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Bankruptcy filings showed a group led by Fortress Credit Corp. could be the next owner of the Red Lobster chain, among several dining companies struggling with challenges that include rising costs and consumer spending pullbacks.

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A Pizza Hut franchisee with about 140 locations in the South and Midwest is the latest restaurant operator this year to file for bankruptcy protection from creditors as costs rise and consumer spending slows.

Struggling Discount Retailer To Close Dozens of Locations, Warns It May Cease Operations

Last month, Big Lots CEO Bruce Thorn told investors the company was "moving quickly and aggressively" to solidify its position "as America's discount home store." Then just a week later, the retailer reported it was closing as many as 40 locations and might have to cease operations.

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President Joe Biden's decision over the weekend to end his reelection campaign and endorse Vice President Kamala Harris raises questions over the potential for any policy changes affecting real estate and other industries under a new ticket for Democrats.

Law Requires Posting No Later Than July 15th

SPRINGFIELD – The Illinois Department of Labor (IDOL) posted updated prevailing wage rates, by construction trade, for each county on Monday this week. By requiring that local prevailing wages are paid on public works construction and infrastructure projects, the Illinois Prevailing Wage Act helps ensure that Illinois’ tax dollars are re-invested back into Illinois’ workforce and spent in Illinois’ economy.

Team RED Monthly Webinar Updates to DCEO Business Development Programs

Northeast Region Weekly Update July 15, 2024 Team RED Monthly Webinar Updates to DCEO Business Development Programs Join Team RED for a high-level overview of HB5005, the new omnibus bill to incentivize corporate development and increase Illinois’ competitive edge for attracting new businesses and capital investments. This legislation was signed on June 26th, 2024.

Exemplary performance

Congratulations to Elgin Community College. We are thrilled Diane Kerruish, senior executive assistant to the president, received the Professional Board Staff Member Award from ICCTA. This award recognizes exemplary performance in supporting an Illinois community college board of trustees. She is an incredible person we get to work with and so glad she received this well-deserved honor!

Rebuild Downtowns & Main Streets (RDMS) & Research in Illinois to Spur Economic (RISE) Recovery Implementation Grants

Economists Look for Cooling Market in the Second Half of the Year

Average mortgage rates inched closer to 7%, breaking their month-long streak of declines, according to the latest data from Freddie Mac.

Wealthy Individuals May Not Want Expense, Hassle of Converting Vacated Drugstore for New Tenant

For wealthy individuals who own properties occupied by Walgreens, CVS and Rite Aid, a broker who specializes in the niche has a warning: Don’t get stuck with an empty drugstore and no replacement tenant.

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May’s total U.S. spending on residential and nonresidential construction projects fell 0.1% from the prior month, affected by factors that included elevated interest rates and slowing construction on the residential side. Many economists had expected an overall increase for the month.

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A Commerce Department measure closely watched by the Federal Reserve showed a continued slowing of inflation, with May prices rising 2.6% from a year earlier. That was down from the 2.7% annual rate posted in March and April.

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FedEx is shutting down four shipping centers in the Carolinas that employ more than 300, among other cost-cutting measures being planned as the package services giant responds to shifts in demand.