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Cincinnati: General Business & Economic News

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22 minutes ago, thebillshark said:

They’re opening standalone Macy’s Backstage stores, could downtown get one of those as a consolation prize? Perhaps at in the new 4th and Race building? 

TJMaxx didn't make it and Backstage is basically the same format. I can't imagine it'd do well, and the ones that I've been to are all pretty sad.


“To an Ohio resident - wherever he lives - some other part of his state seems unreal.”

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Closure of Macy’s facilities means more jobs for Warren County

 

Closing its Cincinnati headquarters is a move that will result in dozens of layoffs but will relocate the vast majority of 500 jobs from downtown Cincinnati to a northern Hamilton County community Springdale.

 

A call center there will see employment grow by 470 jobs, giving it 950 in all.

 

Another 600 new jobs will be added to a Macy’s call center in at 9111 Duke Blvd. in Warren County’s Deerfield Twp. as a result of Macy’s closing its Tempe, Arizona customer contact center.

 

 

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So each time a company gets a new CEO now everyone that works there has to worry if they are going to lose their job if they don't want to move to whatever random city the CEO is from. Liked working Downtown? Too bad. Live in Kentucky? Sucks to be you.

 

One reason Columbus split up into Cool and Uncool Crescents is that so many jobs moved from DT up to Dublin/Worthington/Westerville/Polaris that half the city got hollowed out from being too far from them.

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3 minutes ago, GCrites80s said:

So each time a company gets a new CEO now everyone that works there has to worry if they are going to lose their job if they don't want to move to whatever random city the CEO is from. Liked working Downtown? Too bad. Live in Kentucky? Sucks to be you.

 

One reason Columbus split up into Cool and Uncool Crescents is that so many jobs moved from DT up to Dublin/Worthington/Westerville/Polaris that half the city got hollowed out from being too far from them.

I think that pretty much applies to every city though. Each town has their job centers in the city and burbs. 

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3 minutes ago, GCrites80s said:

So each time a company gets a new CEO now everyone that works there has to worry if they are going to lose their job if they don't want to move to whatever random city the CEO is from. 

 

This article explains a lot:

https://www.theatlantic.com/ideas/archive/2020/02/how-mckinsey-destroyed-middle-class/605878/

 

I have a friend whose company office is in the owner's house.  They have 10~ people working in the basement while the kids run around upstairs.  

 

 

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5 hours ago, Ucgrad2015 said:

As it sucks to loose those employees downtown to the suburbs, it could have been a lot worse. 

 

True. That and with the way growth is going in downtown Cincinnati I don't think filling the vacant Macy's tower space will be all that much of an issue.

 

Hopefully the owners give it a refresh inside and out to make sure it is a solid Class A property.

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Latest on the Cincinnati Bell acquisition:

 

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Bell (NYSE: CBB) announced Friday that it has amended its merger agreement with Brookfield Infrastructure to increase its sale price.

Toronto-based Brookfield will now pay holders of outstanding Cincinnati Bell stock $12.50 per share in cash rather than the $10.50 per share to which the companies had originally agreed. That makes the deal, which is expected to close by the end of 2020, worth $2.745 billion including debt.

 

 

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It's now official: Cincinnati Bell acquired

 

Cincinnati Bell has officially agreed to be acquired for $2.9 billion by a New York company.

 

Cincinnati Bell (NYSE: CBB) announced Friday that it has entered into a definitive agreement with Macquarie Infrastructure and Real Assets (MIRA) to be acquired for $2.9 billion, which would pay out $15.50 for every outstanding share of Bell.

 

Cincinnati Bell had originally agreed to be acquired by Brookfield Infrastructure, a Toronto firm that first offered to pay $10.50 per share of Bell, but then upped that to $12.50 after the Cincinnati technology firm got a competing offer. Brookfield upped its offer eventually to $14.50 after MIRA made a bid for the company, but decided to walk away rather than match MIRA's $15.50-per-share offer.

 

More below:

https://www.bizjournals.com/cincinnati/news/2020/03/13/its-nowofficial-cincinnati-bell-acquired.html


"You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers

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The last of the "Bells" is gone and Cincinnati loses another public company. Where on earth will job growth come from in Cincinnati? 

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