A10 Saturday, auguSt 12, 2017
Business
RTD
Virginia
Va. contractor to pay
$16M in fraud case
A Virginia defense con-
tractor and its subsidiar-
ies have agreed to pay the
United States $16 million
to settle allegations they
fraudulently obtained
contracts.
The Department of
Justice announced the
settlement with Virginia
Beach-based ADS Inc. on
Thursday.
The department says
in a statement the settle-
ment resolves bid rigging
allegations and allegations
that ADS fraudulently
obtained small business
contracts by having busi-
nesses it controlled mis-
represent themselves. The
statement says some busi-
nesses falsely claimed to
be owned by disabled vet-
erans while others claimed
to be in a category for so-
cially or economically dis-
advantaged businesses.
The government says
ADS and the companies it
controlled concealed their
afliation.
The company said in a
statement that it believes
it has always complied
with required standards
but concluded settling
was in the best interests
of the company and its
customers.
Draftco to expand
Augusta operation
Draftco Inc., a machine
and fabrication shop, will
invest $450,000 to expand
its manufacturing opera-
tion in Augusta County,
creating 16 new jobs.
The company will make
improvements to its qual-
ity inspection room and
purchase new machines
and welding and testing
equipment, Gov. Terry
McAuliffes ofce said.
Draftco, founded in
1965, has a fully-equipped
precision job shop in Stu-
arts Draft.
national
Consumer prices
posted a slight gain in July,
with higher costs for medi-
cal care and clothing off-
setting declines for hotel
stays and consumer cell-
phone plans. The Labor
Department said Friday
that its consumer price
index edged up 0.1 per-
cent last month after no
gain in June and a 0.1 per-
cent fall in May. Core in-
ation, which excludes
volatile energy and food
changes, was also up 0.1
percent in July. Both over-
all ination and core ina-
tion have risen 1.7 percent
over the past 12 months.
That shows ination pres-
sures remain well under
control.
Sales at established
J.C. Penney stores fell 1.3
percent during the second
quarter. It was the fourth
straight quarter of declines
for Penneys, and it was
worse than the 1.2 percent
drop Wall Street analysts
expected. Penneys said
its results were hurt by the
closing of about 130 stores
during the quarter. It has
about 875 stores left. The
company, which started to
sell appliances again last
year, said it signed a new
deal to sell Electrolux and
Frigidaire products.
Krispy Kreme is giving
its signature glazed treats
a chocolate sheen for the
rst time in honor of the
Aug. 21 eclipse, where the
moon will pass in front
of the sun. The company
said the eclipse is a rare
occasion providing a total
sensory experience for
viewers across the conti-
nental U.S. and that its
chocolate doughnuts will
have the same effect.
The doughnuts will be
available in participating
stores Aug. 21 as well as
during limited hours Aug.
19 and Aug. 20.
From staff and wire reports
Brazils CTA Plus coming to Henrico
Company focused on
transport systems will
open HQ in Innsbrook
By JOHN REID BLACKWELL
richmond times-dispatch
A Brazilian company that
makes systems for monitoring
fuel use in commercial trans-
portation eets is setting up its Link2pump. The company also
North American headquarters in considered locations in Florida
Henrico County.
CTA Plus is leasing an of-
ce at 4908 Dominion Blvd. in
the Innsbrook Corporate Cen-
ter and plans to invest about
$350,000 and hire ve people
Collared Greens will relocate
to Short Pump Town Center
Menswear store set to
close its Grove Avenue
shop in late September
By TAMMIE SMITH
richmond times-dispatch
Locally operated mens
clothing store Collared Greens
is relocating its agship store
from the upscale Libbie and
Grove neighborhood to Short
Pump Town Center this fall.
Collared Greens will close
the store at 5707 Grove Ave.
in late September and open
the new store in Short Pump
Town Center on Oct. 1.
