May 12, 20205 yr Columbus Collaboratory rebrands, lands more business outside Ohio Columbus Collaboratory LLC has rebranded as Covail as it takes its cybersecurity and business optimization software to more clients outside its original investor circle of seven Central Ohio titans. Columbus Collaboratory is selling outside of its original investor-clients – but prospects keep asking, is that a nonprofit? Do you only do business in Columbus? That's why it's changing its name. Now with 20 clients outside of its original seven investors, Columbus Collaboratory is rebranding with a non-geographic name that's more about its mission to secure and improve business processes. The company was incorporated in early 2014 with a $33 million, four-year budget from a $5 million Ohio Third Frontier grant and $4 million each from the seven owners: American Electric Power Company Inc., Battelle, Cardinal Health Inc., Huntington Bancshares Inc., L Brands Inc., Nationwide Mutual Insurance Co. and OhioHealth Corp. The corporations re-upped with a combined $14 million in 2018. Covail does not anticipate the need for additional outside capital, CEO Matt Wald said. It has grown to 38 employees, working remotely now instead of its Perry Street office on the Battelle campus. MORE: https://www.bizjournals.com/columbus/news/2020/05/07/columbus-collaboratory-rebrands-lands-more.html
May 12, 20205 yr Over in the Easton development thread, an interesting work-from-home discussion started. It really doesn't belong in a construction thread - so I copied it and posted it over in this general business thread for Columbus: 5 hours ago, DTCL11 said: Companies are already taking the WFH experiment and making them permanent. 4 hours ago, cbussoccer said: This should probably be in a different thread...but whatever. I think there will be a surge in WFH over the next year, but I don't think it will last. A WFH set up is definitely not for everyone, even though most people think it sounds nice. I think over the next five years we will slowly move to back to where we were before this whole situation started. We may never quite get back to where we started, but I think we will get close. FWIW - my impression about WFH is that it might work well for some home situations. But that for many others, they might learn that the best aspect of an office is that you aren't getting bothered or interrupted by your spouse, kids, pets or friends(!) Even those in the gig economy who worked-from-home before the coronavirus still sought a professional office environment in the booming co-working office space.
May 12, 20205 yr On 5/12/2020 at 5:42 PM, Columbo said: Columbus Collaboratory rebrands, lands more business outside Ohio Columbus Collaboratory LLC has rebranded as Covail as it takes its cybersecurity and business optimization software to more clients outside its original investor circle of seven Central Ohio titans. Columbus Collaboratory is selling outside of its original investor-clients – but prospects keep asking, is that a nonprofit? Do you only do business in Columbus? That's why it's changing its name. Now with 20 clients outside of its original seven investors, Columbus Collaboratory is rebranding with a non-geographic name that's more about its mission to secure and improve business processes. The company was incorporated in early 2014 with a $33 million, four-year budget from a $5 million Ohio Third Frontier grant and $4 million each from the seven owners: American Electric Power Company Inc., Battelle, Cardinal Health Inc., Huntington Bancshares Inc., L Brands Inc., Nationwide Mutual Insurance Co. and OhioHealth Corp. The corporations re-upped with a combined $14 million in 2018. Covail does not anticipate the need for additional outside capital, CEO Matt Wald said. It has grown to 38 employees, working remotely now instead of its Perry Street office on the Battelle campus. MORE: https://www.bizjournals.com/columbus/news/2020/05/07/columbus-collaboratory-rebrands-lands-more.html COV and AIL ? Really? I would not go with that name given what has been happening.
May 12, 20205 yr 4 minutes ago, Toddguy said: COV and AIL ? Really? I would not go with that name given what has been happening. Yeah. They probably came up with and trademarked that name pre-coronavirus(!) FWIW - the article said, "Covail, a registered trade name under the original entity, combines "collaborative" and "prevail."
May 13, 20205 yr 2 hours ago, Columbo said: FWIW - my impression about WFH is that it might work well for some home situations. But that for many others, they might learn that the best aspect of an office is that you aren't getting bothered or interrupted by your spouse, kids, pets or friends(!) Even those in the gig economy who worked-from-home before the coronavirus still sought a professional office environment in the booming co-working office space. I agree. Driving in to the office every day is definitely a drag, but there are also many downsides to WFH 100%. I would expect to see greater flexibility with WFH as opposed to companies shifting large numbers of employees to 100% WFH. Some people might only need to be in the office Tuesday through Thursday. Some people might have the flexibility to chose when they are in the office and when they are at home. Some people might have every Friday as a WFH. I just don’t think, when it comes down to it, companies are going to want most of their employees WFH 100% and I don’t think most people would want to WFH 100%. I don’t really mind WFH myself, but I’m already sick of Microsoft Teams meetings and it can be very difficult to get ahold of people or get things from people in a WFH setting whereas in the office you can just stop by their desk really quick and get it taken care of.
May 13, 20205 yr I agree, I think we'll see a hybrid model moving forward where you maybe WFH 2 or 3 days and are in the office 2 or 3 days a week. Maybe with a shared workspace, instead of a dedicated desk. I think this has given people a taste and proven to companies that they can work effectively remotely, so why not sell it as a benefit and reduce your office costs. It doesn't work great for everyone, but I haven't missed my commute (although I'm getting real sick of 5+ hours of Google Meet a day) I know anecdotely that both my wife and I's company's have sent survey's out asking for feedback on possible permanent WFH scenarios, I've heard the same from many friends. I think this will be one of the lingering structural changes that we see resulting from COVID-19. Probably hurts the commercial real-estate market, but could boost some of the smaller towns around the state that have cheap housing, but few jobs. Total side bar, I also hope that all this secures high-speed internet as an essential service and sees it classified as a utility.
