Finale is coming to the North End
Finale Desserterie, a small dessert chain that sprang from a student project at Harvard Business School, plans to open one of its dessert restaurants in the North End in the fall, Mayor Thomas M. Menino said.
The restaurant will face the new Rose Fitzgerald Kennedy Greenway and will be located in some of the space once occupied by a Martignetti liquor store, the Boston Redevelopment Authority said; at the intersection of Salem and Cross streets, Finale will occupy about 2,400 square feet of space.
(A special Finale dessert is shown at right.)
Menino made the announcement while marking the opening of Finale's new pastry kitchen and corporate headquarters in Allston.
The restaurant in the North End, long a mecca for food buffs and pastry lovers, will be the fifth in the Finale chain.
(By Chris Reidy, Globe staff)
Sprout closes on a financing round
A company called Sprout said today it closed a $5 million Series B financing led by Polaris Venture Partners, a venture capital firm with offices in Waltham.
Mitch Kapor, founder of Lotus Development Corp., also participated in the round, Sprout said.
Sprout is a platform for easily creating, publishing, and managing sophisticated rich media content on the Web; with Sprout, anyone can quickly and easily build widgets, mini-sites, banners, and other rich media content for their blog, social networking profile, or website, said Sprout, which has offices in San Francisco and Honolulu.
A recent Globe story noted that local venture firms that once largely focused on local companies are investing farther afield.
(By Chris Reidy, Globe staff)
TJX profit climbs as shoppers looked for bargains
TJX Cos., the Framingham operator of such retail chains as T.J. Maxx and Marshalls, said today that first-quarter profit rose nearly 20 percent as its stores continued to draw shoppers increasingly looking for bargains in a tough economy.
But its pretax profit margin was below company expectations, and TJX shares fell more than 4 percent in morning trading on the New York Stock Exchange.
(At left is a photo of a model wearing T.J. Maxx merchandise that was taken from a company website.)
The operator of nearly 2,600 stores said today that its net income rose to $193.8 million, or 43 cents per share, in the three months ended April 26. That's up from a profit of $162.1 million a year earlier.
While TJX's result a year ago was hurt by a $12 million charge from a massive data breach, this year's first-quarter profit was boosted $12 million from a tax benefit.
Staples sweetens hostile bid for Corporate Express
Corporate Express NV said it is willing to consider a sweetened $2.47 billion hostile takeover bid by rival office products supplier Staples Inc., which boosted its offering price 10 percent today.
Staples initial bid had been swiftly rejected three months ago.
About four hours after Framingham-based Staples increased its all-cash bid from $10.63 (euro6.87) per share to $12.53 (euro8.10) before dawn today - or from 7.25 euros per share to 8 euros - Netherlands-based Corporate Express issued a statement saying it will "carefully consider Staples' revised proposal."
Chief Executive Peter Ventress said his firm "is willing to have discussions with Staples."
Dunkin' Donuts will celebrate iced coffee day
Dunkin' Donuts said it will celebrate its second annual free iced coffee day Thursday, and the likely result is that the chain will serve nearly 4 million cups of iced coffee to customers nationwide that day.
From 10 a.m. to 10 p.m. Thursday, customers can walk into any participating Dunkin' Donuts restaurant throughout the country and receive a free 16 oz. cup of Dunkin' Donuts' original or flavored iced coffee, said Dunkin' Donuts, a coffee-and-baked-goods chain based in Canton.
Customers will be encouraged to try Berry Berry Iced Coffee, which combines the seasonal tastes of blueberry and raspberry with Dunkin' Donuts' award-winning coffee, the chain said.
As part of the one-day event, the company is donating $80,000 to the National Police Athletic League's Youth Leadership Program, a nonprofit organization that works with disadvantaged youth across the United States to emphasize the importance of community service and peer leadership, Dunkin' Donuts said.
(By Chris Reidy, Globe staff)
Shoppers will likely spend tax rebates on necessities
Alas for merchants, "shop till you drop" may not be the mantra for many consumers after they receive their tax rebates, a survey released today suggests.
