Hoffman Estates-based Sears Holdings Corporation has announced that Jackson Hewitt Tax Service will replace H&R Block as provider of professional tax services in the majority of Sears locations nationwide.
"Sears continues to look for opportunities to put the customer at the center of everything we do and we are pleased to extend our Sears Tax Services with today's agreement with Jackson Hewitt", stated Dave Schuvie vice president, licensed business and specialty income, Sears Holdings. "This new agreement will offer professional tax services in Sears stores nationwide and deliver added an benefit to the millions of ShopYourWay members."
Jackson Hewitt Tax Service® is an industry leader providing full-service individual federal and state income tax return preparation through approximately 6,600 franchised and company-owned offices throughout the United States.
Sears customers will be able to engage with Jackson Hewitt tax preparers starting in January 2013.
SOURCE Sears Holdings Corporation
Saturday, September 29, 2012
Tuesday, August 28, 2012
Chicago Private Equity Firm Thoma Bravo Buying Deltek for $1.1 Billion
Chicago private equity firm Thoma Bravo, LLC has reached a deal to acquire Deltek, Inc., a leading global provider of enterprise software and information solutions for professional services firms and government contractors, in an all-cash transaction valued at approximately $1.1 billion.
Thoma Bravo is one of the two private-equity firms that spun out of Chicago-based buyout pioneer Golder Thoma & Co. It is a leading private equity investment firm building on a 30+ year history of providing equity and strategic support to experienced management teams and growing companies. The firm has continued to apply the concept of industry consolidation investing, which seeks to create value through the strategic use of acquisitions to accelerate business growth.
Thoma Bravo invests across multiple industries, with a particular focus in enterprise and infrastructure software and financial and business services, and works in partnership with management to implement its operating and consolidation expertise to build long-term value. The firm currently manages a series of private equity funds representing almost $4 billion of equity commitments. In software, Thoma Bravo has completed 54 add-on acquisitions across 23 platform companies with total annual earnings of approximately $1 billion.
Deltek’s stockholders will receive $13 in cash for each share of Deltek stock when the transaction closes. The $13 per share offer price represents a 7% discount to Deltek’s stock price on August 24, 2012 and a 24% premium over Deltek’s stock price on June 11, 2012 – the day before Deltek released information on the sales process to interested parties and their respective advisors on a confidential basis. The price represents a 14.6x multiple of enterprise value to Deltek’s trailing twelve months adjusted EBITDA as of June 30, 2012.
Deltek’s Board of Directors unanimously approved the definitive agreement for Deltek to be acquired by Thoma Bravo. Deltek’s largest shareholder, New Mountain Capital, has consented in favor of the acquisition. New Mountain Capital consented to the acquisition and holds 100% of Deltek’s Class A stock and 59.5% of the Company’s common stock. No further approval of Deltek’s stockholders is required to approve the transaction. An information statement will be mailed to the stockholders.
The transaction is anticipated to close during the fourth quarter of 2012. After the acquisition closes, Deltek will remain headquartered in Herndon, VA and will continue to be led by its existing senior management team. Deltek will also become a privately held company and its stock will no longer trade on the NASDAQ following the acquisition’s close.
Jefferies & Company, Inc. served as lead financial advisor to Thoma Bravo, and Jefferies Finance LLC and RBC Capital Markets provided financing commitments to the firm. Kirkland & Ellis LLP served as legal advisor to Thoma Bravo.
Wednesday, August 22, 2012
SEO Training Classes to be Held in Chicago
CHICAGO, IL, August 21, 2012 /24-7PressRelease/ -- The Search Engine Optimization experts from Brick Marketing will be hosting full-day SEO Training Classes in Chicago, Illinois. Each Chicago SEO Training Class is designed for business owners and marketing professionals who are looking for a comprehensive overview of white hat SEO practices. Those who attend the classes will learn how major search engines operate as well as how to develop and manage an ongoing Search Engine Optimization program that works to increase website visitors and boost sales.
President and Founder of Brick Marketing, Nick Stamoulis, developed the Brick Marketing SEO workshops as a way to assist marketing professionals and small business owners who are responsible for their own Search Engine Optimization. "Many business owners cannot afford a full service SEO firm and have to handle their SEO and social media marketing alone on top of running their businesses on a daily basis," says Stamoulis. "The Chicago SEO Training Classes are designed to instruct business owners, marketing professionals, and even web designers from the Chicago area in white hat SEO best practices so they can learn how to build and maintain their own SEO strategies."
The SEO Training Classes are divided into a morning and afternoon session. A catered lunch will be served and is included with class registration. Both sections will be taught by one of Brick Marketing's SEO Specialists. The morning SEO session will cover Search Engine Optimization basics starting with how the major search engines operate and continuing with SEO topics such as optimizing websites with URL structure, H1 tags, and Meta Descriptions; competitive SEO keyword research; and content marketing. Class participants will also review case studies and real life examples of effective SEO strategies.