May 13, 20205 yr Saw this NY Times article this morning that supports what I was thinking above. http://The New York Times: Manhattan Faces a Reckoning if Working From Home Becomes the Norm. https://www.nytimes.com/2020/05/12/nyregion/coronavirus-work-from-home.html One excerpt: David Kenny, the chief executive at Nielsen, said the company plans to convert its New York offices to team meeting spaces where workers gather maybe once or twice a week. “If you are coming and working at your desk, you certainly could do that from home,” Mr. Kenny said. “We have leases that are coming due, and it’s absolutely driving those kinds of decisions.’’ “I have done an about-face on this,” he added.
May 14, 20205 yr Les Wexner era comes to an end as L Brands founder steps down Les Wexner, the entrepreneur who built one of the world's most-successful retail companies and became Ohio's richest man in the process, has officially retired. The fashion industry mogul's six decades of leadership over what became L Brands Inc. came to an end Thursday with his retirement at the company's 2020 annual meeting. The transition comes at a tumultuous time for the retail giant. Wexner's retirement was supposed to coincide with the sale of its iconic Victoria's Secret lingerie business to Sycamore Partners LLC, but the New York private equity firm backed out of the deal amid the disruptions of the coronavirus pandemic. L Brands intends to go ahead with the plan to split its two principal brands, retaining Bath & Body Works as a public company while taking Victoria's Secret private. It said it will provide further details of the plan later this month – without Wexner at the helm. Wexner remains chairman emeritus, but Thursday's annual meeting marked the end of his tenure as the longest-serving Fortune 500 CEO in U.S. history. He's being replaced as CEO by Andrew Meslow and as chairman of the board by Sarah Nash. MORE: https://www.bizjournals.com/columbus/news/2020/05/14/the-les-wexner-era-comes-to-an-end.html
May 21, 20205 yr Victoria's Secret to close 250 stores as L Brands starts its big breakup Victoria's Secret will close 250 stores this year as L Brands Inc. prepares to break up its two capstone brands. The retailer's closures will take place over the course of the year across its North American footprint. It plans a "meaningful number" of store closures in 2021 and likely beyond as well, interim Victoria's Secret CEO Stuart Burgdoerfer said in a call with analysts Thursday. ... The closures will wipe 22% of the company's 1,091 stores and 1.26 million square feet of real estate off its balance sheet. In the first quarter, net sales dropped 37% for L Brands as the Covid-19 pandemic closed almost all of its stores in March. But Bath & Body Works saw comparable sales surge 20% to $713 million on the back of strong soap and sanitizer sales, while Victoria's Secret plunged 15% to $822 million. Although the company isn't immediately looking for a different buyer for Victoria's Secret, spinning it out is still on the agenda as well. In fact, the pandemic has encouraged the company to adopt an accelerated approach to separating the company, with much of that work set to take place over the next quarter. The companies share some vendors and transportation arrangements but have separate warehouses and many of their goods originate from different suppliers. Other things like technology will be slowly split over two or three years. Importantly, the two brands' e-commerce operations are separate, which will allow Victoria's Secret to focus on its digital platform. ... Burgdoerfer said he sees the lingerie retailer long-term as a $5.5 to $6 billion-a-year private company, albeit one with a much more robust online component and lighter on the physical store spread. MORE: https://www.bizjournals.com/columbus/news/2020/05/21/victorias-secret-to-close-250-stores.html
May 27, 20205 yr Bath & Body Works says soap and sanitizer sales could triple in the Covid-19 era Bath & Body Works saw so much demand for soap and sanitizer as the Covid-19 pandemic hit that it was routinely out of stock several days a week. The company sold about $100 million in soaps and sanitizers last year, and it expects that business could double or even triple in the coronavirus pandemic, said Andrew Meslow, CEO of parent L Brands Inc. ( . . . ) In the first quarter, net sales dropped 37% for L Brands as the Covid-19 pandemic closed almost all of its stores in March. But Bath & Body Works saw comparable sales surge 20% to $713 million on the back of strong soap and sanitizer sales, while Victoria’s Secret plunged 15% to $822 million. Online sales, which prioritized sanitizers and soaps, surged 85% in the quarter, and net sales of online products are up 60% in March and 150% in April. Soaps and sanitizers alone had an over 300% comp. ... A few dozen Bath & Body Works stores are open now with plans for most of them to be reopened by the end of July. L Brands is requiring masks on workers and has implemented a rigorous cleaning schedule, Meslow said. MORE: https://www.bizjournals.com/columbus/news/2020/05/22/bath-body-works-soap-and-sanitizer-biz-could-do.html
May 28, 20205 yr Donatos opens new locations as pizza sales stay steady amid pandemic Restaurant sales have been decimated by Covid-19, but pizza has proven to be a sturdy and reliable part of the business. Several chains have reported steady, if not growing sales, and stepped up hiring accordingly. Columbus-based Donatos Pizza has more than 160 restaurants in 10 states and is seeing a mix of performance. Some units are up, while some have struggled. An OSU location, for example, is typically one of the best performers in the chain - but with no students, its sales are off. Still, Donatos has opened two new locations in recent weeks. Viking Group Inc., a 25-year franchisee for the brand, opened a new Dayton unit on April 28, while Space Cowboys Restaurant Group LLC opened its second franchise in Kentucky this week. A third new Donatos will open next month in Jacksonville Beach, Florida - notable in that it’s a return to Florida for the brand which had restaurants in the Sunshine State years ago when it was part of McDonald’s Corp. Two other franchise groups in Florida are scheduled to open in the third quarter as well. MORE: https://www.bizjournals.com/columbus/news/2020/05/21/donatos-pizza-expands-as-sales-stay-steady.html
