lohud.com

Sponsored by:

Business in the Burbs

Movers, shakers and newsmakers

Archive for the 'Shutting down' Category

Sloatsburg’s HSBC bank branch to close May 1

March
9

Sloatsburg’s only bank, an HSBC branch on Route 17, will close at the end of business on Friday, May 1, and its accounts will be transferred to a branch at 62 Lafayette Ave. in Suffern, four miles away, the bank said.
“The viability of each HSBC branch is reviewed regularly in an effort to identify opportunities to service our marketplaces more efficiently and at times must do this through branch consolidation,” Paul J. Lawrence, chief executive of HSBC Bank USA, wrote in a letter last month to Sloatsburg Mayor Carl Wright, who opposes the move.
The three employees at the bank will be transferred to the Suffern branch.

Posted by Jerry Gleeson on Monday, March 9th, 2009 at 4:05 pm |
| | Comments Off on Sloatsburg’s HSBC bank branch to close May 1

Delivery service in New Rochelle to close

September
12

Plans by The New York Times to close its City & Suburban delivery service by January is expected to include an operation in New Rochelle. The newspaper said it would eliminate the equivalent of 550 jobs when it closes the wholesale distribution service. The division, formed in 1992, handles delivery of the Times and other publications in the metropolitan area. The business is no longer economical, the Times said in a statement. A spokeswoman for the company would not say how many of the positions are based at the New Rochelle site on Nardozzi Place. Spokesman for the Newspaper and Mail Deliverers Union did not return calls for comment.

Posted by Jerry Gleeson on Friday, September 12th, 2008 at 4:25 pm |
| | Comments Off on Delivery service in New Rochelle to close

Insl-X’s new owner to close Stony Point plant

August
27

The Insl-X Products Corp. paint plant in Stony Point will close by Dec. 30, eliminating 60-65 jobs in Rockland County, a spokeswoman for the company’s new owner said.
Benjamin Moore & Co. announced in March that it had acquired Insl-X from owner James A. Weil of Scarsdale. Moore spokeswoman Eileen McComb said about two dozen office jobs in Stony Point, the Insl-X headquarters, would be moved to Moore’s headquarters in Montvale, N.J.
Terms of Moore’s acquisition of Insl-X were not disclosed. Moore is owned by Berkshire Hathaway Co.
Insl-X has been in Stony Point for 18 years. It was founded in 1948 by Weil’s father. Insl-x makes and sells its own brand of finishes; a number of acquisitions allowed it to expand from specialty and industrial products to architectural coatings.
In February the company paid off a $5.5 million bond that had been issued through the Rockland County Industrial Development Agency for the acquisition of 15 acres and the plant.
McComb said Moore bought the company because it would complement Moore’s holdings.
“I think we understood that some of the production was redundant,” she said. Moore has six paint plants, including one near Albany and another in New Jersey.
McComb said Moore will continue to operate Insl-X plants in Edgewater, Fla., San Antonio and Fort Worth, Texas, and Elk Grove, Ill.
Ronald Hicks, chief executive officer of Rockland Economic Development Corp., said the business group has offered to help Moore market the 150,000-square-foot property for sale or lease.

Posted by Jerry Gleeson on Wednesday, August 27th, 2008 at 3:35 pm |
| | Comments Off on Insl-X’s new owner to close Stony Point plant

Advertisement

Visant closes plant in N.J.

June
27

Visant Corp. of Armonk this week announced its second plant closing as the marketing and publishing company and seller of Jostens brand class rings continues to reorganize.
“The reality is we want to be as efficient with our manufacturing capacity as we can be,” Vice President of Finance Paul B. Carousso said. “We just feel this is the way to go.”
Visant said it will close its Lehigh Press Inc. plant in Pennsauken, N.J. by the end of August, idling 206 workers. Operations at the plant will be moved to other plants around the country, including one in Hagerstown, Md. that was part of Visant’s $219 million acquisition of Phoenix Color Corp. in the spring.
Severance is being negotiated with the workers’ union. Visant also closed a plant in Attleboro, Mass. that produced Jostens rings, and transferred production to a Texas plant. The company recorded $600,000 in restructuring charges for the first quarter in connection with the closing, which idled 23 workers.
Visant employs 6,000 in the United States. It reported net income for 2007 of $188.9 million on net sales of $1.27 billion.

