Some Minnesota companies that were forced to close their East Coast locations as Hurricane Sandy hit the coast Monday reopened stores on Tuesday; meanwhile, U.S. stock markets remain closed but are expected to reopen Wednesday.
Industry
According to an annual survey by Deloitte, local consumers plan to boost their spending on gifts by about 3 percent but decrease their overall holiday budgets by the same percentage; the majority of Twin Citians also expect the economy to improve in 2013.
Bibelot and Patina are
the fraternal twins of
local gift boutiques.
Residential real estate brokerage firm HomeServices of America has formed a new joint company that will launch a real estate brand called Berkshire Hathaway HomeServices and more than quadruple its network of brokers from about 16,000 to more than 69,000.
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Residential real estate brokerage firm HomeServices of America has formed a new joint company that will launch a real estate brand called Berkshire Hathaway HomeServices and more than quadruple its network of brokers from about 16,000 to more than 69,000.
In early 2013, Sebesta Blomberg plans to move its headquarters from Roseville to St. Paul; Hawkins, Inc., will then relocate its corporate office from Minneapolis to the Roseville space.
Wells Fargo said that it will consolidate three suburban locations over the next three years and shift about 1,000 workers to the Metropoint complex in St. Louis Park, where it just signed a long-term lease.
The legendary radio personality starts a podcast—a business venture
he contends is designed to pave his path out of radio.
LuAnn Via, who has overseen retail brands including Payless ShoeSource, Lane Bryant, and Cacique, will attempt to return Christopher & Banks to profitability.
Mark Phillips, who became DEED commissioner in January 2011, said he was “a good fit for a good part of the DEED work” but didn’t enjoy the administrative part of his role; he plans to retire in about five years and wanted to end his career in the private sector.
3M, Tennant, and Donaldson recently lowered their earnings outlooks, citing current economic conditions.
The medical device giant said that the letter contained “11 observations” about its manufacturing plant in Sylmar, California; St. Jude vowed to respond to the FDA by November 7 and said it “has initiated efforts and redirected resources to address the FDA’s observations.”
Kraft plans to move its Velveeta line of products and another production line out of New Ulm but boost production of processed cheese at that plant; the shifts will eliminate roughly 80 full-time equivalent hourly positions and 10 salaried positions next year.
In an attempt to become more nimble, Best Buy has opted to eliminate a layer of top management in its U.S. operations as the company continues to face declining sales.
Taylor-Wharton International, which has more than $200 million in annual revenue, is moving its corporate headquarters to Minnetonka and will relocate up to 30 jobs, with plans to hire new employees in the Twin Cities.
A U.S. Senate Finance Committee report based on thousands of documents from Medtronic adds to the controversy surrounding the company’s bone-growth product Infuse, but Medtronic said that it “vigorously disagrees” with the committee’s claims.
Studio/E helps professionals think afresh in a time when the old approaches to success don’t work as well as they used to.
Amid dismal quarterly earnings, Imation also said that it will explore “strategic alternatives” for its consumer electronics brands and businesses as it increases its focus on data storage and security; an analyst said that although Imation has “the resources to be successful,” he doesn’t see such businesses as highly attractive to potential buyers.
DiaMedica, which is developing drugs to treat diabetes, chose to move to the Twin Cities because of the area's strong life sciences sector, among other benefits.
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