May 28, 20205 yr Crisis Management: Why Drive Capital's Mark Kvamme changed his mind about working from home Paradoxically, many technology companies have been historically wary of running their business in the cloud, connecting only through technology instead of face-to-face. Working from home was seen as a temporary or emergency fallback, say when a child was home sick. Then the coronavirus pandemic sent pretty much every office worker home, and entrepreneurs were pleasantly surprised to find out how effective that arrangement can be. "(Remote work) was never seen as a viable option on a regular basis," said Mark Kvamme, partner at Drive Capital LLC. "What this has shown us is, for us at least, is it’s a viable option." Now he and Chris Olsen, his partner in the venture capital firm they left Silicon Valley to start in Columbus seven years ago, are even re-thinking the need to travel for in-person meetings with every new investment. During this period, Drive came close to offering a term sheet after meeting only by video conference – it was the startup that backed out. In the latest episode of our Crisis Management podcast, Kvamme talks about this evolving conception of the workplace, the pandemic's varying effects on different companies in Drive's portfolio, and why he thinks Ohio can seize the opportunity in this economic crisis to build tomorrow's billion-dollar companies. MORE: https://www.bizjournals.com/columbus/news/2020/05/24/crisis-management-drive-capital.html
May 29, 20205 yr An update to Nationwide's employment situation - previously posted at https://forum.urbanohio.com/topic/488-columbus-general-business-amp-economic-news/page/20/?tab=comments#comment-958798 in this thread. Nationwide has had all of its employees working from home since the COVID-19 shutdown in March. Now as the rest of the economy starts to reopen, Nationwide is doing the same. Although many of its employees will transition to permanent WFH status, there will also be some overall workforce reductions - 570 of the 30,000 company-wide employees - with 100 located in Central Ohio: Nationwide announces furloughs and layoffs Citing a slowdown in business activities driven by the coronavirus pandemic, Nationwide is cutting 570 positions, some via temporary furloughs and others permanently. The company is making 250 permanent job cuts in its property and casualty claims, service and operations business. Affected jobs include 35 in Central Ohio. Another 320 property and casualty claims and operations employees will be furloughed June 8, including 65 in Central Ohio. The laid off employees will receive 60 days of paid notice, a severance package and outplacement assistance. Many will be eligible to apply for other jobs around the company, the company said. The furloughed employees will be asked to use the 20 days of paid pandemic time Nationwide has set aside for staff. Following that, they will be placed on an up to 90-day furlough. They'll still have access to benefits and be able to apply for unemployment at the time. Nationwide sent all 30,000 employees home in March and later announced plans to permanently shutter many of its smaller offices, upping its remote workforce substantially. The company has since begun to plan for a reopening of some offices, with the first phase, set to begin next week, involving volunteers in essential businesses. But the company says it's in no rush to bring people back. MORE: https://www.bizjournals.com/columbus/news/2020/05/28/nationwide-announces-570-furloughs-and-layoffs.html
June 1, 20205 yr Hundreds of Central Ohio business leaders sign on to support declaring racism a public health crisis Nearly 1,000 Central Ohio business leaders, ranging from neighborhood bakeries and bars to the CEO of the state's largest publicly traded company, have signed a letter supporting the declaration of racism as a public health crisis. Both Columbus Public Health and Columbus City Council were set to vote on making the declaration Monday. Franklin County Commissioners had done so in May, as did Columbus Mayor Andrew Ginther in his state of the city address. "Because racial prejudice is most harmful when it is held by people in positions of power, we believe it is incumbent on those of us in positions of some level of power to speak out," the businesses said in the letter. "We urge other Columbus business leaders to join us in acknowledging the scourge of racism and supporting our city's efforts to address its impact on public health." More below: https://www.bizjournals.com/columbus/news/2020/06/01/columbus-area-business-owners-support-declaring-ra.html "You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers
June 3, 20205 yr Wasn't exactly sure where to post this OSU news (its not really on-topic for the OSU construction thread) so we'll try it here: https://www.bizjournals.com/columbus/news/2020/06/03/ohio-state-trustees-announce-approve-new-president.html https://www.thisweeknews.com/news/20200603/new-york-state-university-chancellor-kristina-johnson-named-next-ohio-state-president In the midst of a global pandemic, Ohio State University leaders have chosen a new president: Kristina M. Johnson, who is leaving the top job leading the 64-campus State University of New York. Ohio State leaders introduced Johnson to the university community on Wednesday virtually, since the school is still under a state of emergency due to the coronavirus pandemic. Trustees also took a virtual vote to unanimously approve Johnson's appointment. Johnson will replace President Michael Drake, who announced his plans to retire last fall.
June 4, 20205 yr Naming a new president wasn't the only big announcement made in yesterday's OSU Board of Trustees meeting. They also announced that the Main Campus will re-open to students for the upcoming Autumn Semester that starts August 25: https://www.thisweeknews.com/news/20200603/ohio-state-to-reopen-campus-football-season-still-uncertain The Autumn Semester re-opening plan will include a combination of face coverings, physical distancing, hand hygiene, limited-density indoors, control of traffic flow into and around buildings, teleworking, as well as testing, symptom-tracking and contact-tracing. A teaching and learning approach that combines in-person and distance methods is also in the works. According to the announced plan, the first day of the new Autumn Semester would be August 25, and it would end December 4. The last day of in-person, on-campus instruction would take place November 25, the day before Thanksgiving. The week of final exams would be held December 7-11, and would take place through distance methods.