Posted by Jerry Gleeson on Friday, June 27th, 2008 at 5:00 pm |
| | Comments Off on Visant closes plant in N.J.

Falcon Hyundai files for bankruptcy

May
23

A Hyundai dealership and service center in Bedford Hills is closed and has filed for federal bankruptcy protection, blaming the economy for a downturn in sales and leasing that began affecting it in 2007.
Falcon Motors Inc., doing business as Falcon Hyundai at 774 N. Bedford Road, filed late Thursday for Chapter 11 protection at bankruptcy court in White Plains. The company said in court papers that it is seeking a buyer and is trying to refinance obligations owed to its biggest creditor, Hyundai Motor Finance Co.
Hyundai Motor Finance is owed $729,000, according to the filing. Falcon’s secretary-treasurer, Ariel Tehrani, said in the filing that Hyundai Motor obtained a federal order of seizure on April 14 for nearly all of the company’s inventory. It later repossessed the vehicles and planned a private sale that was scheduled for as early as today.
Falcon reported total assets of $2.25 million, and total liabilities of $1.01 million. No hearing has been scheduled yet in the case, said Falcon’s attorney, Jonathan S. Pasternak in Harrison.
The company was formed in 2006.

Posted by Jerry Gleeson on Friday, May 23rd, 2008 at 1:13 pm |
| | Comments Off on Falcon Hyundai files for bankruptcy

Stewart Stamping building for sale in Yonkers

May
22

The former Stewart Stamping building at 630 Central Park Ave. in Yonkers is for sale.
At 201,000 square feet, it is the largest industrial building on the market in Westchester County, according to the broker, CB Richard Ellis in Stamford, Conn. No asking price is being set.
Stewart EFI of Thomaston, Conn. said this month it was closing the precision metal manufacturing operation in Yonkers by the end of the year. The two-story red brick building was an industrial manufacturing landmark in the city for more than 50 years. Stewart said 145 people are employed there.
Its location should help draw bidders for the property, said Budd Wiesenberg, the CBRE vice president who’s leading the sales effort.
The property is between Yonkers Raceway and the Cross County Shopping Center, just a mile north of the New York City/Westchester County line. The factory can be accessed off Exit 3 of the New York State Thruway. The brokerage estimates that 135,000 vehicles pass it every day.
Wiesenberg noted that the new Empire City casino at the Raceway, and the renovations at Cross County Shopping Center, were driving traffic to the area.
“The location is very interesting,” he said. “We’re very bullish on it.”
The 3.5-acre lot is zoned industrial. The factory was built in stages between 1930 and 1983. It features about 15,000 square feet of finished office space and 186,000 square feet of manufacturing space on two floors, with 18-foot ceilings throughout.

Posted by Jerry Gleeson on Thursday, May 22nd, 2008 at 3:13 pm |
| | Comments Off on Stewart Stamping building for sale in Yonkers

Advertisement

IDA help didn’t forestall Yonkers plant closing

May
20

Stewart EFI will close its longstanding manufacturing operation in Yonkers by year’s end, but not from lack of interest by the city’s Industrial Development Agency.
The business, known in Yonkers for decades as Stewart Stamping, produces precision metal parts for a variety of industries. It was a division of Insilco when it was stuck in bankruptcy five years ago.
At the time, the IDA provided a host of economic incentives to a management group that wanted to buy the Stewart assets, IDA spokeswoman Colleen Roche said. They included a $54,000 mortgage recording tax exemption and a sales tax exemption.
The plant on Central Park Avenue was taken off the tax rolls as part of the deal, but Stewart has made payments that were equal to the taxes owed since the deal was completed in 2003, Roche said. The company also never used the sales tax exemption to which it was entitled, she added.
A clause in the deal would allow for a recapture of any real property tax breaks if employment at the plant fell below 150. The recapture was moot because the company didn’t get property tax savings, and employment remained above 150 annually, Roche said. The recapture didn’t apply to the mortgage tax.
The IDA Web site valued the project with Stewart at $10 million. Roche said the figure represents the amount of investment put into the project; in this case, it included the acquisition of the site and improvements made to building, including new equipment.
Stewart EFI is based in Thomaston, Conn. Company officials have not commented in detail on why the Yonkers plant is closing. A member of Teamsters Local 210 said it had been told that the operation was too expensive.