Following lunch, the afternoon SEO session will cover link building and how to conduct a link audit. Participants will learn the importance of developing an ongoing link building strategy that works build search engine trust. Additionally, the instructor will demonstrate how to integrate social media into an overall SEO strategy and will show attendees some of the many tools available that help to automate SEO and social media tasks. Participants will also learn how to measure the ROI and success of an SEO program. Compared to other full-day SEO training courses, the Chicago SEO Trainings are presented in a small classroom format.
Class registration is limited so that all attendees have the opportunity to interact directly with the SEO instructor. At the close of the workshop, each participant will receive an SEO website review of their site to kick start their SEO efforts. Brick Marketing will also provide physical copies of all materials covered in the day's lessons so that attendees can continue to develop their own SEO strategies specific to their business or organization. For additional information regarding the Chicago SEO Training Classes, including dates and registration, call Brick Marketing at 877-295-0620 or visit the Chicago SEO Training Class registration page at http://chicago-il-seo.eventbrite.com .
President and Founder of Brick Marketing, Nick Stamoulis, developed the Brick Marketing SEO workshops as a way to assist marketing professionals and small business owners who are responsible for their own Search Engine Optimization. "Many business owners cannot afford a full service SEO firm and have to handle their SEO and social media marketing alone on top of running their businesses on a daily basis," says Stamoulis. "The Chicago SEO Training Classes are designed to instruct business owners, marketing professionals, and even web designers from the Chicago area in white hat SEO best practices so they can learn how to build and maintain their own SEO strategies."
The SEO Training Classes are divided into a morning and afternoon session. A catered lunch will be served and is included with class registration. Both sections will be taught by one of Brick Marketing's SEO Specialists. The morning SEO session will cover Search Engine Optimization basics starting with how the major search engines operate and continuing with SEO topics such as optimizing websites with URL structure, H1 tags, and Meta Descriptions; competitive SEO keyword research; and content marketing. Class participants will also review case studies and real life examples of effective SEO strategies.
Following lunch, the afternoon SEO session will cover link building and how to conduct a link audit. Participants will learn the importance of developing an ongoing link building strategy that works build search engine trust. Additionally, the instructor will demonstrate how to integrate social media into an overall SEO strategy and will show attendees some of the many tools available that help to automate SEO and social media tasks. Participants will also learn how to measure the ROI and success of an SEO program. Compared to other full-day SEO training courses, the Chicago SEO Trainings are presented in a small classroom format.
Class registration is limited so that all attendees have the opportunity to interact directly with the SEO instructor. At the close of the workshop, each participant will receive an SEO website review of their site to kick start their SEO efforts. Brick Marketing will also provide physical copies of all materials covered in the day's lessons so that attendees can continue to develop their own SEO strategies specific to their business or organization. For additional information regarding the Chicago SEO Training Classes, including dates and registration, call Brick Marketing at 877-295-0620 or visit the Chicago SEO Training Class registration page at http://chicago-il-seo.eventbrite.com .
Tuesday, August 21, 2012
Chicago Retailer Mark Shale Files For Chapter 11 Bankruptcy
CHICAGO, Aug. 21, 2012 /PRNewswire/ -- Mark Shale, the Chicago-area high-end fashion retailer, announced today that it has filed a voluntary petition for Chapter 11 business reorganization in the U.S. Bankruptcy Court of the Northern District of Illinois.
Mark Shale's President Rich Myers said: "We have tried since Mark Shale was acquired to ensure the lasting success of this 83-year-old Chicago icon. The company has always sought to bring quality and outstanding service to high-end fashion. We are proud to have some of the most experienced and loyal employees in the business, from sales associates, to tailors, to warehouse staff, to buyers and managers.
"Unfortunately, in the current economic environment and despite our significant efforts over the past few years, we have concluded that a Chapter 11 filing was the Company's best alternative. We continue to seek a strategic partner to fortify the business. In the meantime, all three of our stores – at 900 N. Michigan Avenue, Oakbrook Center and Northbrook Court – will, as always, provide the highest level of service to our customers."
Founded in 1929, Mark Shale has been one of Chicago's premier providers of men's and women's clothing. Known for its extraordinary customer service and timeless clothing collections, Mark Shale has consistently been named one of the best stores in the United States by Esquire Magazine.
Mark Shale's President Rich Myers said: "We have tried since Mark Shale was acquired to ensure the lasting success of this 83-year-old Chicago icon. The company has always sought to bring quality and outstanding service to high-end fashion. We are proud to have some of the most experienced and loyal employees in the business, from sales associates, to tailors, to warehouse staff, to buyers and managers.
"Unfortunately, in the current economic environment and despite our significant efforts over the past few years, we have concluded that a Chapter 11 filing was the Company's best alternative. We continue to seek a strategic partner to fortify the business. In the meantime, all three of our stores – at 900 N. Michigan Avenue, Oakbrook Center and Northbrook Court – will, as always, provide the highest level of service to our customers."
Founded in 1929, Mark Shale has been one of Chicago's premier providers of men's and women's clothing. Known for its extraordinary customer service and timeless clothing collections, Mark Shale has consistently been named one of the best stores in the United States by Esquire Magazine.