June 5, 20205 yr Two fully readable articles from Business First about Ohio State naming a new president and announcing the re-opening of the Columbus campus for the Autumn Semester: Ohio State trustees officially name new president Ohio State announces plan to return to on-campus learning this fall
June 10, 20205 yr Exclusive: Amazon adding another Central Ohio facility Amazon is planning another shipping operation in Licking County. The company confirmed it is intending to set up a delivery station at the new speculative warehouse under construction at 8591 Mink Street in Etna Township. That's is about a mile from the company's first major sortation center in Central Ohio at 11999 National Road SW. The project will create 85 new jobs and a payroll of $2.9 million, according to information from the state. The company hasn't immediately disclosed a planned opening date or investment total. Amazon's so-called delivery stations are smaller operations where customer order are prepared for last-mile delivery. These are typically smaller and provide a more support role for Amazon's shipping operation, as opposed to the larger sortation centers, such as the 11999 National Road SW site, which is over a million square feet and employs thousands at a time. Amazon's business in Central Ohio – which includes three sortation centers in Etna, Obetz and West Jefferson plus another last-mile center in Columbus – has been exploding since the outset of the Covid-19 pandemic. The Etna facility has about 2,500 workers now, officials said on a recent tour of the site. MORE: https://www.bizjournals.com/columbus/news/2020/06/09/exclusive-amazon-plans-another-facility-in-etna.html
July 7, 20204 yr https://www.thisweeknews.com/news/20200706/mark-wahlberg-adds-to-his-columbus-auto-operations-as-west-side-redevelopment-plans-continue Actor Mark Wahlberg is expanding his footprint in Columbus by adding another car dealership as well as an RV dealership. On Monday, Mark Wahlberg Buick GMC was unveiled along with Mark Wahlberg Airstream & RV. The dealerships were formerly Haydocy Buick GMC and Haydocy Airstream & RV. The West Broad Street dealerships are across the street from Mark Wahlberg Chevrolet, which Wahlberg and his business partner, Jay Feldman, bought in 2018.
July 7, 20204 yr Central Ohio might also be getting a fourth Mark Wahlberg dealership according to today's Dispatch: https://www.thisweeknews.com/business/20200707/wahlberg-in-talks-to-buy-maxton-chevrolet-for-fourth-area-dealership On the heels of acquiring two central Ohio auto dealerships, actor Mark Wahlberg is considering a fourth dealership in the area. Wahlberg, who owns three West Side dealerships, is in negotiations to purchase Jack Maxton Chevrolet, 700 E. Dublin Granville Road in Worthington. Wahlberg secured the name, Mark Wahlberg Chevrolet of Worthington, according to an Ohio Secretary of State filing. “Nothing has been approved officially so we aren’t releasing details yet,” said Colleen Robar, a spokeswoman with Robar PR, which represents Wahlberg and his business partner, Jay Feldman.
July 9, 20204 yr Former Ohio State President Michael V. Drake - who's six-year term leading OSU ended on July 1 - has been named to lead University of California system. It's one of the few academic systems bigger than Ohio State - with 10 UC campuses, five medical centers, three nationally affiliated labs, 280,000 students and 230,000 faculty and staff members. https://www.dispatch.com/news/20200707/former-ohio-state-president-michael-v-drake-to-lead-university-of-california-system
July 10, 20204 yr JPMorgan Chase pauses plan to bring Central Ohio employees back to the office Citing concern about the rising number of Coronavirus cases in Central Ohio, JPMorgan Chase is putting is return to the office on hold. The bank announced it is pausing its reopening plans for corporate offices in the region, including both the 2-million-square-foot McCoy Center near Polaris and the consumer banking office in downtown Columbus. The plan had been to return about half of its workers to the city between July 13 and Labor Day. The decision doesn't include individual branches, which have been operating under modified procedures that limit contact between customers and bank associates. The bank didn't indicate a clear timeline for when it intends to resume. Chase initially announced a "rotating" work-from-home schedule for its employees in mid-March, but then sent the majority of workers home when the pandemic intensified. The firm has 18,400 local employees, including more than 10,000 at McCoy Center, which is one of the largest single offices in Central Ohio. MORE: https://www.bizjournals.com/columbus/news/2020/07/08/chase-puts.html
September 14, 20204 yr I've got some other business articles to post for this thread - but I wanted to get this article posted before my allotment of free views at Architectural Record is used up. Moody Nolan, located in Columbus, is the largest black-owned architecture firm in the United States, and was featured in the most recent Architectural Record magazine about black-owned design firms. Below is an excerpt of that feature article: Paving the Way: Moody Nolan When Curtis (Curt) J. Moody, FAIA, opened his own office in his hometown, Columbus, Ohio, in 1982, he was fulfilling a long-held dream of establishing a minority-owned architecture firm. The following year, he teamed up with another black-owned business, the engineering firm Howard E. Nolan & Associates, to create Moody Nolan. Today, Moody Nolan is the largest black-owned architecture firm in the U.S., with 230 employees in 11 offices around the country. (It ranked 57th on Architectural Record’s 2020 list.) The office’s demographic mix is 40 percent female and 21 percent black (nationally, only 2 percent of licensed architects are African American). Its buildings, many of which employ a modern vocabulary with angular forms and an abundant use of daylight, are designed for a client base that includes civic, corporate, education, health-care, hospitality, residential, and sports and recreation sectors. In January of this year, Curt’s son Jonathan Moody, AIA, who joined the firm in 2011, was named its CEO; Curt became chairman of the board. Curt became interested