Posted by Jerry Gleeson on Tuesday, May 20th, 2008 at 3:19 pm |
| | Comments Off on IDA help didn’t forestall Yonkers plant closing

Prudential Rand buys White Plains real-estate firm

May
12

Prudential Rand Realty has agreed to acquire Nelson Vrooman Real Estate, a White Plains-based firm established more than 50 years ago that has become victim of the downturn in home sales in the Lower Hudson Valley.

“This is a very competitive market, and I knew that the best way to serve my clients and associates was to join a bigger team with more resources,” said Bill Vrooman, Nelson Vrooman founder and chief executive.

Vrooman, along with Nelson Vrooman President Mike Graessle, will join Prudential Rand as associate brokers, Prudential Rand said.

The deal, the terms of which weren’t disclosed, makes Prudential Rand the largest real-estate firm in White Plains, the New City-based company said.

As part of the transaction, Nelson Vrooman’s offices at 709 Westchester Ave. will close and combine with those of Prudential Rand at 1 N. Broadway.

The deal will also result in the transfer of 20 Nelson Vrooman workers to Prudential Rand, which has 20 offices in the Hudson Valley.

Posted by David Schepp on Monday, May 12th, 2008 at 10:56 am |
| | Comments Off on Prudential Rand buys White Plains real-estate firm

Students in tailspin after helicopter school shuts

February
5

Some 60 students taking helicopter flight school at Stewart International Airport in Orange County are wondering if they’ll ever see the tens of thousands of dollars in tuition they’ve paid to Silver State Helicopters after the company suddenly shut down operations Sunday.

Silver State Helicopters, a privately owned company based in Las Vegas, ceased all operations Sunday evening and yesterday filed for Chapter 7 bankruptcy in U.S. Bankruptcy Court, according to a press release posted on the company’s Web site (www.silverstatehelicopter.com).

“This action followed a rapid, unprecedented downturn in the U.S. credit markets,� the statement read, “which severely curtailed the availability of student loans for the company’s flight academy students and resulted in a sharp and sudden downturn in new student enrollment.�

Calls placed to the company’s Nevada headquarters this afternoon went unanswered.

The Journal News reported Silver State’s decision to open a flight school at Stewart in July.

Speaking at the time, company founder, president and chief executive Jerry Airola said tuition, which included 200 hours of flight time and 300 hours of classroom and simulator time, was about $70,000.

Airola also said his company had more than 2,600 students enrolled in 34 flight-training academies in 15 states, from Florida to Oregon.

One student whose wondering what will become of the tuition is Jesse Arvidson of Haverstraw, who today was anticipating further word from Silver State about what may become of the tuition he paid.

“Our class has now been in contact with the local FBI, district attorney, and consumer affairs office to see what our options are,� Arvidson wrote in an e-mail.

He and thousands of others students are awaiting word from the company, which is expected to release further information for students and the media this evening.

Posted by David Schepp on Tuesday, February 5th, 2008 at 3:53 pm |
| | Comments Off on Students in tailspin after helicopter school shuts

Advertisement

Pleasantville may lose jewelry shop

December
24

For 67 years, Pleasantville Jewelers has been a place where customers buy gems for weddings, anniversaries or special occasions.

But in February, the store at 3 Wheeler Ave. is expected to close.

