polo board shorts Business News
Prim reported that he owned 12.9 percent of the company, or 2.49 million shares. The filing listed 67,078 shares as being shared in disposition and voting power.
Before the filing, the company listed Prim with a 10.2 percent stake.
Prim had owned 27.7 percent of Primo before it paid $60 million in cash and $45 million in stock on Nov. 17 to buy Culligan Store Solutions LLC, a unit of Culligan International Co. Culligan International is the largest publicly known shareholder at 13.5 percent.
Wells Fargo Co. reported Tuesday that it had bought 1.52 million shares or a 7.97 percent stake. An additional 6.7 percent or 1.27 million shares was bought by Wells Capital Management Inc. on behalf of its clients.
Mark Castaneda, the chief financial officer of Primo, said that the company would not “have full visibility of the largest shareholders” until after Feb. 15.
Polo Ralph Lauren Corp. has chosen High Point for an expansion that could create 400 jobs, one of the most significant economic development projects for the city in a decade, according to the High Point Enterprise.
Utility connections for a building at 4190 Eagle Hill Drive in north High Point have been taken out by the company. Building permits have been issued for the vacated former furniture facility covering 343,000 square feet in a business park.
The building is where city officials have indicated for months that Polo Ralph Lauren would set up a distribution and logistics operation if it picked High Point for the expansion. The company reportedly also has considered other sites in North Carolina and California.
A Polo Ralph Lauren spokesman said Thursday that the company doesn’t confirm reports about developments until they are finalized.
The company already employs 1,100 workers at two facilities and is a significant corporate contributor to charitable and educational causes in the city and Triad.
The High Point City Council has pledged up to $1 million in direct economic incentives and electric infrastructure improvements for the third facility.
Lowe’s Cos. Inc. announced several management changes Friday, including the decision by Larry Stone, its president and chief operating officer since 2006, to retire on June 2.
Stone’s retirement date would be his 42nd anniversary with the company. He has served in virtually every leadership position within store operations, merchandising and store environment.
The company said it does not plan to fill the president and chief operating officer position after Stone’s retirement. Robert Niblock, the company’s chairman and chief executive, and Stone will work together to ensure a smooth transition.
Lowe’s also announced that Bob Gfeller Jr. will take over as executive vice president of merchandising. He is replacing Charles “Nick” Canter, who will retire in March after 37 years.
Rick Damron will serve as executive vice president for store operations, while Doug Robinson will serve as senior vice president for customer support services and Richard Maltsbarger as senior vice president for strategy.
The companies are wrangling over how much Time Warner Cable Inc. will pay Sinclair for the rights to include Sinclair’s broadcast stations in Time Warner channel lineups. Their previous contract, which expired at the end of 2010,
has now been extended until Wednesday.
Sinclair has said that the two sides have an agreement in principle. And the company is no longer threatening to pull its channels, which include local affiliates of Fox, ABC and CBS.
In the Triad, Sinclair owns two stations WXLV Channel 45, an ABC affiliate, and WMYV Channel 48, a My Network affiliate.
A federal bankruptcy judge approved Thursday the request of the owner of Renegade Holdings Inc., Calvin Phelps, for new legal representation in the Chapter 11 bankruptcy case involving three Davie County tobacco manufacturers.
Phelps filed a request Jan. to replace Mitchell Culp PLLC, which he hired in August, as his counsel of record in the case.
He is now represented by attorney Gray Wilson and Wilson Helms Cartledge LLP of Winston Salem.
The program provides matching funds through its member financial institutions for down payment and closing costs of eligible first time homebuyers. The bank’s district includes Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and the District of Columbia.
Matching funds can be up to $7,500 for each household. Funds are provided to member institutions on a first come, first served basis, and potential homebuyers must request the funds from a participating member institution of the federal bank.
The funds are considered an acceptable source of down payment assistance by the Federal Housing Administration and can be used by borrowers to satisfy the 3.5 percent minimum cash investment required by the National Housing Act. Participants must complete a homebuyer counseling program that provides training on the home buying process.