Monday, August 20, 2012
Mayor Emanuel and Governor Quinn Announce SalesForce.com is Expanding Chicago Office
Mayor Rahm Emanuel and Governor Pat Quinn today announced that salesforce.com is creating 200 jobs as it expands into a new facility in River North. The global software company has leased more than 100,000 square feet at 111 W. Illinois where it will base its Midwest corporate sales office and join the region's growing hub of technology firms.
“Salesforce.com is the world’s most innovative company according to Forbes Magazine and a great example of a cutting-edge company that is rapidly expanding,” said Mayor Rahm Emanuel. “The company has a vibrant, thriving, and growing presence downtown, and exemplifies the sort of company that will carry Chicago’s business community forward in the 21st century.”
“Creating jobs is our top priority, and the expansion of companies like salesforce.com is good news for the Illinois economy,” Governor Quinn said. “Illinois’ high-tech industry is growing fast, and we will continue to create the jobs of the future.”
“I’d like to thank Governor Quinn and Mayor Emanuel for their support as salesforce.comgrows its operations in Chicago,” said George Hu, COO, salesforce.com. “The Chicago area’s incredibly talented workforce is a perfect match for our fast paced and innovative culture.”
With more than 100,000 customers, salesforce.com is the enterprise cloud computing company that is leading the shift to the social enterprise. Social enterprises leverage social, mobile and open cloud technologies to connect with customers and employees in entirely new ways. The company has been named to FORTUNE Magazine’s “100 Best Companies to Work For” list for four consecutive years.
For the last year, World Business Chicago has worked with Salesforce.com to help the company deal with the City of Chicago, including informing the company about new potential pools of employees. World Business Chicago is focused on working with Chicago-based businesses to solve their talent and real estate needs, while driving forward Chicago’s economy in key areas.
Under the company’s agreement with the state of Illinois, salesforce.com will be eligible for tax credits tied to increasing its workforce. The state’s targeted investment package, estimated at approximately $10.4 million, includes Economic Development for a Growing Economy (EDGE) tax credits, which are based on jobs and distributed over a period of 10 years, and training grants through the Employer Training Investment Program (ETIP). The Illinois Department of Commerce and Economic Opportunity (DCEO) will administer the package.
“Salesforce.com is the world’s most innovative company according to Forbes Magazine and a great example of a cutting-edge company that is rapidly expanding,” said Mayor Rahm Emanuel. “The company has a vibrant, thriving, and growing presence downtown, and exemplifies the sort of company that will carry Chicago’s business community forward in the 21st century.”
“Creating jobs is our top priority, and the expansion of companies like salesforce.com is good news for the Illinois economy,” Governor Quinn said. “Illinois’ high-tech industry is growing fast, and we will continue to create the jobs of the future.”
“I’d like to thank Governor Quinn and Mayor Emanuel for their support as salesforce.comgrows its operations in Chicago,” said George Hu, COO, salesforce.com. “The Chicago area’s incredibly talented workforce is a perfect match for our fast paced and innovative culture.”
With more than 100,000 customers, salesforce.com is the enterprise cloud computing company that is leading the shift to the social enterprise. Social enterprises leverage social, mobile and open cloud technologies to connect with customers and employees in entirely new ways. The company has been named to FORTUNE Magazine’s “100 Best Companies to Work For” list for four consecutive years.
For the last year, World Business Chicago has worked with Salesforce.com to help the company deal with the City of Chicago, including informing the company about new potential pools of employees. World Business Chicago is focused on working with Chicago-based businesses to solve their talent and real estate needs, while driving forward Chicago’s economy in key areas.
Under the company’s agreement with the state of Illinois, salesforce.com will be eligible for tax credits tied to increasing its workforce. The state’s targeted investment package, estimated at approximately $10.4 million, includes Economic Development for a Growing Economy (EDGE) tax credits, which are based on jobs and distributed over a period of 10 years, and training grants through the Employer Training Investment Program (ETIP). The Illinois Department of Commerce and Economic Opportunity (DCEO) will administer the package.
Illinois CPA Society's 32nd Annual Midwest Accounting & Finance Showcase Provides Innovative Answers for the Ever-Evolving Business Landscape
CHICAGO, Aug. 20, 2012 --
/PRNewswire-USNewswire/ -- Global business challenges, healthcare reform
and cloud computing are just some of the current issues that will be
tackled at the Illinois CPA Society's Midwest Accounting & Finance
Showcase, being held Tuesday, August 28 and Wednesday, August 29. One of
the largest CPA events in the country, the Showcase is expected to
attract over 2,100 attendees to the Donald E. Stephens Convention Center
in Rosemont, Illinois.
This two-day event offers accounting and
finance professionals the opportunity to hear from leading experts and
discover innovative solutions to their most pressing challenges.
Attendees can choose from over 30 educational sessions on topics ranging
from buying and selling a practice to going mobile to financial
reporting. Industry-leading keynote speakers will share their insights
into the ever-evolving business landscape, including sessions on:
The Illinois CPA Society is providing free access to the Exhibit Hall – a $25 value – but registration is required. To register for a free Exhibit Hall Pass, visit www.icpas.org to access the Showcase page. For only $290, attendees can register for the two-day pass and receive up to 16 hours of quality Continuing Professional Education (CPE) with free access to the Exhibit Hall.