The current store is across
from the Westhampton on
Grove mixed-use develop-
ment that is under construc-
tion on the site of the former
Westhampton Theater.
Due to the recent changes
and construction in the area,
we have noticed a marked de-
crease in foot trafc, Mason
Antrim, CEO of Collared
Greens, said in a statement.
And as a young brand, we
recognize the need to broaden
our horizons and branch out
into new markets.
While this area is now fo-
cusing on revitalization, we
saw the timing as the perfect
opportunity to explore a new
area of town. We are fortu-
nate to be here in Richmond,
where we have a strong variety
of vibrant shopping commu-
nities, Antrim said.
Collared Greens was
founded in 2009. The com-
pany moved its headquarters
from High Point, N.C., to a
5,000-square-foot combina-
tion ofce-studio-warehouse
facility in western Henrico
County in 2014. The company
products are American-made
and can be bought online or at
more than 300 retailers across
Success of Instagram Stories
may spell trouble for Snapchat
By BARBARA ORTUTAy
the associated press
Facebook once failed to
buy Snapchat; ever since, its
tried to copy it, mostly without tor for digital ad dollars like
success.
Until now.
Facebooks Instagram Sto-
ries, a clear Snapchat clone,
has more daily users than
Snapchat itself and parent
company Snap Inc. should be companys stock, citing com-
very worried.
Snaps latest earnings re-
port isnt helping either. On
Thursday, the company said
user growth for the April-June
period was a paltry 4 percent
from the previous quarter.
Snaps stock, already down snapshots, has amassed 250
44 percent since its initial
public offering in March, de-
clined 14 percent, to $11.83 on
Friday.
Although the doom doesnt second quarter and thats
spell imminent death, its a
Editor: Gregory J. Gilligan
(804) 649-6379
ggilligan@timesdispatch.com
within a year, the Greater Rich-
mond Partnership announced
Friday.
The partnership an eco-
nomic development organiza-
tion for the city of Richmond
and Chestereld, Hanover and
Henrico counties rst con-
tacted CTA Plus in April 2016.
The company will set up its
North American headquarters
to promote a new brand called
and California, the partnership
said.
The product is a web-based
device that enables companies
to automate fuel consumption
for company automobile eets.
Collared Greens sells menswear items including neck ties, shirts,
shorts and accessories. Its Short Pump location will open Oct. 1.
the country.
Collared Greens opened
the 900-square-foot store on
Grove Avenue in 2013.
The store will hold a moving
sale starting Monday through
Sept. 23, with up to 75 percent
off neckwear, shirts, shorts,
accessories and more.
The Westhampton on Grove
development is expected to
be completed in early 2018. It
is being developed by Jason
sign that Snapchat could be
relegated to the sidelines as
a niche app for young people
or worse, a passing fad
rather than a major competi-
Facebook and yes, even the
struggling Twitter.
Brian Nowak, an analyst
for Morgan Stanley, the lead
underwriter for Snaps IPO,
recently cut his rating of the
petition from Instagram and
worries that Snaps advertis-
ing offerings arent evolving or
improving.
Instagram recently dis-
closed that Stories, which
lets people share videos and
million daily users in the year
since it launched.
Snapchat, in comparison,
had 173 million users in the
all of Snapchat. Instagram in
After bankruptcy, Payless looks for new CEO
payless ShoeSource says it emerged from bankruptcy protection
this week and is looking for a new ceo to lead the company. the
low-priced shoe chain led for chapter 11 bankruptcy protection
in april. payless has closed hundreds of stores, but kept about
3,500 of them open. the retailer says that ceo paul Jones re-
tired this week and that its board will select a new leader.
It provides real-time monitor-
ing of such information as fuel-
ing volume, distances traveled,
average consumption and tank
storage.
The companys founder, Fe-
lipe Borges, and business part-
ner Cristiano Ramos visited the
Richmond area in September
when the partnership connected
them with several companies
interested in using their rms
technology.
