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Conversations about businesses, money, and economic issues

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Ed Rendell Leads Effort to Buy Philadelphia Media Network

Business | iradiotom  by: iradiotom - Philadelphia, PA | February 04, 2012 9:47 am

Former Gov. Ed Rendell has assembled a group that has offered to buy the owner of The Inquirer, the Philadelphia Daily News, and Philly.com The group consists of corporate and political leaders including New Jersey businessman Lewis Katz; Comcast-Spectacor chairman Edward M. Snider; William P. Hankowsky, chief executive of Liberty Property Trust; George E. Norcross III, insurance executive, New...

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Pep Boys to be Sold for $1 Billion

Business | iradiotom  by: iradiotom - Philadelphia, PA | January 30, 2012 12:52 pm

Manny, Moe and Jack are getting new bosses. Pep Boys has agreed to be purchased by private investor, the Gores Group.

The Philadelphia-based auto parts and service retailer said the deal is for $15 per share, a 24 percent premium over Friday's closing price. The enterprise value of the deal is $1 billion, Pep Boys said.

According to a Gores Group spokesperson,...

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Sunoco Still Searching For Refinery Buyers

Business | iradiotom  by: iradiotom - Philadelphia, PA | January 21, 2012 11:03 am

The Sunoco refinery in Marcus Hook is closed and the refinery in Philadelphia will close by July if Sunoco can't find a buyer for it.

The Philadelphia Business Journal is reporting that there are several interested buyers.

ConocoPhillips has a refinery in Trainer that it has closed and is trying to sell.
On the Sunoco side, spokesman Thomas Golembeski said...

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Southwest Airlines to Upgrade Interiors

Business | iradiotom  by: iradiotom - Philadelphia, PA | January 21, 2012 10:46 am

Philadelphia's second busiest airline, Southwest, will give its aircraft interiors a cosmetic and environmental makeover.

The cabin updates include recyclable carpet, a brighter color-scheme and a more durable, eco-friendly, and comfortable low-profile seat that weighs less than the current seat. The new interior also boosts the number of seats onboard from 137 to 143 while...

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Gino's Burger Joints Poised to Make a Comeback in Philadelphia

Business | iradiotom  by: iradiotom - Philadelphia, PA | January 17, 2012 12:02 pm

Philadelphia lost the last of its Gino's Hamburger joints in 1982 when Marriott bought the company and replaced them with Roy Rogers restaurants. But now, Gino's is making a comeback, led by the original founder Gino Marchetti. A few Gino's are open already including King of Prussia, where 85 year old Gino Marchetti himself can be found working in the kitchen. Gino hopes to expand into...

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Yuengling is now the Largest American Brewery

Business | iradioal  by: iradioal - Philadelphia, PA | January 16, 2012 2:04 pm

D.G. Yuengling and Son, based in Pottsville, PA, has become the largest domestically owned brewery, passing Sam Adams maker Boston Beer. Last year, Yuengling's shipments rose 16.9% to 2.5 million barrels, where Boston Beer only rose 8% to 2.4 million barrels.

What about the #1 beer in the USA, Bud Light? Well that's made by Anheuser-Busch, which is owned by Belgium based...

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16 Philadelphia Genaurdi's Supermarkets Sold

Business | iradiotom  by: iradiotom - Philadelphia, PA | January 05, 2012 2:13 pm

Giant Foods announced it will pay $106 million for 16 Genuardi's stores in the Philadelphia market. Three other Genuardi's stores will be closed and eight Genuardi's locations are still for sale, parent Safeway Inc. said separately, and the Genuardi's name is apparently on its way out.

The Philadelphia Business Journal reports that the 16 stores being acquired by Giant will bear...

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A Chance Remains to Save Philadelphia Refinery Jobs

Business | iradiotom  by: iradiotom - Philadelphia, PA | December 22, 2011 3:03 pm

There is still a chance that buyers will be found for the Philadelphia-area refineries that have closed or are being closed by Sunoco and ConocoPhillips, the Philadelphia Inquirer reports.

"Sunoco Inc. [NYSE:SUN] and ConocoPhillips [NYSE: ] are shopping their Delaware River refineries to a small group of potential buyers who might keep them open, saving about a thousand threatened...

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Philadelphia Franklin Mills Mall Gets a JC Penney Again

Business | iradiotom  by: iradiotom - Philadelphia, PA | December 22, 2011 2:59 pm

J.C. Penney will be returning to the Franklin Mills mall in Philadelphia as a full-line store.

According to the Philadelphia Business Journal, the retailer had planned to close 19 outlet stores, including its Franklin Mills location.

In March, it will open a 100,000-square-foot store in the same space, a mall spokesperson said. It will have an updated design and an...

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Citizen Bank Branches Closing and Laying Off

Business | iradiotom  by: iradiotom - Philadelphia, PA | December 19, 2011 11:00 am

Citizens Bank's plans to close nine Philadelphia-area branches and lay off 250 employees has been detailed in a recent filing.

Citizens said it would be consolidating a Broomall location in the Acme Supermarket at 1991 Sproul Road into a branch in the Lawrence Park Shopping Center. It will also be consolidating its Flourtown site from 1461 Bethlehem Pike into a Bethlehem Pike and...

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