For more information or to register for the 32nd Annual Midwest Accounting & Finance Showcase, visit www.icpas.org or call 800.993.0393. For the latest news and updates on the Showcase follow ICPAS on Twitter @IllinoisCPA and look for hashtag #ICPASShow.
About the Illinois CPA Society The Illinois CPA Society, founded in 1903, is the fourth largest state CPA Society in the nation, with more than 24,000 members. It is the premier professional organization that represents CPAs in Illinois. During its over 100 years of existence, the Society has advanced the highest ethical and financial standards of the profession, and has been a leader in educating the public on financial issues.
SOURCE Illinois CPA Society
- State of the CPA Profession – James P. Jones, CPA, Chairperson, Illinois CPA Society Board of Directors and Executive Vice President, Chief Operating and Financial Officer, Edward Don & Company and Elaine Weiss, President & CEO, Illinois CPA Society
- How to Ensure You Are Future Ready – Teresa Mackintosh, Executive Vice President & General Manager of Tax, CCH Tax and Accounting, North America
- Technology Futures - 2012 – Dana "Rick" Richardson, Technology Futurist & President, Richardson Media & Technologies, LLC
- Expansion versus Austerity: 2012 Financial Markets Outlook – Jack Ablin, Chief Investment Officer, BMO Harris Private Bank
The Illinois CPA Society is providing free access to the Exhibit Hall – a $25 value – but registration is required. To register for a free Exhibit Hall Pass, visit www.icpas.org to access the Showcase page. For only $290, attendees can register for the two-day pass and receive up to 16 hours of quality Continuing Professional Education (CPE) with free access to the Exhibit Hall.
For more information or to register for the 32nd Annual Midwest Accounting & Finance Showcase, visit www.icpas.org or call 800.993.0393. For the latest news and updates on the Showcase follow ICPAS on Twitter @IllinoisCPA and look for hashtag #ICPASShow.
About the Illinois CPA Society The Illinois CPA Society, founded in 1903, is the fourth largest state CPA Society in the nation, with more than 24,000 members. It is the premier professional organization that represents CPAs in Illinois. During its over 100 years of existence, the Society has advanced the highest ethical and financial standards of the profession, and has been a leader in educating the public on financial issues.
SOURCE Illinois CPA Society
Tuesday, May 8, 2012
Chicago-based startup Belly gets $10 million from VC firm
Belly, a Chicago-based loyalty start-up, has received a $10 million Series B round of venture capital financing from Andreessen Horowitz. The new funds will be used to fuel development for the loyalty platform including expansion into new cities, new partnerships, and new product development.
The company also announced that Jeff Jordan, general partner at Andreessen Horowitz, former chairman and CEO of OpenTable and former president of PayPal, will join the Board.
Belly is a universal loyalty program that offers unique and exceptional rewards to local businesses through a single customer loyalty card. Belly replaces traditional 'Buy 10, Get 1 Free' punch cards with a rewards platform that is tailored to each business' personality, connecting customers on a much more personalized level to the places they already love. Customers can use a physical card, iPhone App or Android App to scan in on the provided in-store iPad to earn points at every store where Belly is accepted. These points can then be redeemed for creative and customized rewards at each individual location. Belly works with each business to design rewards that are one-of-a-kind and representative of that store's distinct personality, creating a more engaged user base and ultimately improving customer retention.
Belly users can achieve rewards they actually want and enjoy pursuing, including: Dog-A-Holic's (www.dog-a-holics.com) "Portrait Of You And Your Dog On Our Wall, Red 7 Salon's (www.red7salon.com) "Shave Our Heads With A 1-On-1 Owner Buzz Cut" and Molly's Cupcakes' (www.mollyscupcakes.com) "Personal Dance Lesson From Staff Member." Belly supplies merchants with the technology, analytics and training needed to build a loyalty program entirely customized for their business.
Launched in August 2011, Belly claims more than 200,000 active users who have checked in over 800,000 times. Belly currently partners with 1,400 merchants and adds 100+ new businesses each week. Belly is available in New York and Boston, in addition to its existing roster of businesses in Chicago, Austin, Milwaukee, Madison, Washington D.C. and Phoenix.
"The investment from Andreessen Horowitz is an endorsement of Belly's highly tailored approach to building loyalty in an extremely competitive environment," said Logan LaHive, Founder & CEO of Belly. "We're eliminating over-stuffed wallets filled with unused punch cards. With Belly, customers have the option of accessing the Belly loyalty network via the mobile app or a physical card as they earn points toward meaningful rewards. By operating at the intersection of offline and online commerce, Belly is well-positioned to be the number one brand in loyalty."
"Belly is the market leader in digitizing the loyalty programs of real world merchants," said Jeff Jordan, general partner at Andreessen Horowitz and newly added member of Belly's Board of Directors. "They are enabling merchants and customers to connect in radically more sophisticated ways, to the strong benefit of both." Read more about Belly on Jeff's blog post "Fire in the Belly."
