Business stories in Memphis

The former Belmont Grill building has been purchased by Jeff Dawson of Nacks Properties LLC for $325,000. The sale marks a new chapter for the property located at 4970 Poplar Ave.

MAGCOR, a nonprofit focused on workforce and reentry programs, has reported over $5 million in losses over the past two years. A recent audit revealed issues with financial controls and a case of embezzlement involving a former CEO.

FedEx has reclassified numerous ZIP codes in the Mid-South, resulting in higher delivery surcharges for rural areas. The changes reflect the company's response to intensifying competition in the parcel delivery market.

5C Data Centers has purchased the former Fred's Inc. headquarters in Memphis for $25 million to develop an AI data center. The project is expected to create over 250 jobs and involve an investment of more than $500 million by 2025.

In a recent piece, cartoonist Marshall Ramsey explores the concept of liquid assets and their implications for individuals and the economy. His insights highlight the importance of understanding financial resources in today's economic climate.

The U.S. Postal Service is hosting a job fair in Memphis to recruit for various positions including Mail Handler Assistants and City Carrier Assistants. The event is scheduled for Monday, September 14, from 10 a.m.

Immigrant-owned businesses in Minneapolis are facing ongoing challenges in the wake of federal immigration crackdowns. Despite some improvements, many owners report significantly reduced customer traffic and financial strain.

New tariffs on imported drones, announced by President Trump, could affect the adoption of drone technology in U.S. agriculture. While larger farms are increasingly using drones for efficiency, small farms lag behind, raising concerns about the economic implications of these tariffs.

Donut Mane has opened in the former location of Qahwa Coffee Bar, which closed after nearly 13 years. Additionally, a new Little Petals Chinese restaurant is set to open in Raleigh, and Dutch Bros Coffee is considering a location in Cordova.

Mayo Clinic Laboratories is set to invest over $30 million to establish operations in Southaven, Mississippi, creating 234 new jobs. The decision was influenced by the location's advantages and the swift setup of equipment.

Ciao Bella Italian Grill and Bar is featuring a $15 deal on their capellini Toscana, which includes a mix of fresh ingredients like Roma tomatoes and roasted red peppers. This promotion highlights the restaurant's unique offerings in the Memphis dining scene.

Advance Financial, a Nashville-based payday lender, has closed more than 40 storefronts as part of a restructuring effort. The company cites a shift to online business by customers during the COVID-19 pandemic as a key reason for the closures.

Dan and Lane Causgrove are bringing a taste of France to Collierville with their new restaurant, Terra Tara, opening in February. The couple aims to create an intimate dining experience in the renovated space of the former Raven & Lily restaurant.

BP2 GP has purchased the fully leased Sycamore View Plaza shopping center in Memphis for $3.3 million. This acquisition highlights the ongoing trend of local investment in fully leased properties.

Wahlburgers has reclaimed management of its location at the Memphis Pyramid, overseeing dining operations including breakfast and banquets. The restaurant, which never closed, is now fully under the Wahlburgers brand.

A new thrift store, Mega Thrift, is preparing to open in south Jackson, filling the gap left by the recent closure of Family Dollar. With affordable pricing and a focus on community engagement, the store aims to provide essential goods to local residents.

Montecito Medical Real Estate has acquired a 52,496-square-foot medical office building in Memphis for $22 million. This marks the company's second local investment, emphasizing its focus on medical and veterinary office spaces.

A Memphis firm has received an industry honor from the Urban Land Institute. Additionally, Baptist Memorial Health Care has announced leadership changes, while a bank and a law firm have added new employees.

Hive, a popular local eatery, has opened its second location in East Memphis, attracting crowds with its fresh pastries and bagels. Owner Josh Steiner highlights the excitement of the community for this new dining option.

Mark Wahlberg visited Memphis to celebrate the grand relaunch of Wahlburgers Wild and a new partnership with Bass Pro Shops at the Pyramid. The restaurant is part of a larger chain owned by Wahlberg and his brothers.

President Trump's trade war with Canada intensifies as new tariffs on U.S. exports take effect, impacting key industries in contested states. Canadian retaliatory tariffs could affect $170 million worth of goods from Maine alone.

Interior designers Cameron Howell and Greg Baudoin are opening Studio Racine, a design-focused showroom in Memphis. The 7,350-square-foot space aims to serve as a resource center for the city's design community.

Recent data indicates an unexpected increase in trucking, transportation, and warehousing jobs in Memphis. Experts suggest that despite challenges in the labor force, the trend is positive for the local economy.

A new study reveals that over one-third of U.S. workers are considered 'disposable,' lacking job security and career prospects. This trend affects nearly 57 million workers across various sectors.

Louisiana has attracted SpaceX to build its largest launch facility in Vermilion Parish by offering a historic tax incentive package worth $27.5 billion. The deal includes a 25-year property tax exemption and significant sales tax rebates, raising questions about the necessity of such extensive incentives.

Simmons Bank has announced the closure of 26 branches, including two in the greater Memphis area, affecting around 100 employees. The closures are set to take place by December 4.

In-N-Out Burger is exploring the possibility of opening its second location in Memphis. Meanwhile, FedEx has fired a C-suite executive due to a conduct violation, and state troopers assisted in a recent ICE raid.

FedEx Freight has terminated Michael B. Lyons, its Executive Vice President, following a violation of conduct standards. An internal investigation concluded that Lyons no longer met the company's employment criteria.

FedEx Freight has terminated Executive Vice President Michael B. Lyons due to a violation of the company's Code of Conduct. Details surrounding the violation have not been disclosed.

West Memphis Utilities has issued a statement to clarify concerns regarding a perceived increase in utility bills linked to the Google data center. The utility provider emphasized that Google is responsible for the necessary infrastructure costs.