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 23rd, 2014

Gas prices on the rise in Erie

Gasoline prices are once again on the rise. Regular gasoline is selling for as high as $3.73 a gallon in Erie today, with most retailers charging $3.65 to $3.69 a gallon. AAA reported Tuesday that prices in western Pennsylvania had risen an average of 6 cents a gallon to $3.72, up substantially from the $3.56 [...]

Posted: April 22nd, 2014

Cabela’s to hire 225 for Buffalo-area store

Cabela’s Inc., which elected to build an 88,000-square-foot store in the Buffalo suburb of Cheektowaga after scrapping plans to build a smaller store in Erie, is now accepting applications to staff the new location. The company, which plans to open its new store this fall, is looking to hire about 225 employees. Applications are being [...]

Posted: April 22nd, 2014

Tax freedom arrives in Pennsylvania

Here’s a good piece of news. Whatever money you earn today, you get to keep. But the bad news, according to the Tax Foundation, is that the money you earned the first 111 days of the year — through April 21 — was paid to the local, state and federal government in one form or [...]

Posted: April 22nd, 2014

Erie Book Store has closed its doors

The tiny storefront at 2609 Peach St. sits empty today, a couple fading posters and some scattered papers on the floor the only remains of one of the oldest names in Erie retailing. The Erie Book Store, purchased less than three years ago from longtime owner Kathleen Cantrell, has closed its doors after more than [...]

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 [...]