All posts by ChicagoAdmin

Sears Announces 100 Employees on the Chopping Block

February 29, 2016EmploymentHoward Riefs, layoffs, Sears Holdings CorpChicagoAdmin

Sears store in Yonkers, NY. Photo by Anthony22 — Sears store in Yonkers, NY. Photo by
Anthony22

About 100 workers at the Sears Hoffman Estates headquarters have been laid off, according to Sears Holdings spokesperson Howard Riefs.

Riefs said that the giant retailer is struggling to streamline its operations with the goal of reduced expenses while still “managing the strategic needs of the business.”

“This represents a mix of positions in various departments across the organization,” Riefs added. “These decisions are never taken lightly, but they are a necessary part of our efforts to transform the company and return it to profitability. We are committed to treating these associates with respect and compassion during this process. Eligible associates will receive outplacement services and severance to assist in their transition.”

Sears has been experiencing pressure from Wall Street to reel in expenses since the company has been in the red in recent years. Sears Holdings Corporation has 20,000 les employees as compared to one year ago, and has been experiencing losses for two years as of today.

Chicago Home Sales Up in 2015

February 21, 2016real estateChicago, Home sales, mortgagesChicagoAdmin

Despite a downturn in the rate the rest of the country is taking out mortgages, the Chicago area has seen an upward spike in home loans at the end of 2015 as compared to the same time period the year before.

In addition, area re-financing also grew during the fourth quarter of 2015, rising at a rate of over double the national average.

Chicago-region buyers received 20,870 mortgages to purchase homes during the last three months of 2015, representing an increase of 3 percent over the last quarter of 2014 when 20,275 mortgages were acquired. In the rest of the country the national average of purchase mortgages fell by one percent.

The number of mortgages taken by home buyers is not a direct measure of the total number of homes purchased, since some people do not use a mortgage to buy a home, if they have enough cash. The Chicago area experienced a 6.6 percent overall rise in home sales for 2015 as compared to 2014.

Chicago Lawmakers Drone On

February 15, 2016Business Newsdrones, State Senator Tim BivinsChicagoAdmin

Illinois state lawmakers are seeking to further restrict drone use by unmanned-flying vehicle enthusiasts. Federal legislators have been trying to find clear, enforceable rules to guide drone pilots, and Chicago alderman have been actively looking for ways to limit drone use close to airports.

A new bill sponsored by State Senator Tim Bivins is seeking to keep drones away from prison facilities. Lawmakers like Bivins are worried that contraband, such as cell phones, can easily be smuggled into prisons with the use of drones.

The dilemma for regulators is to strike a balance between encouraging the use of drones and the growth of this new industry with maintaining public safety. At the federal level this has been playing out as experts propose rules that would make drones safer. One rule, for instance, would be to require that drones include technology that would keep them flying at altitudes under 400 feet.

Developing a reasonable drone policy is an urgent issue as many businesses begin to embrace drones as tools to improve their services and/or their bottom lines. One new and interesting use of drones is being explored by the insurance industry. The insurer Allstate is beginning to look at drones as a new way to assess certain types of claims.

Chicago’s Moto Restaurant Bought by Alinea Group

February 7, 2016Business NewsAlinea Group, Cantu Designs, Grant Achatz, Homaro Cantu, Katie McGowan, molecular gastronomy, Moto Restaurant, Nick KokonasChicagoAdmin

Moto Restaurant sign. Photo by "The Writing on the Wall" and rioncm — Moto Restaurant sign. Photo by “The Writing on the Wall” and rioncm

Nine months after the death of owner Homaro Cantu, Chicago’s Moto Restaurant was sold by his widow and current owner Katie McGowan to the Alinea Group.

McGowan said in a statement that selling the restaurant was a “bittersweet decision” that “comes after deep reflection of the lasting impact” that her husband made with his restaurant.

Homaro Cantu launched Cantu Designs as well as being the executive chef of Moto. Cantu Designs is a revolutionary food technology, and Moto is one of the country’s most advanced in the niche of molecular gastronomy.

“Looking to the future, I am pleased to have come to an agreement with Nick Kokonas, Grant Achatz and the Alinea Group,” McGowan said. “I am inspired by their innovation and pioneering spirit, and wish them all the best with their new project. I can’t wait to see their vision and thank them for taking over the space as I begin a new chapter.”

Chicago Company Taking Charge of MGM’s Las Vegas Parking

February 4, 2016Business NewsLas Vegas, MGM Resorts, SP Plus CorporationChicagoAdmin

19564237108_b2f67f0c53_z — Lion near the MGM casino and hotel in Las Vegas. Photo by Simeon87.

Chicago-based SP Plus Corporation has signed an important contract with MGM Resorts International. SP Plus will take responsibility for all the paid parking at all non-union properties.

SP+, an alternative form of the company name, now operates almost 4,000 parking lots in North America. When SP+ takes charge of the Las Vegas lots on the Strip, about 400 employees who are employed by those facilities will become employees of SP+. For now it is not known what will become of the unionized parking lot attendants, but at least according to the Las Vegas Review-Journal, the company would like to find a way to transition those workers to additional employees of SP+.

