Business briefs
Dollar Express to shutter stores
Dollar Express, which has five locations in the Pittsburgh area, said it will shutter all of its stores on June 30. In a notice filed with the Pennsylvania Department of Labor and Industry, the discount chain said the closures will affect about 53 employees at locations in Pittsburgh, East Liberty, McKeesport and Swissvale. The chain, which was owned by private equity firm Sycamore Partners, was acquired by Dollar General. Terms of the deal were not disclosed.
Panera is being acquired by Europe’s JAB Holding Co.
Panera is being acquired by Europe’s JAB Holding Co. for more than $7 billion, the second-largest restaurant deal ever made in North America. The Luxembourg investment fund has controlling interests in Peet’s Coffee & Tea, Caribou Coffee Co., Stumptown Coffee and Krispy Kreme Doughnuts. Panera founder and CEO Ron Shaich said a deal with JAB will allow the company to focus on growth rather than placating shareholders. JAB will pay $315 per Panera Bread Co. share. That’s a 14.5 percent premium to the company’s Tuesday closing price of $274.
PNC names new chief economist
PNC Financial Services Group said it promoted Augustine “Gus” Faucher to chief economist, succeeding Stuart G. Hoffman, who is retiring and stepping into the role of senior economic adviser. Mr. Faucher, 50, who joined PNC in 2011, most recently served as deputy chief economist. Mr. Hoffman,
67, has been with PNC since 1980, serving as chief economist since 1991.
Historic Pennsylvania beer gets a revival
An historic Western Pennsylvania beer brand gets a spring revival, as the trademarks and licenses for Stoney’s beer have been purchased by two partners who have formed the Stoney’s Brewing Co. The beers were once brewed in Smithton, Westmoreland County, by the Jones Brewing Co. One of the owners is Jon King, great-grandson of William Benjamin “Stoney” Jones, who moved the Eureka Brewing Co. to Smithton in 1907. The other partner is John LaCarte, president of LaCarte Enterprises (Model Cleaners), whose family owned a livery that supplied horses to deliver the beer by wagon. A granddaughter of Stoney Jones is Shirley Jones, the actress. Recently, Stoney’s beers, still owned by the Podlucky family that owned Jones Brewing, have been contract brewed at City Brewing Co. in Latrobe.
Payless ShoeSource files for bankruptcy
Payless ShoeSource became the latest major retailer to declare financial distress when the company filed for Chapter 11 bankruptcy and announced a restructuring plan that includes the immediate closure of 400 stores in the United States and Puerto Rico. In the Pittsburgh region, stores to close include sites at Washington Crown Center in Washington, Pa.; the Galleria at Pittsburgh Mills in Frazer; as well as localtions in Mount Pleasant, Lower Burrell and Aliquippa. Further closures are possible as the company works “to aggressively manage the remaining real estate lease portfolio.”
U.S. reviews Ford recall of cars
The U.S. government’s auto safety agency is reviewing a Ford Motor Co. recall of thousands of cars, SUVs and vans that can run low on coolant and potentially overheat and catch fire after the company proposed a remedy that doesn’t fix the problem. Ford notified the agency about the recall, which has caused 29 engine fires, in paperwork dated last week. The automaker said it would install a sensor that warns owners when coolant is low in the 1.6-Liter turbocharged engines. In North America the recall includes Escape SUVs from the 2014 model year, plus the 2014 and 2015 compact Fiesta ST, the 2013 and 2014 Fusion midsize car and the 2013 through 2015 Transit Connect small van. In Europe, the recall covers the 2010 through 2015 C-Max hybrid and Focus small car, and the 2013 through 2015 Transit Connect.