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Standard General plans to buy out 1,723 of RadioShack’s stores, and plans to run them in a co-branded venture with Sprint.
The offer for remaining stores from Standard General is $145.5 million, while RadioShack’s debts total more than $500 million. To cover the rest of those debts, they’ll have to sell other assets at auction, including remaining leases and inventory, corporate facilities, and anything else that the former Radio Shack management has sitting around. The estimate is lower than the original “We’ve gone from selling a Bentley to selling a Ford to selling a used Vespa,” a lawyer for one of the lenders said of the bankruptcy auction.
The auction takes place at noon on Monday. Other bidders who might bid for pieces of the company intend to sell off everything and shut down the RadioShack business entirely instead of trying to run a smaller chain of electronics stores.
Standard General is using the money that RadioShack owes it as a form of currency in the bankruptcy auction, something that junior (unsecured) creditors in the bankruptcy auction find problematic. Junior creditors have been questioning Standard General’s actions in the runup to declaring bankruptcy.
Standard General Says Its Bid Is RadioShack’s Sole Hope of Survival [Wall Street Journal]
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The original Taco Bell opened in 1962 in Downey, CA. It now stands empty and local preservationists hope to save it.
There is already a relatively new, fully functional Taco Bell down the street from the currently vacant structure at 7112 Firestone Blvd. in Downey, where company founder Glenn Bell first opened the doors in 1962. And the land it sits on is likely too valuable to justify just keeping it as a bit of fast food history.
So, According to ABC News, Taco Bell has hired a local non-profit group, We Are the Next, to conduct a feasibility study for relocating the building.
“I don’t think there’s any question whether or not the building physically can be moved; it’s a very simple process,” explains WATN’s Katie Rispoli, adding that it’s more about figuring out the regulatory requirements involved. “[W]ould we be working with the city of Downey, would we have time to buy land before the building faces demolition, if we do buy land, is it going to be in Downey or somewhere near Downey? So we have a lot of factors we’re considering right now.”
A rep for Taco Bell tells ABC that the restored building could ultimately serve any number of purposes.
“Whether it’s used for another Taco Bell or as a museum or as community space we don’t know,” says the rep. “That’s the fun conversation we get to brainstorm about now. That’s the next question.”
Downey is home to another destination for fast food historians. The oldest existing McDonald’s (which is actually the third one ever built) is only a short drive across town.
The 51-year-old man is accused of snapping photos of his nether regions on his cell phone and then showing them to employees at several area Meijer stores, reports MLive.com.
Police say he showed his nudie pics to an employee in the photo department of one store near the end of January, and then two days later allegedly pulled out his phone while talking to a female worker in the electronics department and displayed photos of his exposed privates.
He was identified through video surveillance at the stores, and police say he then confessed to his show-and-tell sessions. Police say he admitted knowing that sharing such photos with unsuspecting people is wrong, but that he liked to see their reactions.
“Yeah, it cheers me up when I’m feeling down,” an affidavit quotes him as saying.
Due to a history of criminal sexual conduct spanning back to 1986, he’s being charged as a sexually delinquent person, which means he can be detained until a judge says he’s no longer a threat to anyone.
Man tells police showing pictures of his penis to Meijer employees ‘Cheers me up’ [MLive.com]
“In late 2013, Trader Joe’s expressed significant interest in establishing a new location at Woodfield Village Green, but, due to the high occupancy level, the shopping center did not have the obvious space required to accommodate the specialty grocer’s footprint,” the mall owner explains on its page about the project. Infrequent visitors to the mall may have wondered how a pond sprouted a specialty grocery store. Thanks to this six-month time lapse video, you can watch exactly what happened during every day of this construction project.
Here’s a quick summary: they built a water retention system that would go underground, then filled in the ex-pond with rocks and gravel, then built a store on top of it.
The video does play audio, but it’s just relatively bland music and not relevant to the actual construction.
Trader Joe's Construction | Woodfield Village Green | DDR Corp. from DDR on Vimeo.
Creative Expansion Brings Trader Joe’s to Chicago Market [DDR] (via Chain Store Age)
MarketWatch sorted through 477,358 company entries on AngelList, which is a platform with startup profiles and investing opportunities. Analysts looked at the companies’ descriptions or high-concept pitches, searching for specific uses of company comparisons.
The most popular belle at the startup ball is Airbnb, which was referenced 270 times, followed by Uber at 220 mentions and LinkedIn nudged out Facebook at 180 name drops.
Airbnb is used often to bring the idea of a sharing economy to mind, while Uber is the chosen company for indicating on-demand service. LinkedIn, in somewhat of a surprise, was the popular choice for social networking site comparisons.
“It is more powerful and much more needed today to spread the message of who you are and what you do,” said one investment expert, who says using the popular comparisons has become more prevalent for startups as new businesses try to capitalize on the success of known businesses.
On the other hand, investors could be experiencing brand overload after hearing these same names thrown out again and again, much like many consumers. And often, using a name everyone else is throwing out there to stand out can also lead to a company coming off as the opposite, instead of new and groundbreaking in its own right.
“It’s no longer quite so inspiring,” said a partner at another investment firm, especially when startups use the names to designate themselves as “preordained winners.”
We analyzed 477,358 startup pitches, and this is the shockingly unoriginal secret formula [MarketWatch]
A December outbreak of listeriosis linked to several kinds of prepackaged caramel apples may be over, but regulators say they now know it was the apple, not the caramel that led to the death of seven people and the sickening of 35 others.
Food Safety News reports that the Centers for Disease Control and Prevention found that at least three people who had only eaten whole or sliced green apples became sick as part of the outbreak.
The new information seems to confirm that the listeria contamination originated at an apple processing plant for California-based Bidart Bros.
The company issued a recall of Granny Smith and Gala apples back in January after testing found a connection between the produce and two strains of Listeria monocytogenes responsible for the deadly listeria outbreak.
Prior to that testing, several caramel apple producers, including Happy Apple, California Snack Foods, and Merb’s Candies recalled products.
A possible contamination was first reported in December 2014, after five people died and at least 28 people in 10 state became infected with Listeriosis due to Listeria monocytogenes – a bacteria that can cause life-threatening illness.
At that time, the CDC warned all consumers to avoid eating prepackaged caramel apples, including plain caramel apples as well as those containing nuts, sprinkles, chocolate, or other toppings.
In all, the outbreak affected consumers ages 5 to 92 in all corners of the U.S. including Arizona, California, Minnesota, Missouri, New Mexico, North Carolina, Texas, Utah, Washington, and Wisconsin.
While the latest update on the CDC website states that the listeriosis outbreak is over, the agency continues to advise consumers to avoid eating Bidart Bros. apples.
Apples Were Apparently the Contaminated Ingredient in Those Caramel Apples [Food Safety News]
