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.