Discounts are rampant as retailers look to entice consumers to spend the tax rebates that result from a federal economic stimulus package; stores had hoped that consumers would spend a portion of that money on such discretionary items as big-screen TVs or a new spring wardrobe.
But a survey out today from the National Retail Federation offered a more sobering view: A big chunk of the tax rebates could go to paying for necessities such as gas and groceries as many consumers cope with rising prices.
Consumers still plan to spend about forty percent of their tax rebate checks, sending $42 billion back into the economy, but what they plan to buy has shifted slightly from February when the federation conducted an earlier survey, the retailers group said.
Because of the increasing prices of gas and groceries, consumers now plan to spend more of their rebate checks on necessities like gas and food rather than on discretionary items like electronics and apparel, the federation said.
(By Chris Reidy, Globe staff)
Whole Foods will open store in Medford
Whole Foods Market Inc., the Texas-based grocery chain that specializes in natural and organic foods, said it will officially open a new store in Medford tomorrow.
The store, which was previously a Wild Oats Marketplace and which was acquired by Whole Foods Market, underwent extensive remodeling and renovations including new floors, lighting, bathrooms and fixtures, new seafood and meat prep rooms, an updated kitchen, and additional changes to the layout of the store, Whole Foods said.
The Medford store will be the chain's 18th in Massachusetts, Whole Foods said.
(By Chris Reidy, Globe staff)
Heritage Partners invests in Arizona company
Heritage Partners and Black Canyon Capital LLC, two investment firms, announced the recapitalization of Saunders & Associates Inc., a Phoenix-based manufacturer of test measurement and production equipment.
Heritage Partners is a Boston-based private equity firm that specializes in providing equity for family-owned businesses and closely-held companies. Black Canyon has its headquarters in Los Angeles.
The dollar amount of the recapitalization was not disclosed.
(At left, a product photo taken from the Saunders website.)
Heritage said that the investment was structured as a "Heritage Private IPO, allowing Saunders’ management to cash out certain founding shareholders while providing ongoing management with personal liquidity and ample capital for future growth while at the same time permitting them to retain operating control of the company."
(By Chris Reidy, Globe staff)
Foam companies agree to settlement in RI club fire
Several foam manufacturers have agreed to pay $30 million to settle lawsuits brought by survivors and family members of those who died in a 2003 fire in Rhode Island that killed 100 people and hurt more than 200.
The settlement offers were disclosed in court papers filed today.
More than $101 million has now been offered to victims of the Feb. 20, 2003, fire at the Station nightclub in West Warwick from several companies, including Home Depot Inc. and a maker of fireworks. Plaintiffs have yet to approve the settlements.
Investigators blame flammable, egg-crate-style foam on the walls and ceiling of the club for fueling the fire.
The fire was started when a pyrotechnics display for the rock band Great White ignited foam placed around the stage for soundproofing. (AP)
MIT students show power of open cell phone systems
What do you want your cell phone to be able to do?
Massachusetts Institute of Technology professor Hal Abelson put that question to about 20 computer science students this semester when he gave them one assignment: Design a software program for cell phones that use Google Inc.'s upcoming Android mobile operating system.
In the process, they revealed the power of an open system like Android to shake up the mobile phone industry, where wireless companies are being pressured to loosen the control they have maintained over what devices do. If the brainstorms of these MIT students are an indication, phones will soon challenge the Internet as a source of innovation.
For these students at least, cell phones should be all about location, location, location. Most of the projects produced by the seven teams of students involved programs that let phones track people's physical place - or that of their friends - to help them do things and meet up.
Full entry
Porter will head state's small business office
Massachusetts Housing and Economic Development Secretary Daniel O’Connell (right) announced today the selection of André M. Porter to head the Massachusetts Office of Small Business and Entrepreneurship.
Porter is a former deputy director for the city of Boston’s Office of Business Development.
According to state figures, 178,652 employment establishments with fewer than 500 employees were in the state at the end of March 2007; collectively, these establishments employed more than 2.5 million people, or roughly 85 percent of the state's work force.
