Newspaper article The Florida Times Union

Morning Briefs

Newspaper article The Florida Times Union

Morning Briefs

Article excerpt

WINN-DIXIE OPERATING LOSS NEARS $5 MILLION IN MAY

Winn-Dixie Stores Inc. reported net income of $36.5 million for the four-week period ended May 31, due to gains from the sale of discontinued operations. The Jacksonville-based supermarket chain had a loss from operations for the month of $4.99 million, according to its monthly financial statement filed in U.S. Bankruptcy Court in Jacksonville. Net sales for the month were $557.9 million.

The discontinued operations include leases on stores Winn-Dixie has closed as part of its Chapter 11 bankruptcy reorganization and other properties it is no longer using.

Winn-Dixie is expected to file its formal reorganization plan with the bankruptcy court next week, which would put it on track to emerge from bankruptcy in October.

Mark Basch/The Times-Union

AVONDALE CONDO PROJECT AT COMMANDER MOVING AHEAD

A condo tower project in Avondale is moving forward. Developer Michael Balanky is accepting offers on entitlements and land including the Commander Apartments, which will be torn down for the project.

Balanky has negotiated entitlements from the city to build a condo tower of up to 17 stories with up to 166 units and 20,000 square feet of retail space on the 5.86 acre site, said David Hsieh of Marcus and Millichap, which is handling the bids.

The riverfront project would also have room for boat slips, though the developer doesn't yet know how many. Bids are due by Aug. 11.

Joe Light/Times-Union

ST. JOE CEO TRANSFERS STOCK TO TRUST FOR HIS KIDS

Peter Rummell, chairman and CEO of The St. Joe Co., announced Tuesday he has transferred 100,000 shares of his St. Joe stock to a trust established for the benefit of his children.

Rummell said the transaction is part of an estate planning strategy, and that he will retain investment control over the shares. Rummell controls about 1. …

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