in architecture as a teenager, but a school counselor told him he should become a draftsman, because there were no black architects. He got an athletic scholarship to play basketball at Ohio State and studied architecture and city planning there, graduating with a B.S. in 1973. He did not get a master’s degree, so he worked for local firms for nine years before taking the licensing exam and going out on his own. His mission was “to do projects the size of the firms I had worked for, as the lead firm, unlike most minority-owned firms,” which, he adds, “were criticized for being too dependent on government agencies. We developed a portfolio of private-sector projects.” Of course, Jonathan Moody grew up around architecture. He got his B.Arch. at Cornell in 2007, earned a master’s degree a year later from UCLA, and then spent three more years in Los Angeles, working at the Yazdani Studio of CannonDesign before joining Moody Nolan. “I let the group know early on that Jonathan would eventually replace me,” Curt says. “What I didn’t know is that we’d be able to work together, and work on the transition of leadership.” Jonathan notes that today “there are more people who understand the inequities” black architects have endured. “We’re in the conversation, as opposed to being talked about as if we were in the other room.” Still, he says, “how far to push is always an issue.” Curt bemoans the fact that the percentage of black architects is still where it was 50 years ago. “We’re seeing some increased level of diversity at the client level,” he adds, “but we have to consider whether a client will receive us in the professional way we want to be received. Our firm’s history helps.” MORE: https://www.architecturalrecord.com/articles/14782-paving-the-way-moody-nolan
September 22, 20204 yr Car insurance start-up Root hires Goldman Sachs to lead IPO - sources The company is aiming for a valuation of between $5 billion and $6 billion, the sources said. Root's stock market debut could come later this year or early in 2021 https://www.reuters.com/article/us-root-insurance-ipo-idUSKCN26C31H
October 28, 20204 yr Some summertime business news I've been meaning to post for a while. First some bad news from 7/24: Nationwide sends its workers back home as Covid-19 cases rise Nationwide is sending thousands of employees back home as Covid-19 cases continue to rise. The Fortune 100 giant says it has ordered employees in its Columbus and Des Moines offices to work from home, just weeks after beginning the transition process to bring them back into Nationwide offices. Nationwide has 14,000 employees in Central Ohio and 3,400 in Des Moines, among its 28,000 employees across the country. The news is another blow to businesses in Grandview Yard and the Arena District where Nationwide's two largest concentrations of employees are based. JPMorgan Chase also halted its plans to bring 10,000 people back to its offices in downtown and at Polaris. American Electric Power said it's also kept its 4,300 Columbus employees working from home where possible. State employees also are working from home, which emptied the city's urban districts of their largest blocks of workers. Nationwide began to move employees at its other two hubs in Scottsdale, Arizona and San Antonio, Texas from offices to home. The company recently announced that workers at its other offices –nearly 30% of its headcount – would work from home permanently. ... Nationwide said it will watch for data and listen to public health officials to determine when it can start bringing people back to offices again. MORE: https://www.bizjournals.com/columbus/news/2020/07/24/nationwide-sends-its-workers-back-home.html
October 28, 20204 yr From 7/28 L Brands to lay off 850 at home office L Brands Inc. will lay off 850 employees at its Columbus and New York corporate offices. The planned layoffs represent 15% of the Columbus-based company's home office headcount. The cuts follow a comprehensive review of the parent organization that oversees the soon-to-split Bath & Body Works and Victoria's Secret. ( . . . ) L Brands said earlier this year that it would move ahead with plans to take Victoria's Secret, the larger of its two brands, private, allowing the faster-growing Bath & Body Works to continue a standalone business. ... Most of the company's 2,897 Victoria's Secret and Bath & Body Works stores have reopened, and sales have exceeded expectations. Still, net sales are looking down close to 20% compared to last year – thanks to a 10% boost in Bath & Body Works sales and a 40% decrease in sales at Victoria's Secret. MORE: https://www.bizjournals.com/columbus/news/2020/07/28/l-brands-inc-to-lay-off-850-from-home-office.html
October 28, 20204 yr From 7/30: DSW parent eliminates more than 1,000 jobs, including 700 in stores Designer Brands, the Columbus-based parent of DSW, is laying off more than 1,000 workers. The move eliminates about 380 corporate office positions and 700 store jobs throughout the company. Designer Brands operates more than 500 DSW, or Designer Shoe Warehouse, stores among other brands. Of the 700 store positions eliminated, 100 workers lost their jobs and 550 will be given an opportunity to stay with the company in different jobs. Like other retailers, Designer Brands has been crushed by the coronavirus pandemic. The company’s sales plunged 45% in the three months that ended May 2. MORE: https://www.dispatch.com/story/business/2020/07/30/dsw-parent-eliminates-more-than-1000-jobs-including-700-in-stores/42156849/
October 28, 20204 yr On 9/22/2020 at 12:01 PM, TH3BUDDHA said: Car insurance start-up Root hires Goldman Sachs to lead IPO - sources The company is aiming for a valuation of between $5 billion and $6 billion, the sources said. Root's stock market debut could come later this year or early in 2021 https://www.reuters.com/article/us-root-insurance-ipo-idUSKCN26C31H Root had its IPO on Nasdaq today: Root stock IPO sells more shares at higher price than projected, startup to raise more than $1B Root Inc.'s IPO was priced above its target range and sold 2 million more shares than projected, solidifying its rank as the biggest offering in Ohio history. All told the Columbus startup could raise up to $1.2 billion through the shares on Nasdaq and a private placement. The higher-than-expected stock price values the 5-year-old company at $7 billion. The parent of Root Insurance Co. debuted under the ticker ROOT. The company announced after markets closed Tuesday it would offer 24.25 million shares at $27, raising $656 million. ... Separately, Root can raise up to $500 million in a private placement at the IPO price. Funds of Dragoneer Investment Group LLC and Silver Lake Technology Management LLC agreed to buy up to $250 million worth of shares apiece. MORE: https://www.bizjournals.com/columbus/news/2020/10/28/root-insurance-ipo-priced-above-expectations.html