(By Chris Reidy, Globe staff)
Gas prices up another 12 cents in Mass.
Gasoline prices in Massachusetts have surged to another record high that's 12 cents more than last week's mark.
A statewide survey Monday by AAA Southern New England found an average price of $3.68 per gallon for self-serve, regular unleaded. That compares with $3.56 a week ago, and marks the fifth consecutive week of higher prices.
The state remains 3 cents below the national average of $3.71. A year ago, the Massachusetts average stood at $2.95.
Until the recent spike in prices, the state's record price was $3.23 per gallon, set in the aftermath of Hurricane Katrina in 2005. (AP)
American Girl store is coming to Natick Collection
Toy maker Mattel Inc. said today that it plans to open a 20,000-square-foot store for its American Girl doll brand at the Natick Collection shopping mall in November.
“Given our unparalleled success in experiential retailing over the past decade, we are eager to bring our next American Girl store to such a premier retail destination" like Natick Collection,
Wade Opland, American Girl’s vice president of retail, said in a statement.
(A doll from the American Girl collection is at left.)
Visitors to Natick Collection’s new American Girl store will find the complete assortment of the company’s popular historical and contemporary dolls, along with a rotating selection of doll outfits, accessories, girl-sized clothing, and a variety of best-selling American Girl books, said Mattel, a California company that is perhaps best known for its Barbie doll line.
To read recent Globe coverage of Natick Collection, please click here.
(By Chris Reidy, Globe staff)
More buried treasure: inspired by Ortiz caper, rival plants shirt behind Apple store
Michael Oh of Tech Superpowers slips a company T-shirt into the cement sidewalk in the alley behind the new Apple store on Boylston Street. Photos by Ted Dillard of Tech Superpowers.
Inspired by the Red Sox fan who buried a David Ortiz jersey under the new Yankee Stadium, Apple reseller Tech Superpowers Inc. decided to leave its own subversive treasure under the competition moving in directly behind them on Boylston Street. Yes, that would be the massive new Apple store set to open on Thursday.
So on a sunny morning late last month, Tech Superpowers founder and president Michael Oh slipped out the back door with a shovel in one hand and one of the company's geeky blue shirts emblazoned with the words "Technology for Genius" in the other. He crossed the alley to the wet cement behind Apple and began digging.
"We just walked in and started digging a hole and taking snaps. When approached, we explained what we were doing," Oh said of the Apple construction workers. "Luckily, that was the morning that the guy had bought the Ortiz shirt on eBay for $175K, so everyone just thought it was humorous."
Tech Superpowers has closely followed the progress of Apple with a webcam watching every second of the construction over the past year. (For a time-lapse movie of the building's steel frame being erected, click here.) When they weren't stalking Apple, Tech Superpowers was refining its business model to focus more on professional clients and less on consumers in anticipation of Apple's arrival and dominance in the consumer space.
"We're doing it with a wink," Oh said of the buried Tech Superpowers T-shirt. "We are in business because of the great things Apple has done. But there's also been blood sweat and tears from our side. This T-shirt in the sidewalk is a symbol that there's a connection between the two sides of the alley. I have no idea how this will turn out. Maybe Apple will refer us customers. Or maybe six months from now we'll be moving out to an office park in Waltham. But at least we can say, yeah, we were here."
No word yet on what Apple plans to do with Tech Superpowers' buried treasure.
(By Jenn Abelson, Globe staff)
Sovereign raising $1.5b in additional capital
Sovereign Bancorp. said it plans to raise $1.5 billion in two public stock offerings, becoming the latest bank seeking capital amid tightening credit markets.
A Sovereign spokesman said it expects Spain's Banco Santander SA to buy shares in the offering, but didn't have details and said that "no special treatment is being given to any shareholder.'' Santander already owns about a quarter of Sovereign, a Pennsylvania savings and loan that is one of the largest banks in New England.
Technically Sovereign will $1 billion shares of common stock, while its Sovereign Bank unit will offer $500 million under the terms of the two offerings. The money is being raised as a prudent decision in case the economic downturn proves deeper than expected, said the spokesman, Ed Shultz, but not because the bank lacks sufficient capital. "We're not taking this action from a position of stress, but rather from a position of strength,'' he said.
