Business Briefs: Nike cuts 1,400 jobs, sneaker styles in company shakeup

Business Briefs: Nike cuts 1,400 jobs, sneaker styles in company shakeup

June 16th, 2017 by Staff Report in Business Around the Region

Morning Pointe adds 44 units in Franklin

Independent Healthcare Properties is expanding its Morning Pointe Senior Living center in Franklin, Tenn.

The Chattanooga-based senior healthcare services company will celebrate the groundbreaking of its second phase of development on the 10-acre campus – the new Alzheimer's Center of Excellence — on June 30.

The $15 million expansion, will create 200 construction jobs and another 50 permanent healthcare jobs by adding a freestanding building with 44 specially designed apartments.

"This expansion of our Franklin senior campus allows us to serve a growing population of aging seniors in Williamson County," said Greg A. Vital, president and CEO of IHP and Morning Pointe. "With an increasing number of people living longer, Morning Pointe continues to give residents and families more options and choices in quality care and customer service."

Nestle may sell candy business

Nestle may sell its U.S. candy business, which makes classics like the Butterfinger candy bar, Raisinets and Nerds.

The Swiss company said Thursday that it will wrap up a review of strategic options for the business by the end of this year. Nestle said the review doesn't affect its Toll House baking products in the U.S. or Kit Kat overseas.

In the United States, Kit Kat is licensed to Hershey and is not part of Nestle's portfolio.

The company said earlier this year that candy sales in 2016 were disappointing, and global pricing pressure has forced it to cut costs.

The global food giant said its candy unit represents about 3 percent of its U.S. sales. Nestle also makes Purina pet food, bottled water, Stouffer's and Gerber baby foods.

Nike cuts 1,400 jobs, sneaker styles in company shakeup

Nike wants to be more nimble on its feet.

The sneaker maker said Thursday that it plans to focus on the hottest-selling sneakers, slash the number of styles it offers and sell more shoes directly to customers online as part of a restructuring in which it also will cut about 1,400 jobs.

Nike said the moves will help it offer products to customers faster as it is facing increasing competition from smaller brands and premium labels.

Dodge minivans recalled; air bags inflate unexpectedly

Fiat Chrysler is recalling 297,000 minivans in the U.S. and Canada because the driver's front air bag can inflate unexpectedly.

The recall covers Dodge Grand Caravans from 2011 and 2012. The company said eight people have suffered minor injuries from the problem, but no crashes have been reported.

Fiat Chrysler said the air bag wiring can chafe against steering wheel trim, causing a short circuit. Drivers could see an air bag warning light, the windshield wipers may turn on unexpectedly or the speed control may not work.

Dealers will inspect wiring and replace it if needed. They'll also install a protective covering.

Owners will be notified by mail starting July 28.

The similar Chrysler Town & Country minivan is not affected. FCA says it has different steering wheel trim.

Mortgage rates rise from 7-month low

Long-term U.S. mortgage rates edged up this week as the benchmark 30-year rate bounced back from a seven-month low.

Mortgage buyer Freddie Mac said Thursday that the average 30-year, fixed-rate mortgage rose to 3.91 this week from 3.89 percent last week. The rate stood at 3.54 percent a year ago and averaged a record low 3.65 percent in 2016.

The rate on the 15-year mortgage rose to 3.18 percent from 3.16 percent.