Andreessen Horowitz is a venture capital firm that provides seed, venture and growth stage funding to the best new technology companies. Founded by Marc Andreessen and Ben Horowitz, Andreessen Horowitz helps entrepreneurs become successful CEOs and build important and enduring companies. Its general partners are Marc Andreessen, Ben Horowitz, John O'Farrell, Scott Weiss, Jeff Jordan and Peter Levine, all widely recognized experts in the creation, scaling and operation of high growth technology companies. The firm has $2.7 billion under management across three funds. Among its 90 investments are Airbnb, Apptio, Box, Fab, Facebook, Foursquare, Groupon, Jawbone, Lytro, Pinterest, Silver Tail Systems, Twitter and Zynga. The firm was established in June 2009 and is located in Menlo Park, California.
Belly's website is www.bellycard.com
The company also announced that Jeff Jordan, general partner at Andreessen Horowitz, former chairman and CEO of OpenTable and former president of PayPal, will join the Board.
Belly is a universal loyalty program that offers unique and exceptional rewards to local businesses through a single customer loyalty card. Belly replaces traditional 'Buy 10, Get 1 Free' punch cards with a rewards platform that is tailored to each business' personality, connecting customers on a much more personalized level to the places they already love. Customers can use a physical card, iPhone App or Android App to scan in on the provided in-store iPad to earn points at every store where Belly is accepted. These points can then be redeemed for creative and customized rewards at each individual location. Belly works with each business to design rewards that are one-of-a-kind and representative of that store's distinct personality, creating a more engaged user base and ultimately improving customer retention.
Belly users can achieve rewards they actually want and enjoy pursuing, including: Dog-A-Holic's (www.dog-a-holics.com) "Portrait Of You And Your Dog On Our Wall, Red 7 Salon's (www.red7salon.com) "Shave Our Heads With A 1-On-1 Owner Buzz Cut" and Molly's Cupcakes' (www.mollyscupcakes.com) "Personal Dance Lesson From Staff Member." Belly supplies merchants with the technology, analytics and training needed to build a loyalty program entirely customized for their business.
Launched in August 2011, Belly claims more than 200,000 active users who have checked in over 800,000 times. Belly currently partners with 1,400 merchants and adds 100+ new businesses each week. Belly is available in New York and Boston, in addition to its existing roster of businesses in Chicago, Austin, Milwaukee, Madison, Washington D.C. and Phoenix.
"The investment from Andreessen Horowitz is an endorsement of Belly's highly tailored approach to building loyalty in an extremely competitive environment," said Logan LaHive, Founder & CEO of Belly. "We're eliminating over-stuffed wallets filled with unused punch cards. With Belly, customers have the option of accessing the Belly loyalty network via the mobile app or a physical card as they earn points toward meaningful rewards. By operating at the intersection of offline and online commerce, Belly is well-positioned to be the number one brand in loyalty."
"Belly is the market leader in digitizing the loyalty programs of real world merchants," said Jeff Jordan, general partner at Andreessen Horowitz and newly added member of Belly's Board of Directors. "They are enabling merchants and customers to connect in radically more sophisticated ways, to the strong benefit of both." Read more about Belly on Jeff's blog post "Fire in the Belly."
Andreessen Horowitz is a venture capital firm that provides seed, venture and growth stage funding to the best new technology companies. Founded by Marc Andreessen and Ben Horowitz, Andreessen Horowitz helps entrepreneurs become successful CEOs and build important and enduring companies. Its general partners are Marc Andreessen, Ben Horowitz, John O'Farrell, Scott Weiss, Jeff Jordan and Peter Levine, all widely recognized experts in the creation, scaling and operation of high growth technology companies. The firm has $2.7 billion under management across three funds. Among its 90 investments are Airbnb, Apptio, Box, Fab, Facebook, Foursquare, Groupon, Jawbone, Lytro, Pinterest, Silver Tail Systems, Twitter and Zynga. The firm was established in June 2009 and is located in Menlo Park, California.
Belly's website is www.bellycard.com
Monday, April 16, 2012
Best Buy Closing 6 Chicago-area Stores
Best Buy has confirmed that six Chicago-area Best Buy stores will be among the 50 U.S. stores the company is closing this year as part of its previously announced initiatives for this year. The six Illinois Best Buy stores closing this year are 1038,N. Rohlwing Rd. in Addison; 8900 S. Lafayette Ave. in Chicago; 200 S. Waukegan Rd. in Deerfield; 4707 Lincoln Mall Dr. in Matteson; 1100 N. Route 83 in Mundelein; and 979 W. Main St. in West Dundee.
Best Buy stated in its announcement; "This was not an easy decision to make. We chose these stores carefully, and are working to ensure the impact to our employees will be as minimal as possible, while serving all customers in a convenient and satisfying way. But we also recognize the impact this news has on the people who deserve respect for the contributions they have made to our business."
"We will be working to help these employees find other positions inside Best Buy. If they don’t find new positions, or if they choose not to work at a different location, a transition including severance packages will be available."