Michael Weinberg, the fourth owner of the store in its long history, said that the jeweler is still making money. But he is exiting the business to return to a marketing career. Corporate marketing had been his focus before he bought the jewelry store three years ago from Ben Nessim, who had owned it for 27 years.

“It was nice owning your own business,â€? Weinberg said. “But I miss marketing so much, working with big companies and coming up with promotions….I really wanted to get back to it. You really have to follow your dream.â€?

Leaving the jewelry business was not an easy decision, he added.

“The hardest part will be missing the people from the town,� Weinberg said. “Everyone has been so nice. Pleasantville is such a great town.�

Weinberg said it is possible that he may sell the store.

“It is up in the air,� he said. “Hopefully, someone will buy it and it will stay a jewelry store. It would be great to carry on the tradition. We just don’t know yet.�

Weinberg said the the store is offering deep discounts as it looks to clear its remaining inventory.

“We have a ton of things to sell,� Weinberg said. “There is at least $500,000 in jewelry, diamonds, gold and all that. We have a good 30 days to make it go all away.�

Bruce Ritell of Sleepy Hollow joined other shoppers in looking over the merchandise earlier this week.

“In the past, we have bought some nice pieces of jewelry here, mainly for my wife,� Ritell said. “We have done a lot of repairs here. I am sorry to see them go.�

Posted by Jay Loomis on Monday, December 24th, 2007 at 5:21 pm |
| | Comments Off on Pleasantville may lose jewelry shop

New CVS stores to open in Scarsdale, White Plains

September
6

CVS Pharmacy will move into the new mixed-use building at 7 Popham Road in Scarsdale, adjacent to the Metro North train station, this month. The 15,000-square-foot retail space will replace the smaller store at 90 Garth Road in Scarsdale.
By the end of the year, CVS will move into the 16,000-square-foot space at 24 Mamaroneck Ave. in White Plains, formerly occupied by Woolworth’s and Foot Locker.

The moves were announced by the broker, Pam Bren Goldschmidt of Goldschmidt and Associates in Scarsdale.

Posted by Alison Bert on Thursday, September 6th, 2007 at 3:34 pm |
| | Comments Off on New CVS stores to open in Scarsdale, White Plains

Columbia Home Loans to close by Sept. 30

July
31

The parent company of Columbia Home Loans LLC in Valhalla, which lost $12.6 million in the first half of 2007 amid problems with its subprime mortgage portfolio, said it plans to close the operation by Sept. 30.

A “significant number� of workers were let go in early July, said Michael J. Fitzpatrick, chief financial officer of the parent, OceanFirst Financial Corp. of Toms River, N.J. OceanFirst said earlier this year it would close its subsidiary, which once employed about 125.
Columbia’s president, Robert M. Pardes, resigned and a number of staffers who concealed losses in the group’s subprime mortgages were dismissed, OceanFirst said.

About 41 percent of the $728.3 million in mortgages that Columbia originated last year for OceanFirst were considered subprime, that is, they were made to consumers with less-than-perfect credit histories. Because of early defaults by consumers, Columbia was forced to buy back a significant portion of its subprime portfolio from investors to whom it had sold the loans.

Columbia repurchased $13.9 million in subprime loans in the first quarter of 2007, but just $1 million in the second quarter, OceanFirst said.
A savings bank with assets of $2.06 billion, OceanFirst bought Columbia seven years ago. OceanFirst reported a $5.42 million loss in the first quarter largely as a result of Columbia’s problems, but said this week it had second-quarter profits of $277,000, or 2 cents a share.

Posted by Jerry Gleeson on Tuesday, July 31st, 2007 at 5:47 pm |
| | Comments Off on Columbia Home Loans to close by Sept. 30

Advertisement
Advertisement
About this blog
Business in the Burbs is our online news blog about businesses based or operating in the Lower Hudson Valley. Visitors here will also find items of interest to consumers in the region. Most contributions are from business reporters and editors covering Westchester, Rockland and Putnam counties.

Subscribe

Get blog updates via email:




About the Authors

Categories

Other recent entries




Links

Monthly Archives