Downtown holiday parade spirit contest winners

Downtown holiday parade spirit contest winners

YOUNGSTOWN

Home Savings and Loan, which acted as the grand marshal of the 2018 Youngstown Holiday Parade on Nov. 30 in downtown Youngstown, has named the winners of its “Holiday Spirit Contest,” which pit schools whose bands were marching in the parade against each other to see which had the most “spirit.”

The first place winner, receiving $1,000 for its band, is United High School.

The second place winner, receiving $500 for its band, is South Range High School.

The third place winner, receiving $250 for its band is Lakeview High School.

Ohio business leaders optimistic about economy

COLUMBUS

The Ohio Chamber of Commerce Research Foundation released a quarterly business leader’s survey that revealed business leaders across the state are overwhelmingly optimistic about the strength of their businesses and the state’s economy.

The survey revealed 91 percent of the respondents felt optimistic about future economic health of their companies, and 72 percent said that the economic climate is either good or excellent.

More than half of manufacturing businesses saw their employees increase in the third quarter.

Business leaders were concerned with rising health care costs, the cost of providing their employees with benefits and the political climate of the country.

Consumers National receives top award

MINERVA

Ohio Consumers National Bank has received the Top Community Bank Lender Award from the U.S. Small Business Administration’s Cleveland district office for the third-consecutive year. The award recognizes outstanding performance.

Sears’ biggest holder bids $4.6B for rest of bankrupt chain

NEW YORK

Eddie Lampert and his ESL Holdings hedge fund are offering to buy the rest of Sears for up to $4.6 billion in cash and stock in a move to stave off liquidation.

The Sears chairman and ESL founder own just under half of the Hoffman Estates, Illinois, company, according to FactSet. Sears filed for Chapter 11 bankruptcy protection in October, weighed down by years of declining sales and massive debt. It then said it would shutter 142 unprofitable stores in the hopes that it could stay in business.

ESL Holdings said in a regulatory filing Thursday that its nonbinding offer for the roughly 500 remaining Sears stores will keep about 50,000 employees working. The offer is subject to due diligence and ESL’s ability to get financing, among other things.

The pace of the deterioration has been rapid.

As recently as 2012 the company operated 4,000 Sears and Kmart stores. Including the closings after the bankruptcy filing, Sears would have just over 500 functioning locations left.

US household wealth jumps $2T

WASHINGTON

A stock market rally, which has since reversed, propelled U.S. household net worth to a record high of $109 trillion in the July-September quarter. The Federal Reserve says the value of Americans’ stock and mutual fund holdings soared $1.2 trillion. Greater household wealth can help the economy by lifting consumer spending. Yet wealth has been increasingly concentrated since the Great Recession, with just 10 percent of U.S. population owning 84 percent of stocks.

Staff/wire reports