QUOTE OF THE DAY
“Sales are showing some lingering effects of the weather. It’s probably going to take a couple more months until you see a bounce.”
Kevin Cummins, UBS Securities LLC economist, on March sales of previously owned homes Article, 1D
Chocolatier, tailor sign Arcade leases
Leases for two retail shops in the Arcade Building at the corner of President Clinton and River Market avenues have been signed, according to a news release from Moses Tucker Real Estate.
The building, which opened in stages starting in late 2013, has one retail space left, on River Market Avenue, the release stated.
Kilwins Chocolates & Ice Cream has taken 1,200 square feet adjacent to the pedestrian alley on Clinton Avenue.
Barakat Bespoke has leased the 900-square-foot space next to Kilwins, said John Martin, director of brokerage for Moses Tucker.
“Kilwins offers that nostalgic experience of watching fresh chocolate, fudge, corns, caramel apples, brittle, shakes, sundaes, gourmet coffee, smoothies and specialty drinks made fresh in front of your eyes and with many local ingredients,” franchise owners Leroy and Michelle DuBre said in the release.
Barakat Bespoke offers men’s custom clothing and “meticulously chosen ready to wear selections,” along with grooming products, jewelry and other accessories, the release said.
The 60,000-square-foot Arcade Building was developed by Moses Tucker in partnership with the Central Arkansas Library System.
U.S. grants available for specialty crops
Growers of specialty crops, including fruits, vegetables, flowers and nuts, can apply to be included in an Arkansas Department of Agriculture proposal seeking funds from the U.S. Agriculture Department’s Specialty Crop Block Grant Program.
The state Agriculture Department said Tuesday that as much as $350,000 may be available to the state through the program administered by the USDA’s Agricultural Marketing Service.
The grants are intended for projects that help make specialty crops more competitive. Applicants must be located in Arkansas and can include state corporations, commodity associations, nonprofits, state and local government entities, and colleges and universities.
The application deadline is May 30.
More information is available by contacting Zach Taylor, marketing director for the state Agriculture Department, at (501) 219-6324 or by email at Zachary.Taylor@aad.ar.gov . Application packets are available at www.aad.arkansas.gov. A complete list of eligible specialty crops is available at http://www.ams.usda.gov/AMSv1.0/SCBGPdefinitions.
LR’s Stampede buys Georgia fuel hauler
Stampede Logistics LLC continued its expansion in the southeastern United States with the purchase of Daniell Transport Provider, a fuel transportation company based near Atlanta.
Jeff Johnson, manager of Little Rock-based Stampede, said acquiring Daniell will allow Stampede to better serve national customers in the Atlanta area. Terms of the deal were not disclosed, but the purchase has been a priority for Stampede since it began operating last month as wholly-owned subsidiary of AET Holdings.
Stampede and AET plan to rapidly expand the workforce at Daniell, based in Bishop, Ga., a suburb of Atlanta.
Currently the company has only two trucks and seven employees, but Johnson said at least eight employees and four trucks will be added to the operation.
AET Holdings purchased Stampede in March. Stampede, founded as a bulk fuel-hauling and logistics company in 1999, was operating 15 trucks with about 25 employees in Arkansas, Louisiana, Tennessee and Texas. AET also has operations in Oklahoma.
Car-Mart opening 134th dealership
America’s Car-Mart is opening its 134th dealership, in Dalton, Ga., the 10th dealership opened this year by the buy-here-pay-here used-car dealer.
The Dalton operation will be Car-Mart’s fourth dealership in Georgia. Dalton, which bills itself as the Carpet Capital of the World, has a population of more than 33,000 and is located in the northwest corner of Georgia, a little south of Chattanooga, Tenn. The dealership will be managed by Michael Kelly.
Car-Mart also has locations in Alabama, Arkansas, Indiana, Kentucky, Mississippi, Missouri, Oklahoma, Tennessee and Texas. The company plans to open two more locations just after Car-Mart’s 2014 fiscal year ends next Wednesday.
Shares of Car-Mart closed at $36.19, down 42 cents or 1.15 percent, in trading Tuesday on the Nasdaq exchange.
Car-Mart shares have traded between $34.56 and $49.21 over the past year.
In February, Car-Mart reported net income of $1.5 million for its third quarter, significantly missing analysts’ estimates because of a one-time charge for credit losses. It is expected to announce fourth quarter earnings in May.
Mexican sugar-dumping claims probed
NEW ORLEANS - The U.S. Commerce Department is investigating allegations that Mexico is exporting far more sugar than it has in the past and selling it in the U.S. at below fair market price.
The American Sugar Alliance and other groups asked for the investigation in March, saying imports of sugar subsidized by the Mexican government have cut the price of raw sugar in half since 2011.
Alliance spokesman Phillip Hayes said the price was above 40 cents a pound for the 2011 crop year, but fell to less than 20 cents a pound last year.
The Commerce Department announced its decision Friday, saying sugar imports from Mexico grew from 1.5 million tons in 2011 to nearly 2.3 million tons last year. The sugar alliance said that was a record - and imports from Mexico this year are on a pace to break it with imports totaling as much as 2.5 million tons by Sept. 30.
The alliance claims that in one year, imports of Mexican sugar went from 9 percent to 18 percent of the U.S. market share.
U.S. farmers contend that Mexican sugar is being sold on the U.S. market at substantially less than fair value. If findings of the Commerce Department support the claim, the International Trade Commission could impose import duties to make up the difference.
Business, Pages 26 on 04/23/2014