Industries

Chesapeake to form plan to avoid drop from NYSE

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Chesapeake Corp., a specialty packaging company based in Richmond, said Wednesday it would develop a plan to avoid being dropped from the New York Stock Exchange. The company was warned this week that its market capitalization for the last 30 days — less than $75 million — was too low for the stock exchange’s standards. The company has 45 days to respond to the exchange’s concerns. (Richmond Times-Dispatch)

Based on an “unprecedented” drop in car sales, CarMax is slowing its expansion plans and adjusting staffing levels. (Richmond Times-Dispatch

A Virginia Beach loan officer is proposing a 700-acre development that would include automotive and equestrian facilities in Chesapeake. The Albemarle Estate & Country Club would include a 2.7-mile road course, garage and equestrian facility. (The Virginian-Pilot

James City County flooring company Lumber Liquidators has doubled profits amid the housing turmoil. The company, which sells low-priced hardwood floors to residential and commercial customers, has seen record sales after going public in November. (Daily Press

Earnings

Advance Auto Parts announced a 10 percent increase in profit for the second quarter, earning $75.4 million, compared with $68.4 million during the same period a year before. The company also opened 36 new stores during the last quarter. (Roanoke Times

Dollar Tree in Chesapeake reported a 12.5 percent increase in quarterly sales to $1.1 billion, compared with $971 million during the same period last year. “The sales increase was driven primarily by food, health and beauty care, party supplies and household consumables,” CEO Bob Sasser said in a statement. The retail chain will report its full second-quarter results Aug. 27.

For the Record: Business news announcements from around the state

Orbital Sciences Corp., a Dulles-based satellite and launch services provider, will open a new engineering and technology center in Huntington Beach, Calif., this fall. The expansion is meant to take advantage of the aerospace engineering expertise in the Southern California area. The company will employ 30 to 40 engineers in support of Orbital’s Taurus II space launch vehicle as well as the company’s missile defense efforts. (News release)

Virginia Partners Bank of Fredericksburg cleared its final regulatory hurdle from the FDIC and has opened. The bank is chartered as a state member bank and will begin operations with two branch offices in Fredericksburg, along with an administrative/commercial loan office, also in Fredericksburg. John H. Chichester is chairman of the board. (News release)

The U.S. Small Business Administration ranked Hampton Roads No. 1 in the country for the highest percentage of high-impact firms when compared to other large metropolitan regions in a new survey. High-impact firms are rapidly growing firms and fuel almost all employment and revenue growth in the economy, though they represent only between 2 percent and 3 percent of all business firms. (News release)

Earl Industries, a Portsmouth-based ship-repair company, filed a request with the Army Corps of Engineers to dredge a deeper channel around its Elizabeth River piers. The company says the project is needed to provide access to its docks by the Navy’s San Antonio-class troop transport ships. A deeper channel will give tugboats more maneuvering space when parking ships at the piers. (The Virginian-Pilot)


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