According to Bloomberg News, the world's banks and securities firms have rased more than $245 billion in capital to cope with losses that have resulted from deteriorated mortgage and credit markets. Sovereign reported a loss of $1.3 billion in 2007, and omitted its quarterly dividend in January.
(By Ross Kerber, Globe staff)
Orbitz taps mediaHub for brand planning
Mullen, the Wenham advertising agency, said today that Orbitz Worldwide Inc., the online travel company, has assigned all its US brand planning and media buying to mediaHUB, a division of Mullen.
The media buying assignment includes strategy development, media planning, and purchasing execution for the company's Orbitz and CheapTickets brands, Mullen said.
Orbitz Worldwide' North American media buying was previously managed by Mediacom New York, Mullen said.
(By Chris Reidy, Globe staff)
"Snakehead" films James Bond dogfight footage
The Concord office of SolidWorks Corp. said today that its 3D computer-aided software was used to design an aerial periscope that has filmed footage for a dogfight sequence in an upcoming James Bond movie, "Quantum of Solace."
The periscope is called "Snakehead," and it was designed by SpaceCam Systems Inc. in collaboration with engineers from another California company Ballista Inc., SolidWorks said.
With a 360-degree remotely controlled spherical range of view, the patented Snakehead is the first plane-mounted gyroscopically stabilized periscope, compatible with various movie and HD cameras and providing super high quality resolution, SolidWorks said.
In filming footage for the new Bond movie, which features Daniel Craig (left) as Bond, a Piper Aerostar 700 with Snakeheads on the nose and tail filmed two planes in a aerial chase sequence and dogfight, SolidWorks said.
With the Snakehead, "pilots for the first time can fly as aggressively as they dare without sacrificing the drama of the shot," SolidWorks said in a statement.
SolidWorks' parent company of Dassault Systemes S.A., a French company that develops and markets software for design, analysis, and product data management.
(By Chris Reidy, Globe staff)
Iron Mountain buys DocuVault
Iron Mountain Inc. said today that it has acquired the privately owned DocuVault companies for an undisclosed amount.
Iron Mountain is a Boston company specializing in information protection and storage services.
DocuVault is a records management and information destruction company in Colorado.
As a result of the acquisition, Iron Mountain said it gains two records storage facilities and a secure shredding plant, increasing Iron Mountain's capacity for storing and destroying records in Colorado.
(By Chris Reidy, Globe staff)
Staples promotes new stylish accessories line
Forget the pinstripe pants suit or the big lunch tie. In today's economic climate, it's the accessories that define the business person, says Staples Inc., the Framingham-based retailer of office supplies.
As a result, the canny entrepreneur now eschews costly layouts for Brooks Brothers duds - and sees a $16 quilted leather journal as much better investment when it comes to advancing his or her career.
Staples, whose marketing mantra is "That was easy," said it gleaned such findings from a national online survey it commissioned of nearly 1,100 adults.
The survey was conducted in association with the official launch of the new M by Staples collection of high-end journals, notebooks, file folders, stationery, and business essentials such as binder clips, magnets, and push pins, said the company, which added that the new collection should "inspire creativity and style in the work place."
(At left, the humble binder clip.)
According to the survey, US workers believe that "small-ticket items, including stylish notebooks and file folders, are the secret to increased productivity, recognition, and success - more so than dressing in flashy business attire."
(By Chris Reidy, Globe staff)
Axis unveils new surveillance camera
Axis Communications today announced the debut of a new high-performance video surveillance camera to its product line.
The camera is the Axis P1311, which the company said is well suited for video surveillance systems used by schools, stores, banks, and office buildings with "demanding storage and bandwidth efficiency requirements."
The AXIS P1311 Network Camera includes video intelligence, such as enhanced video motion detection, audio detection, and detection of camera tampering attempts like blocking or spray-painting, the company said.
Axis is a Swedish company with a presence in Chelmsford.
(By Chris Reidy, Globe staff)
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