hall Marketplace. General Growth Properties of Chicago currently operates three buildings and recently reached a $140 million agreement to sell that lease to Ashkenazy.
Small businesses in the Northeast use social media, such as Facebook and Twitter, at a lower rate than other regions. Nationally, 73% of companies use social media tools. In the Northeast, it's 68%. A survey done by Waltham's Constant Contact found local businesses think it "takes too much time" or it's "too difficult" to use. Remember to follow Bostonist on Twitter and like us on Facebook.
The Commonwealth Corp., part of the Executive Office of Labor and Workforce Development, is launching a "YouthWorks" website designed to connect teens with summer jobs. Employers can list jobs at www.massyouthemployment.org. Remember to follow Bostonist on Twitter and like us on Facebook.
Ashkenazy Acquisition Corp. of Manhattan is expected to purchase the lease to Faneuil Hall Marketplace for a $130 million. According to Zillow.com, almost 17% of Greater Boston homeowners owe more on their mortgages than their homes are worth. That's an 11.7% increase from 2010. Remember to follow Bostonist on Twitter and like us on Facebook.
The MWRA plans to borrow $150 million to pay for capital improvements and retire existing debts. Boston start-up ItsMyURLs.com allows people to store links to all of their own social media sites in one place. Remember to follow Bostonist on Twitter and like us on Facebook.
Tom Brady sold his New York condo for $17.5 million in March despite not ever living in it. He bought it for $14 million. Green Mountain Coffee founder Bob Stiller bought it. Remember to follow Bostonist on Twitter and like us on Facebook.
For the third time in six years, Logan Airport won the Balchen/Post Award for large commercial airport snow and ice control. Mansfield Municipal Airport won for small general aviation. Web domains Boston.net and Massachusetts.com are both up for auction. Remember to follow Bostonist on Twitter and like us on Facebook.
Boston's Cabot Corporation plans to donate $500K to Japan for tsunami and earthquake relief efforts. The donation will come from the Cabot Corporation Foundation. Cabot has offices and plants throughout Japan. A new Jordan's Furniture will open at the Warwick Mall next year. It's the chain's fifth store and will feature an IMAX 3-D Theater. Remember to follow Bostonist on Twitter and like us on Facebook.
Attention Yogurt Lovers! Get to the new Pinkberry at the Prudential Center by 7 p.m. for your free sample. It's the grand opening of the chain's newest Bay State location. Pinkberry is also located in Hingham, Harvard Square, and on Newbury Street. On Friday, Pinkberry will use the Penelope Pru duck boat to give away more yogurt in front of Mandarin Oriental. It begins at 2 p.m. and runs from 30-60 minutes. [Globe]