Biz Buzz

Welcome to Biz Buzz, our daily blog on all things business. Turn here for breaking news on the economy, local industry and area people engaged in the region's companies.

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Posted: April 18th, 2014

Northwest named to ‘Most Trustworthy’ list

Warren-based Northwest Bancshares, Inc, the parent company of Northwest Savings Bank, has been recognized by Forbes magazine as one of America’s 50 Most Trustworthy Financial Companies for the third time in five years. To determine the winners, Forbes assigns each company accounting and governance risk scores based on several factors, including high-risk events, SEC actions [...]

Posted: April 18th, 2014

Report: State’s unemployment rate drops again

Pennsylvania’s seasonally adjusted unemployment rate declined by two-tenths of a percentage point in March to 6.0 percent, the lowest rate since October 2008. The commonwealth’s rate was seven-tenths of a percentage point below the U.S. rate, which was unchanged from February at 6.7 percent. The state rate was down 1.7 percentage points from its March [...]

Posted: April 15th, 2014

Is Simonelli in line to run GE?

Lorenzo Simonelli, who spent five years as chief executive at GE Transportation, is being mentioned as a possible successor to General Electric Co. Chief Executive Jeff Immelt. A story in today’s edition of the Wall Street Journal reports that Immelt, who has run the company for 13 years, might step aside sooner than the 20 [...]

Posted: April 14th, 2014

Coldwater Creek to close in Millcreek Mall

Coldwater Creek, an Idaho-based chain of women’s clothing stores, plans to close all 350 locations, including the store at the Millcreek Mall. The company, which was launched in 1984 as a catalog-only business, filed for Chapter 11 bankruptcy on April 11. after failing to find a buyer for the ailing chain. Coldwater Creek moved into [...]

Posted: April 11th, 2014

Erie developer Tom Kennedy to break ground for new project

Erie developer Tom Kennedy, who has announced plans for new hotels in Corry and on Erie’s bayfront, will break ground Monday for a new clinic being built in Ashtabula for the Erie Veterans Affairs Medical Center. The groundbreaking will be held at 1 p.m. at 2044 Lambrose Lane. Construction is expected to be complete by [...]

Posted: April 10th, 2014

Family Dollar to slash prices, close 370 stores nationwide

Family Dollar Stores Inc. said it will close 370 under-performing stores later this year and slash prices on 1,000 products after its profit for the second quarter plunged more than 30 percent. The North Carolina-based discount retail chain, which has seven stores in Erie and Crawford counties, also said it would curb store openings in [...]

Posted: April 9th, 2014

Corry auto auction to host Medal of Honor recipients

Corry Auto Dealers Exchange, which will mark 32 years in business on April 17, will host Medal of Honor recipient Gary Beikrich on Thursday. Beikrich, who served in the Vietnam War, will be at the auction beginning at 9 a.m. Thursday to meet customers, share his experiences and talk about the importance of supporting our [...]

Posted: April 4th, 2014

Mazda recalls car over spider problems

Now this is a different sort of recall. The Associated Press reports that Mazda is recalling 42,000 Mazda6 cars in the U.S. because spiders can weave a web in a vent hose and cause the fuel tank to crack. The recall involves cars from the 2010 through 2012 model years equipped with 2.5-liter engines. The [...]

Posted: April 2nd, 2014

Conneaut Kmart to close

The Kmart in Conneaut, Ohio, will be closing its doors after more than 30 years because of an unresolved problem with the building’s roof. The store, located on Route 7 in the Gateway Plaza, has been plagued in recent months with a leaky roof. Visitors to the store have reported that a series of tarps [...]

Posted: March 31st, 2014

Slopes close for season at Peek‘n Peak

The lifts have been closed for the season, and the snow that still paints the mountainside at Peek‘n Peak Resort and Spa will be left to melt. That shouldn’t take long. The sun is shining brightly at the moment and it’s expected to rain later this week. The ski season, which began the day after [...]