The plan for SP+ to take over the parking on the Strip is highly controversial. It has been a tradition that all parking on the Strip has been free for MGM’s nine facilities which are located there. The decision by MGM to contract with SP+ and begin charging for parking has been met with much criticism.

It is also not known what else is included in the deal. According to the Associated Press, MGM is planning to spend $90 million to improve its parking, including the building of a new 3,000-car garage.

Health Care and Tech Industries are in Demand in Chicago

February 1, 2016Business Newsindustrial organizational psychologist, Job growth, medical sonographersChicagoAdmin

According to a new report from Crain’s Chicago Business, there are 10 professions which are now popular in the Chicago area, mostly associated with the health care or high tech sectors.

The report described the 10 most sought-after professions that pay at least $60,000. The study used projections from the US Bureau of Labor and Statistics in addition to interviews with local staffing professionals.

The job with the highest growth potential is industrial organizational psychologist. The prediction of growth for this profession is 53 percent over the next ten years. Salaries in this field range from $83,500 to $112,300. It is expected that in general the coming decade should show a high demand for experienced psychologists working for corporations.

Another field poised for large growth is that of diagnostic medical sonographers. Growth is expected to be about 46 percent over the coming decade.

The other professions looking to expand include:

Java Developer
Information Security Analyst
Pharmaceutical Regulatory Affairs Specialist
Biomedical Engineer
Orthotist/Prosthetist
Occupational Therapist
Audiologist
Genetic Counselor

Two New Businesses to Open in Schaumburg

January 28, 2016Business NewsBottle and Bottega, Karen Hautzinger, Schaumburg, The Noodle LoungeChicagoAdmin

The community of Schaumburg outside of Chicago is gearing up to welcome two new businesses; Bottle and Bottega, an art studio with food and wine available; and Noodle Lounge, an Asian restaurant.

The trustees of the Village of Schaumburg approved both enterprises and categorized them both as restaurnts although Bottega classifies itself not primarily as a restaurant.

Bottle and Bottega will open in Town Square at the southwest corner of Schaumburg and Roselle roads. The owner, Karen Hautzinger said she expects to open the business in April. This unique business, which will fill a 1,790 square-foot space zt 51 W. Schaumburg Road, offers its customers, who usually book in groups, the chance to paint and/or create art works while also plying them with food and wine, not to mentions socializing.

There are other Bottle and Bottega studios in Arlington, Glen Ellyn, Chicago, Evanston and laGrange.

Noodle Lounge was also approved by the trustees on the board. The Asian restaurant will take up 1,542 square-feet at 22 E. Golf Road in the Schaumburg Corners Shopping Center. The Lounge can seat up to 30 people, but the restaurant expects take-out meals to provide about 20 percent of its revenue.

Vail Resorts Purchases Wilmot Mountain Ski Area

January 21, 2016Business NewsSki Resorts, Vail Resorts, Wilmot MountainChicagoAdmin

Wilmot Mountain. Photo by Rickdrew at English Wikipedia

Vail Resorts, owner of several other urban ski resorts, recently purchased the popular Wilmot Mountain ski area, for an undisclosed sum.

Wilmot Mountain, 50 miles southwest of Milwaukee and 65 miles north of Chicago has 25 trails, four terrain parks, a tubing hill, a ski and snowboard school, and a ski racing program.

Vail Resorts is the owner of two additional resorts in close proximity to urban areas, Afton Alps close to Minneapolis-St. Paul; and Mount Brighton close to Detroit. In addition, Vail owns eight ski resorts in California, Colorado, Nevada and Utah.

Wilmot Mountain will also be included in Vail’s Epic Pass and Epic Local Pass for next year’s ski season.

Booth Offering Scholarships to Civic Scholars MBA Program

January 19, 2016Business NewsBooth Weekend MBA Program, Civic Scholars Program, Neubauer Civic Scholars, Neubauer Family Foundation, University of ChicagoChicagoAdmin

University of Chicago’s Booth Weekend MBA Program will be offering eight full tuition scholarships yearly to professionals in the nonprofit and government fields. This move underscores the new interest in investing in the social sectors by business schools.
The Civic Scholars Program was announced last week and is partially funded by a $4 million grant from the Neubauer Family Foundation. The students will be known as Neubauer Civic Scholars, and will continue full-time in their present jobs while participating in the program.

The scholars will have all the same curriculum requirements as their fellow Weekend MBA Program students, but with additional courses designed specifically for their program. They will be able to work in small teams on research and consulting projects for the social sector and for government organizations, including their own. Candidates will often have six to ten years of professional experience.
Booth announced that the program

“…will bring important voices to the classroom and community by providing broader perspectives on issues such as understanding the role of business in society, the implications of expanding public-private partnerships, and the opportunities for business leaders to engage productively with government and nonprofit organizations.”