According to a story in the Chicago Tribune, the Chicago store's is now closed and the stores in Matteson, Mundelein and West Dundee will close by May 12. No specific dates have been set for closing the stores in Addison or Deerfield.
Wednesday, March 14, 2012
Deadline Looms for Illinois CPA Society Scholarships
The deadline for applications for 2012-13 academic
year Illinois CPA Society scholarships is Monday, April 2, 2012. Students enrolled in an accounting
degree program with plans to become a Certified Public Accountant (CPA) can
apply for these scholarships funded by the CPA Endowment Fund of
Illinois:
- Illinois CPA Society Accounting Scholarship: Multiple scholarships of up to $2,000 each available to accounting students enrolled in their senior or fifth year.
- Herman J. Neal Scholarship: Multiple scholarships of up to $4,000 each available to African-American accounting students enrolled in their junior, senior or fifth year.
- Advancing Women in Accounting Scholarship: Scholarships of up to $4,000 each available to female accounting students enrolled in their senior or fifth year.
- Textbook Scholarship: This award reimburses students for up to $500 in accounting book and curriculum expenses.
Candidates may apply for multiple scholarships if they qualify. For
more information about these scholarships, or to apply, visit
www.icpas.org/students.htm.
The Illinois CPA Society Accounting
Scholarship Program is funded by the CPA Endowment Fund of Illinois. For
more information about the Fund, or to invest in the future of the
accounting profession, visit
www.icpas.org/endowment.htm.
About the Illinois CPA Society
The Illinois CPA Society, founded in
1903, is the fourth largest state CPA Society in the nation, with more
than 24,000 members. It is the premier professional organization that
represents CPAs in Illinois. During its over 100 years of existence, the
Society has advanced the highest ethical and financial standards of the
profession, and has been a leader in educating the public on financial
issues.
The CPA Endowment Fund of
Illinois is a 501 (c) (3) charitable organization founded in 1998 by
Illinois CPA Society members. Its mission is to assure a strong,
talented, and diverse CPA profession by encouraging individuals to
choose accounting as a career choice and become a CPA and supporting
students, particularly those in need, in achieving the CPA through
scholarships and other programs.
SOURCE Illinois CPA Society
Monday, February 13, 2012
Chicago M&A Advisor Wins National Awards
Development Specialists, Inc. (DSI), a Chicago-based provider of
management consulting and financial advisory services, received three M&A Advisor Turnaround Awards at the recent 6th
Annual Turnaround Gala in Palm Beach, Fla. The ceremony recognizes the
achievements of the world's leading mergers and acquisitions, financing
and turnaround professionals.
DSI's three awards were the "Reorganization of the Year (Middle Market);" "Consumer and Retail Products (Over $50 Million) Sale of the Year;" and "Real Estate Deal of the Year (Under $500 Million)" categories.
DSI won the Reorganization of the Year for its work on the acquisition of HearUSA by Siemens Hearing Instruments. West Palm Beach. Fla-headquartered HearUSA was a leader in hearing care for the nation's managed care organizations selling a full line of hearing aid and related products. The company filed for Chapter 11 bankruptcy in May 2011 and was subsequently sold at auction in September 2011 to Siemens.
Additionally, DSI was honored for its outstanding work in the sale and real estate deal of Frankfort, Illinois-based Gas City, Limited to multiple strategic buyers. Gas City Limited is the owner and operator of gasoline stations, truck stops, and convenience stores. The company filed for bankruptcy in October 2011 and was sold at auction in April 2011.
"These awards represent the breadth and depth of work we provide our clients," says Bill Brandt, DSI president and CEO. "We are honored that M&A Advisor has recognized us for our commitment to maximizing value for all stakeholders involved in this continuously challenging business environment."
DSI's three awards were the "Reorganization of the Year (Middle Market);" "Consumer and Retail Products (Over $50 Million) Sale of the Year;" and "Real Estate Deal of the Year (Under $500 Million)" categories.
DSI won the Reorganization of the Year for its work on the acquisition of HearUSA by Siemens Hearing Instruments. West Palm Beach. Fla-headquartered HearUSA was a leader in hearing care for the nation's managed care organizations selling a full line of hearing aid and related products. The company filed for Chapter 11 bankruptcy in May 2011 and was subsequently sold at auction in September 2011 to Siemens.
Additionally, DSI was honored for its outstanding work in the sale and real estate deal of Frankfort, Illinois-based Gas City, Limited to multiple strategic buyers. Gas City Limited is the owner and operator of gasoline stations, truck stops, and convenience stores. The company filed for bankruptcy in October 2011 and was sold at auction in April 2011.
"These awards represent the breadth and depth of work we provide our clients," says Bill Brandt, DSI president and CEO. "We are honored that M&A Advisor has recognized us for our commitment to maximizing value for all stakeholders involved in this continuously challenging business environment."
Deerfield Accountant Indicted for Defrauding Clients of $2 Million
United States Attorney Patrick J. Fitzgerald announced recently that a certified public accountant and tax preparer based in Deerfield, Illinois, Jeffrey B. Travis, 50, was indicted by a federal grand jury sitting in Chicago for allegedly defrauding five of his clients and US Bancorp out of $2 million.
