Industries

American of Martinsville employees losing their jobs to receive federal help

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The 400 employees of American of Martinsville who will lose their jobs when the company halts its production of wood furniture will be eligible for help through the Trade Adjustment Assistance Act. The program will provide career counseling, training, income help throughout training and job placement services. (Martinsville Bulletin)

The Virginia Department of Taxation estimates Virginians saved $4 million during the back-to-school, tax-free holiday this past weekend. (Richmond Times-Dispatch

TowneBank might increase its preferred stock offering to $55 million because of high demand. (Daily Press

The weak economy has made it tough for 2008 graduates to find work. For the second quarter of 2008, unemployment was 9.8 percent for among 20- to 24-year-olds. (The Washington Post).

Earnings

Richmond mine operator James River Coal Co. reported wider than expected losses in the second quarter.

The company reported a $24 million loss, compared with a $18.6 million loss during the same period last year. The company struggled because primarily because of rising costs in underground mining from safety and regulatory changes.

For the Record: business news, promotions and deals from around the state

Seventh Point, a Virginia Beach-based advertising and public relations firm, closed three of its four field offices and laid off several employees after losing a long-time advertising account with the Popeyes Chicken and Biscuits chain. AFC Enterprises Inc. of Atlanta, parent of Popeyes, shifted its strategy to use of a single ad agency instead of five different firms. Seventh Point derived close to $10 million of its $33 million of annual gross billing last year from the Popeyes account, which it held for 20 years. (The Virginian-Pilot)

Roanoke County has been recognized for the fifth year in a row for its innovative uses of technology by a survey by the Center for Digital Government and the National Association of Counties. The county ranked second nationally this year in the category of counties with populations between 150,000 and 249,999. Roanoke County’s population is just over 90,000, but the survey is based on population for the metropolitan area. Roanoke County ranked first in its size category in 2004, 2005 and 2006, and second for 2007 and 2008. (The Roanoke Times)

LandAmerica Financial Group, Inc., a Richmond-based provider of real estate services, released the eZLoan Optimizer to assist mortgage lenders identify loans with existing or potential problems, and providing specific options to take in order to minimize losses in loan portfolios. The automated system will analyze 100 percent of mortgage loan portfolios, using more than 400 attributes. A forecast is then generated for loan portfolio performance, identification of individual loans with greatest potential for loss and recommendations for mitigating losses. (PRNewswire)

Paul Cofoni, president and CEO of CACI International Inc., returned to daily duties and management responsibilities at the company following successful heart bypass surgery in June. CACI’s President of U.S. Operations, Bill Fairl, had assumed Cofoni’s role in his absence. CACI is provider of IT services and solutions to the government and defense sectors and is headquartered in Arlington. (PRNewswire)


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