October 28, 20204 yr Another perspective on today's Root IPO from the Columbus Short North VC firm that first invested in it: 'They want to be a part of it': Root's big IPO validates Drive Capital's Midwest thesis for fellow VCs In New York on Wednesday, Root Insurance Co. co-founders Alex Timm and Dan Manges gathered (masked) with fellow employees to ring the opening bell of the Nasdaq Stock Exchange for its IPO valuing the startup at about $7 billion. Back in Columbus, every screen in the Short North office of Drive Capital LLC was tuned to the live-stream. The venture capital firm was the digital insurer's first investor. "It was surreal. It was really kind of an emotional moment," said Chris Olsen, Drive co-founder and partner. ( . . . ) The largest public market debut in Ohio history, and the state's first IPO by a venture-backed technology company, is bound to attract more VC firms the size of Drive, more talented engineers and more entrepreneurs to Central Ohio, Olsen said. "We have a portfolio of 50 Midwest technology startups, all of whom are working to turn into the next Root," he said. "We’ve been telling the story for the last 8 years, how compelling it is to start a business in the Midwest. Root is a wonderful proof point of that." MORE: https://www.bizjournals.com/columbus/news/2020/10/28/drive-capital-root-ipo-to-attract-more-vc-to-ohio.html
December 1, 20204 yr On 10/28/2020 at 6:42 PM, Columbo said: 'They want to be a part of it': Root's big IPO validates Drive Capital's Midwest thesis for fellow VCs Another Drive Capital unicorn: Another Columbus unicorn: Hospital AI bot Olive raises $226M, now valued at $1.5B Olive AI Inc. has reached a valuation of $1.5 billion with a $225.5 million venture capital round to take its pandemic-fueled growth into overdrive, the Columbus company announced Tuesday. ... Olive, which has not disclosed valuation before, is the second Columbus "unicorn" valued at more than $1 billion in the portfolio of Drive Capital LLC. Root Inc., the digital insurer that incubated in the Columbus VC firm's Short North office, was valued at $1.65 billion last year and at $7 billion in its October IPO. Article: https://www.bizjournals.com/columbus/news/2020/12/01/olive-valued-15b-after-226m-round-for-ai-bot.html
December 7, 20204 yr IPO-trifecta for Columbus-based tech companies (Upstart is based in the Bay Area, but considers Columbus an "HQ2"): https://www.bizjournals.com/columbus/news/2020/12/03/root-insurance-bullish-on-2021-analysts-divided.html https://www.bizjournals.com/columbus/news/2020/12/01/olive-valued-15b-after-226m-round-for-ai-bot.html https://www.bizjournals.com/columbus/news/2020/12/07/silicon-valley-based-upstart-doubling-columbus-hq2.html
December 14, 20204 yr Huntington Bancshares to buy Detroit-based TCF National Bank in $6 billion stock deal Huntington Bancshares of Columbus is buying the Detroit-based parent of TCF National Bank in all-stock, $6 billion deal that will extend Huntington's footprint into new markets as far west as Colorado. The acquisition announced Sunday night will be the biggest in Huntington's 154-year-old history and nearly twice the size of Huntington's last big acquisition, the $3.4 billion purchase of Akron-based FirstMerit in 2016. With a market value of $13.1 billion, Huntington is more than twice the size of TCF, which had a market capitalization of $5.4 billion as of Friday. TCF Financial shareholders will get about three Huntington shares for each of their TCF shares, and will get about an 11% premium to the $34.78 closing price of their shares on Friday. ... The banks will maintain duel headquarters in Columbus and Detroit with commercial operations based in Detroit and consumer operations based in Columbus. The headquarters for the holding company created by the acquisition also will be in Columbus. More below: https://www.dispatch.com/story/business/2020/12/13/huntington-bancshares-buy-tcf-financial/6533057002/ Goin' old school! "You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers
December 14, 20204 yr ^This is big news. The article from the Dispatch has since been updated to include more information (as well as delete the incorrect use of the word "duel" 😑). The merger will put Huntington in a very close third place for largest bank based in Ohio with $168 billion in assets (5/3 is #2 with $170.5 Bil and Key is #1 with $180 Bil). As mentioned, the bank will have DUAL headquarters - the holding company and consumer operations will be in Columbus while the commercial operations will be based in Detroit. Reading the article from the freep, it looks like it's still a net win for Detroit, with Huntington now expected to take full occupancy of the 20-story TFC Tower presently under construction. Neither the Dispatch nor Free Press mentioned anything about anticipated job growth in Columbus as a result of the merger. While office workers likely still won't be coming back en masse for a while, it would be nice if they took another floor or two in their trademark skyscraper downtown.
December 15, 20204 yr I’m not sure you have the asset size correct for 5/3 and Key. I believe 5/3 is still larger than Key
December 15, 20204 yr 2 hours ago, preservationrestoration said: I’m not sure you have the asset size correct for 5/3 and Key. I believe 5/3 is still larger than Key I did the get asset sizes wrong, but per the article, Key is the largest Ohio-based bank: "The merger also would put Huntington in reach of its biggest in-state competitors, Cincinnati-based Fifth Third, with assets of $170.5 billion, and Cleveland-based KeyCorp, with $202 billion in assets."