Travis, a resident of Vernon Hills, practicing as Gross & Travis, Ltd. in Deerfield, was charged with five counts of bank fraud and three counts of mail fraud, according to a release issued by Fitzgerald.
Travis is accused of allegedly depositing 668 checks without authority from clients intended for others into accounts he controlled at US Bancorp from 2002 through 2009.
According to the release, the indictment seeks forfeiture of $2,034,848, which it says represents proceeds of the alleged fraud schemes. Each count of bank fraud carries a maximum penalty of 30 years in prison and a $1 million fine. Each mail fraud count carries a maximum penalty of 20 years in prison and a $250,000 fine, and restitution is mandatory.
Travis, a resident of Vernon Hills, practicing as Gross & Travis, Ltd. in Deerfield, was charged with five counts of bank fraud and three counts of mail fraud, according to a release issued by Fitzgerald.
Travis is accused of allegedly depositing 668 checks without authority from clients intended for others into accounts he controlled at US Bancorp from 2002 through 2009.
According to the release, the indictment seeks forfeiture of $2,034,848, which it says represents proceeds of the alleged fraud schemes. Each count of bank fraud carries a maximum penalty of 30 years in prison and a $1 million fine. Each mail fraud count carries a maximum penalty of 20 years in prison and a $250,000 fine, and restitution is mandatory.
Monday, January 23, 2012
SS&G Accounting Firm Opens Office in Chicago
CHICAGO, Jan. 17, 2012 (PRNewswire) -- Accounting firm SS&G today announced the opening of a downtown Chicago office to complement its nearby Des Plaines accounting office.
SS&G, Inc. is a full-service certified public accounting, business advisory, and management consulting firm encompassing assurance, tax, employee benefits, and restaurant financial services. It also provides a broad scope of services through its health care, wealth management, and payroll entities. It is a founding member firm of The Leading Edge Alliance, an international association of independently owned accounting and consulting organizations.
The new location comes one year after SS&G entered the Chicagoland marketplace through the merger with Ahlbeck & Co. Sixteen staff members from Russell Novak & Company LLP, including directors Richard Hanson, CPA; Robb Zerfass, CPA; and Barry Jay Epstein, Ph.D., CPA, join SS&G's more than 425 professionals, strengthening the firm's position as one of the region's preeminent certified public accounting and business advisory firms.
"A year ago, we determined we could achieve growth in areas of specialization, including restaurants, health care, real estate, contractors, manufacturers, and nonprofit organizations. Our bet paid off," said Gary S. Shamis, CPA, M.Acc., managing director of SS&G.
"Our business is growing, and the decision to add the downtown location was made to foster increasing opportunities. We are very pleased to welcome this group of outstanding professionals to the SS&G family and to continue to grow roots in the Chicagoland market."
SS&G is the 42nd largest CPA firm in the United States, according to Accounting Today. The firm operates offices in Ohio, Kentucky, Illinois, and North Carolina, where it opened an office in October.
SS&G, Inc. is a full-service certified public accounting, business advisory, and management consulting firm encompassing assurance, tax, employee benefits, and restaurant financial services. It also provides a broad scope of services through its health care, wealth management, and payroll entities. It is a founding member firm of The Leading Edge Alliance, an international association of independently owned accounting and consulting organizations.
The new location comes one year after SS&G entered the Chicagoland marketplace through the merger with Ahlbeck & Co. Sixteen staff members from Russell Novak & Company LLP, including directors Richard Hanson, CPA; Robb Zerfass, CPA; and Barry Jay Epstein, Ph.D., CPA, join SS&G's more than 425 professionals, strengthening the firm's position as one of the region's preeminent certified public accounting and business advisory firms.
"A year ago, we determined we could achieve growth in areas of specialization, including restaurants, health care, real estate, contractors, manufacturers, and nonprofit organizations. Our bet paid off," said Gary S. Shamis, CPA, M.Acc., managing director of SS&G.
"Our business is growing, and the decision to add the downtown location was made to foster increasing opportunities. We are very pleased to welcome this group of outstanding professionals to the SS&G family and to continue to grow roots in the Chicagoland market."
SS&G is the 42nd largest CPA firm in the United States, according to Accounting Today. The firm operates offices in Ohio, Kentucky, Illinois, and North Carolina, where it opened an office in October.
Thursday, January 5, 2012
Bloomingdale's to Close Store in Oak Brook
Macy's Inc. has announced that it will close five Macy's and four Bloomingdale's stores that are underperforming, including a Bloomingdale's store in Oak Brook. The Macy's stores being closed are in Topeka, Kansas; Laurel, Maryland; Parma, Ohio; Antioch, Tennessee; and Texas City, Texas. The other Bloomingdale's stores closing are are in Atlanta; North Bethesda, Maryland; and in the Mall of America in Bloomington, Minnesota.
The 93,000 square foot Bloomingdale's store in Oak Brook opened in 2003 and currently employs 50 associates. Macy's says that employees displaced by store closings may be offered positions in nearby stores where possible. Regular full-time and part-time employees who are laid off due to the store closings will be provided severance benefits.