Its decision to open an ofce
in the Richmond region is part
of a trend of international rms
setting up small ofces here that
have the potential to grow over
time, said Barry Matherly, the
president and CEO of the eco-
CoLLared GreenS
Guillot and Stefan Cametas.
Plans call for retail on the
rst oor, ofces on the sec-
ond oor and as many as 12
apartments on the third oor.
Commercial tenants an-
nounced so far include Taste
Unlimited, a Hampton Roads-
based gourmet market chain;
Mango Salon and a Long &
Foster location.
TLSmith@timesdispatch.com
(804) 649-6572
its entirety, meanwhile, had
more than 400 million daily
users as of February, the last
ofcial count.
Snap CEO Evan Spiegel has
long defended the companys
decision not to make user
growth its primary mission.
Theres a lot of this thing
in our industry called growth
hacking, where you send a lot
of push notications to users
or you try to get them to do
things that might be unnatural
or something like that, Spie-
gel told investors in May.
Although Snapchat sends
fewer notications than its
competitors, it encourages
daily use through Snapstreak,
which calls out streaks in
which two friends send each
other snaps at least once for
more than three consecutive
days. But it isnt working too
well, as daily use hasnt grown
much.
richmond timeS-diSpatch
nomic development group.
More than 200 international
companies now have operations
in the region, and Matherly said
about 67 percent of the business
prospects that might locate here
are international rms.
You will denitely continue
to see domestic companies, but
also a lot of international com-
panies locating in the region,
he said.
Eight Brazilian companies
have set up operations in the re-
gion, employing 560 people, he
said. The partnership started a
program to recruit companies
from Brazil four years ago.
jblackwell@timesdispatch.com
(804) 775-8123
Midlothian
to get Great
Harvest caf
By BRIANA ELLISON
richmond times-dispatch
Great Harvest Bread Co.s
bread heaven caf is coming
to Midlothian.
Entrepreneur Kim Burcham
and Great Harvest have signed
a franchise agreement to open
a location at 13541 Midlo-
thian Turnpike in Chestereld
County.
Burcham plans to open the
new bakery-caf by the end of
October.
After being diagnosed with
breast cancer and put on a strict
diet in 2011, Burcham pursued
a culinary degree from the Uni-
versity of Richmond.
During my cancer treat-
ments, I had a chance to dis-
cover some of my true passions
and now my goal is to pour
those same passions into the
food we make every day for the
people of Midlothian to enjoy,
Burcham said.
Great Harvest makes its
bread from scratch every morn-
ing, often beginning as early as
2 a.m.
The whole grains used in the
bread are milled on-site. Aside
from bread and breakfast, the
company offers sandwiches,
lunch and desserts.
Great Harvest sandwiches are
customizable, and free bread
samples are offered.
Great Harvest also has a loca-
tion in Mechanicsville.
Wingstop to
open soon in
Chesterfield
By BRIANA ELLISON
richmond times-dispatch
Wingstop, a restaurant chain
selling chicken wings in an
aviation-themed concept, is
opening its rst location in the
Richmond region next week.
The new location at 4004
Meadowdale Blvd. in Chester-
eld County has an event Tues-
day and will open Wednesday.
The Wingstop has partnered
with Sizzling Platter, a restau-
rant management company
based in Utah, to operate the
local restaurant.
We look forward to becom-
ing the go-to spot for all things
wings, sides and everything in
between for Wingstops would-
be, loyal and passionate fans
alike, said Sizzling Platters CEO,
Ted Morton, in a statement.
Wingstop has over 1,000 loca-
tions worldwide. It offers bone-in
and boneless wings in 11 avors,
including Original Hot, Atomic,
Hawaiian and Louisiana Rub.
On Tuesday, guests who stop
by the new location from 5 to
7 p.m. will get a free six-piece
wing combo, which comes with
a fountain beverage and choice
of veggie sticks or seasoned
fries. The giveaway will continue
while supplies last.