December 15, 20204 yr I believe the article has the institutions reversed with fifth third bank having $202 billion and KeyBank having $170.5 billion. https://www.bankrate.com/banking/biggest-banks-in-america/ this source has fifth third listed as $202 billion and number 14. KeyBank is not mentioned at all. I believe this is using third quarter data
December 18, 20204 yr More about the Huntington/TCF merger from Business First: https://www.bizjournals.com/columbus/news/2020/12/14/huntington-bank-announces-merger.html https://www.bizjournals.com/columbus/news/2020/12/14/with-merger-huntington-targets-a-200b-bank-but.html https://www.bizjournals.com/columbus/news/2020/12/14/behind-the-deal-huntington-tcf-merger.html https://www.bizjournals.com/columbus/news/2020/12/16/naming-rights-go-with-huntington-tcf-merger.html
December 18, 20204 yr Amazon to create hundreds of jobs at new center near downtown Columbus Amazon has signed a lease for a new last-mile delivery center that will create hundreds of jobs near downtown Columbus. The company confirmed it will occupy the newly constructed 300,000-square-foot warehouse at 510 Sunbury Road, just off of I-670 and northeast of downtown, where some finishing construction work is now taking place. ( . . . ) Delivery centers are auxiliary facilities to Amazon's main distribution centers, and are typically located closer to large metro areas to allow for staging of packages before final delivery. They're usually smaller than the main distribution centers where packages are processed and prepared. Amazon's major shipping centers locally are in Etna, Obetz and West Jefferson, with a fourth proposed in New Albany. Between these and other delivery centers in the city, Amazon leases millions of square feet in Central Ohio across 10 buildings. MORE: https://www.bizjournals.com/columbus/news/2020/12/18/amazon-opening-sort-center-near-downtown.html
December 23, 20204 yr Catching up on some older business news: https://www.bizjournals.com/columbus/news/2020/07/27/five-columbus-area-companies-plan-275-new-jobs.html Seamless.ai -- An automated sales lead platform, founded in Columbus in 2015, currently with 11 Worthington employees and a remote workforce including a New York City office. It plans to add 75 in Central Ohio and it's hunting for a new location. Mix Talent LLC -- A 2-year-old recruiting and consulting firm for healthcare and biotechnology companies currently with 20 employees in Columbus. It plans to add 50 in Central Ohio and it's hunting for a new office. Two Labs LLC -- A pharmaceutical consulting firm founded in 2003 that plans to add 50 jobs to double its office in Liberty Township, currently home to 59 of its 160 overall employees. Husky Marketing and Supply Co. -- The sales, marketing and logistics division for the oil refineries of Canada-based Husky Energy plans to add 30 jobs to the 55 already at its Dublin office. Rosen USA -- A Texas energy infrastructure company plans to expand its Gahanna building and add 70 jobs to a staff of 41.
December 23, 20204 yr The Mark Wahlberg Auto Group is acquiring more Central Ohio dealerships: https://www.dispatch.com/story/business/automotive/2020/08/04/wahlberg-buys-maxton-chevrolet-his-fourth-auto-dealership-in-central-ohio/112792658/ In 2018, they bought Bobby Layman Chevrolet at West Broad Street on the West Side and turned it into Mark Wahlberg Chevrolet. Earlier in 2020, they bought Haydocy Buick GMC and Haydocy Airstream & RV across the street from Mark Wahlberg Chevrolet on the West Side. Later in 2020, Wahlberg acquired Jack Maxton Chevrolet at 700 E. Dublin-Granville Road in Worthington. That location will be renamed Mark Wahlberg Chevrolet of Worthington
December 23, 20204 yr 5 hours ago, Columbo said: The Mark Wahlberg Auto Group is acquiring more Central Ohio dealerships: https://www.dispatch.com/story/business/automotive/2020/08/04/wahlberg-buys-maxton-chevrolet-his-fourth-auto-dealership-in-central-ohio/112792658/ In 2018, they bought Bobby Layman Chevrolet at West Broad Street on the West Side and turned it into Mark Wahlberg Chevrolet. Earlier in 2020, they bought Haydocy Buick GMC and Haydocy Airstream & RV across the street from Mark Wahlberg Chevrolet on the West Side. Later in 2020, Wahlberg acquired Jack Maxton Chevrolet at 700 E. Dublin-Granville Road in Worthington. That location will be renamed Mark Wahlberg Chevrolet of Worthington I don't see any non-casino Wahlbergers!!! "You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers
December 30, 20204 yr More clearing out of the business news stories saved in 2020: Auto supplier targets Marysville for first U.S. production facility A Spanish automotive supplier will open its first U.S. production operation in Marysville. Elgoibar, Spain-based Alcorta Forging Group plans to invest $15 million in a manufacturing operation and regional headquarters. The company expects to create 50 jobs and could double in size in the next five years. Alcorta plans to build a 150,000-square-foot forging and manufacturing facility on 12 acres inside the Marysville 33 Innovation Park. MORE: https://www.bizjournals.com/columbus/news/2020/06/18/auto-supplier-targets-marysville-for-first-us-pr.html
December 30, 20204 yr Developer CRG moving forward with next phase of Etna warehouse project CRG, a Clayco affiliate, is planning to start construction on two build-to-suit warehouses totaling 1.6 million square feet in its Cubes at Etna project, south of the I-70 interchange with State Route 310. This is the second phase of the project, near the recently completed 1.2 million-square-foot Kohl's distribution center, one of Central Ohio's largest such projects. MORE: https://www.bizjournals.com/columbus/news/2020/07/21/crg-to-build-bulk-warehouses-in-etna-near-kohls.html