The company previously announced that it will open a new Macy's store in Gurnee. The 140,000 square feet store is slated to open in spring 2013 and will employ approximately 200 associates.
"We continue to be committed to maintaining a healthy portfolio of stores that allows us to focus on growth from our best and most productive locations," said Terry J. Lundgren, Macy's chairman, president and chief executive officer. "This requires us to make some difficult decisions to close stores that no longer meet our performance requirements, as well as to open stores where we see opportunity."
Clearance sales will begin at the stores Sunday, January 8 and run for approximately 10 weeks.
The 93,000 square foot Bloomingdale's store in Oak Brook opened in 2003 and currently employs 50 associates. Macy's says that employees displaced by store closings may be offered positions in nearby stores where possible. Regular full-time and part-time employees who are laid off due to the store closings will be provided severance benefits.
The company previously announced that it will open a new Macy's store in Gurnee. The 140,000 square feet store is slated to open in spring 2013 and will employ approximately 200 associates.
"We continue to be committed to maintaining a healthy portfolio of stores that allows us to focus on growth from our best and most productive locations," said Terry J. Lundgren, Macy's chairman, president and chief executive officer. "This requires us to make some difficult decisions to close stores that no longer meet our performance requirements, as well as to open stores where we see opportunity."
Clearance sales will begin at the stores Sunday, January 8 and run for approximately 10 weeks.
Tuesday, January 3, 2012
Chicago Potato Chip Maker Vitner's Sold to California Firm
C.J. Vitner Company, a leading manufacturer and distributor of snack foods in the greater Chicago market, has been sold to California-based Snak King Corp.
C.J. Vitner, founded in 1926, is one of the oldest family-owned-and-operated snack food companies in the country. It operates a 138,000 square foot manufacturing facility on 50 acres in Freeport, Illinois and has distribution centers in Chicago, Indiana, and Wisconsin. Vitner's customers include many of the nation's largest retail, supermarket and convenience store chains, as well as leading regional retailers in the Midwest.
Snak King is one of the largest independent snack food manufacturers in the United States. Its 277,000 square foot facility in the City of Industry, California serves the national market with organic, kosher, Hispanic and traditional snacks under The Whole Earth, El Sabroso, Granny Goose, Jensen's Orchard and Snak King brands, as well as private label products.
Barry C. Levin, Chairman and Chief Executive Officer of Snak King said,"We have known the Vitner family for many years, both as distributors of El Sabroso products in the Midwest and as highly respected leaders in our industry. We are very proud that they have chosen to become part of the Snak King organization and are entrusting to us their heritage of more than eight decades of quality." The current Vitner management team will continue to oversee manufacturing and distribution, Mr. Levin said.
Bill Vitner, Chairman and CEO of C.J. Vitner Co., said, "Joining with Snak King enables Vitner's to deliver a truly nationwide solution to our customers in terms of products, distribution and services. Snak King has been at the forefront of our industry in quality and innovation, and we are delighted to have joined their team."
Terms of the transaction were not disclosed.
C.J. Vitner, founded in 1926, is one of the oldest family-owned-and-operated snack food companies in the country. It operates a 138,000 square foot manufacturing facility on 50 acres in Freeport, Illinois and has distribution centers in Chicago, Indiana, and Wisconsin. Vitner's customers include many of the nation's largest retail, supermarket and convenience store chains, as well as leading regional retailers in the Midwest.
Snak King is one of the largest independent snack food manufacturers in the United States. Its 277,000 square foot facility in the City of Industry, California serves the national market with organic, kosher, Hispanic and traditional snacks under The Whole Earth, El Sabroso, Granny Goose, Jensen's Orchard and Snak King brands, as well as private label products.
Barry C. Levin, Chairman and Chief Executive Officer of Snak King said,"We have known the Vitner family for many years, both as distributors of El Sabroso products in the Midwest and as highly respected leaders in our industry. We are very proud that they have chosen to become part of the Snak King organization and are entrusting to us their heritage of more than eight decades of quality." The current Vitner management team will continue to oversee manufacturing and distribution, Mr. Levin said.
Bill Vitner, Chairman and CEO of C.J. Vitner Co., said, "Joining with Snak King enables Vitner's to deliver a truly nationwide solution to our customers in terms of products, distribution and services. Snak King has been at the forefront of our industry in quality and innovation, and we are delighted to have joined their team."
Terms of the transaction were not disclosed.
Bank of America Terminating Some Small Business Credit Lines
According to an article in the Los Angeles Times, Bank of America Corp., is reacting to pressure from regulators to raise capital and reduce credit risks by terminating the lines of
credit to some small business owners.
The LA Times reports Bank of America is demanding that some small business customers pay off their credit line
balances in full instead of continuing to make monthly payments. If the customers can't
pay the entire balance, the bank is presenting new arrangements at significantly higher interest rates than the original
credit lines.
A BofA spokesman told the LA Times that "the aim was to reduce Bank of America's risks and to bring
the loan terms in line with more stringent standards imposed after the
2007 mortgage meltdown and 2008 credit crisis."
Read the article.