WEEK IN REVIEW
Monday Gun maker to stay open
Gun maker Remington has reached a financing deal that would allow it to continue operating as it seeks Chapter 11 bankruptcy protection. The maker of the Bushmaster AR-15style rifle said that the agreement with lenders will reduce its debt by about $700 million and add about $145 million in new capital.
Tuesday Tourism leader let go
The head of Houston’s convention and tourism bureau was abruptly dismissed, just a week after she tendered a letter announcing she would retire at year-end. Dawn Ullrich, a four-decade city employee who has led Houston First Corp. since it was founded in 2011, has retained a lawyer and plans to challenge the decision made by board chairman David Mincberg and announced after a closeddoor session with other board members.
A pitch for a new hotel
City convention officials heard a proposal from a developer aiming to build a W Hotel atop the parking garage of downtown’s Partnership Tower, a new office building just north of the George R. Brown Convention Center. Officials from Texas Hospitality Partners and W Hotel parent Marriott made their pitch to the board of directors of Houston First.
From Taco Bell to Chipotle
Chipotle, hoping to rebuild its business after a series of food safety scares, has named Taco Bell CEO Brian Niccol as its next leader. Niccol will start at Chipotle next month and will be tasked with helping turn around the burrito chain, which has long positioned itself as a step up from fast food.
Wednesday Sales up, but top end slow
Houston-area home sales were up 8.9 percent in January, but demand for high-end properties continued to tumble, a new report showed. Buyers closed on 4,469 single- family homes in January at a median price of $218,000, up 3.8 percent, the Houston Association of Realtors reported.
Lexus on top again
Lexus was the most dependable vehicle brand for the seventh consecutive year in J.D. Power’s annual survey. Porsche, Buick, Infiniti and Kia rounded out the top five brands in the survey. The worst performers were Chrysler, Land Rover, Fiat, Jeep and Cadillac.
Tax loophole to slam shut
Treasury Secretary Steven Mnuchin said the Internal Revenue Service plans to close a loophole that hedge-fund managers had been trying to exploit to avoid paying higher taxes on carried-interest profits.
Thursday Speedier screening
The Houston Airport System formally unveiled a $3.9 million automated screening lane system designed to alleviate a major headache of airport travel. The new lanes in Terminal D allow three people to simultaneously put their luggage on a conveyor belt, reducing bottlenecks common at the Transportation Security Administration checkpoint.
A home delivery move
H-E-B’s purchase of Favor Delivery reflects H-E-B’s continuing efforts to meet consumer demands for home delivery as well as a desire to work with cutting-edge consumer-based technology that Favor already has, chief operating officer Martin Otto said. Favor Delivery is an app-based service that shuttles orders from restaurants and other stores to consumers.
LyondellBasell diversifies
Houston petrochemical company LyondellBasell said Thursday that it will buy Ohio plastics maker A. Schulman for $2.25 billion in cash to diversify its operations into specialty products during a period of rapid industry expansion.
Chocolate milk off menu
McDonald’s said it was taking cheeseburgers and chocolate milk off its Happy Meal menu in an effort to cut down on the calories, sodium, saturated fat and sugar that kids consume at its restaurants. Diners can still ask specifically for cheeseburgers or chocolate milk with the meal, but the fast-food company said that not listing them will reduce how often they’re ordered.
Friday Severe tariffs sought
The Trump administration recommended an array of stiff tariffs and other tough trade actions on imports of steel and aluminum from China and other nations, saying the influx of foreign metals has compromised national security.
No severance for Wynn
A newly released termination agreement between embattled casino mogul Steve Wynn and the company bearing his name leaves him without any severance or compensation and prohibits his involvement in any competing gambling business for two years.