December 30, 20204 yr Amazon plans to build $250M fulfillment center in New Albany Amazon has more big plans for Central Ohio. New Albany City Council will vote on a resolution to negotiate a development agreement and community reinvestment area agreement with the Seattle-based e-commerce giant, which would set up its fourth major fulfillment center in Central Ohio on a 100-acre site west of Beech Road and south of the State Route 161 interchange. Amazon's building will have at least 700,000 square feet on its ground floor, but like other fulfillment centers in the area the project will be multi-story. The total investment from the company will be $250 million. ... Amazon plans to create 1,000 new jobs by the end of 2024, records show. The plan is for construction to begin in September 2020 and be completed by August 2022. In Central Ohio, Amazon's three principal fulfillment centers are in Etna, Obetz and West Jefferson. The company also uses smaller "delivery stations" for last-mile services. ... This would be the first major e-commerce operation for Amazon in New Albany, but the company already operates three data centers in the city and is building a fourth. MORE: https://www.bizjournals.com/columbus/news/2020/08/14/amazon-picks-site-for-4th-central-ohio-fulfillment.html
January 8, 20214 yr Park National Bank forges ahead with a new logo, new downtown office A new logo is being raised on the Columbus skyline, but it's a familiar name. Newark-based Park National Bank (NYSE American: PRK) is putting up new signs at dozens of bank branch locations across the state as many of its local component branches are, after years of gradual integration, uniting under one brand, said Bethany Lewis, director of marketing for the bank that has $9.7 billion in assets under management. The largest of the redesigned logos will go up at its new office – 25,000 square feet on three floors of the 200 Civic Center Drive in Downtown Columbus, where 85 bank employees will work. MORE: https://www.bizjournals.com/columbus/news/2020/08/25/park-national-bank-forges-ahead.html
January 8, 20214 yr It's been a momentous past year for L Brands - the Fortune 500 company headquartered in Columbus. In addition to the dealing with the impact of COVID-19 on its retail operations, the company's founder and CEO, Les Wexner - who built L Brands from a single Upper Arlington clothing store called The Limited into a multi-billion retail empire - retired. And for the first time in its nearly 60-year history, someone other than Wexner was going to run L Brands. Additionally, a planned sale of Victoria's Secret got scuttled after COVID-19 shut down its stores. But another retail company within L Brands emerged as a bright spot during the time of coronavirus. Bath & Body Works, with its portfolio of soaps, lotions and candles, kept selling more and more online while many of its physical retail locations remained closed. Bath & Body Works posted an incredible 56% increase in comparable in-store and online sales in its Q3 report. And the recent nine-week holiday season saw Bath & Body Works post a 17% increase of comparable sales to its 2019 holiday sales. That was enough to offset a 9% decline from Victoria's Secret to give L Brands a 5% overall boost in comparable sales during the 2020 holiday season: -- Q3 sales report: https://www.bizjournals.com/columbus/news/2020/11/19/l-brands-surprises-with-q3-sales-boost-what-it-me.html -- Holiday sales report: https://www.bizjournals.com/columbus/news/2021/01/07/l-brands-buoyed-by-strong-holiday-sales.html -- Columbus Monthly profile story about L Brands: https://www.columbusmonthly.com/business/20201118/bath--body-works-last-brand-standing
January 15, 20214 yr Columbus architectural firm Moody Nolan receives top architecture award The Columbus architectural firm Moody Nolan has received the 2021 Architecture Firm Award from the American Institute of Architects, the highest award the trade association gives to a practice. The award, given to one firm a year since 1962, recognizes companies that have consistently produced distinguished architecture for at least 10 years. Moody Nolan is the first African American and first Ohio firm to win the award, which has been given to a host of blue-chip practices including Skidmore, Owings & Merrill, I.M. Pei & Partners and Cesar Pelli & Associates. Founded in 1983 by Curt Moody and engineer Howard E. Nolan, Moody Nolan has grown to become the nation's largest African American-owned-and-operated architectural firm. Based in Columbus with offices in 11 cities, the firm now employs 230. MORE: https://www.dispatch.com/story/business/2020/12/11/moody-nolan-named-2021-architecture-firm-aia/3896210001/
February 2, 20214 yr A sliver of good news for downtown occupancy rates: Digital insurer Branch moving HQ to Capitol Square By Carrie Ghose – Staff reporter, Columbus Business First Feb 1, 2021 A digital insurance startup that recently adopted a more widespread remote workforce approach nonetheless has leased a new home office in a renovated historic building on Capitol Square in Columbus. Branch Financial will move into 4,300 square feet on the 12th floor of The Hayden, 16-20 E. Broad St. next to the Rhodes Tower. https://www.bizjournals.com/columbus/news/2021/02/01/digital-insurer-branch-moving-hq-to-capitol-square.html
February 2, 20214 yr Worthington Industries makes another acquisition: Worthington acquires New Jersey-based General Tools & Instruments Co. for $115 million By Dan Eaton – Staff reporter, Columbus Business First Feb 1, 2021 Columbus-based Worthington Industries, which processes steel for use in the auto industry and many other sectors and makes pressure cylinders for storing and transporting fuel and gases, is growing its portfolio of consumer-facing items. The manufacturer has acquired New Jersey-based General Tools & Instruments Co. for $115 million. https://www.bizjournals.com/columbus/news/2021/02/01/worthingto-industries-buys-tool-maker-for-115-mil.html
February 4, 20214 yr Local-Companies-Doing-Big-Ads News, Part I: https://www.bizjournals.com/columbus/news/2021/02/02/scotts-miracle-gro-first-ever-super-bowl-ad.html Scotts Miracle-Gro has bought its first ever Super Bowl ad. The Marysville-based lawn and garden leader seeks to capitalize on its record-high 2020 sales - https://www.bizjournals.com/columbus/news/2020/11/04/scotts-miracle-gro-logs-record-fy20-sales.html - driven mostly by stir-crazy gardeners seeking to create backyard havens during the coronavirus pandemic.
Create an account or sign in to comment