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Business

Lordstown Motors gets pledge for 900 pickups

LORDSTOWN — Lordstown Motors Corp. has a signed letter of intent from Westlake-based Momentum Groups to buy 900 battery-powered Endurance pickup trucks. Momentum Groups is a fleet management company that specializes in corporate vehicles, from ordering to disposal, including purchase or ...

Sheely’s to open second furniture store in Aurora

NORTH LIMA — Sheely’s Furniture and Appliance is opening a second store, this one in Aurora, as it expands into the Cleveland market. A grand opening is scheduled for Sept. 7 to 19 at the new location, 18813 N. Marketplace Drive at the Shops at Marketplace. The location has 80,000 ...

Port authority applies for $25 million grant

To read the Western Reserve Port Authority’s $25 million federal grant application for the Lordstown Smart Logistics Hub project, click here The initiative to transform state Route 45 into a smart corridor has a funding request in the hands of the U.S. Department of Transportation. The ...

Old Dominion requests tax break for terminal

WARREN — Trumbull County commissioners are considering a request from Old Dominion Freight Line to abate a portion of property taxes on a new terminal the trucking company plans to build in Lordstown. If approved, which seems likely when commissioners consider the application possibly as ...

Levin trying to buy back furniture chain

The former owner of Levin Furniture has negotiated a deal in bankruptcy court to reacquire the brand, but it’s undetermined as of yet whether closed stores in Niles and in Boardman will reopen. Those decisions and on which other stores will reopen will be made when the deal closes in a few ...

Gasoline prices rise to near $2 per gallon

Staff report The average price for gasoline in the Youngstown-Warren and Niles areas is 8 cents higher this week to rest at $1.88 and $1.95 per gallon, respectively, according to AAA East Central’s Gas Price Report. In northeast Ohio, the price rose 6 cents to $1.91 per gallon. The ...

Brewers upended

Sales of wine, spirits and other alcoholic beverages have risen during the coronavirus pandemic like foam in a freshly poured glass of beer. Just not for some craft brewers. Craft beer, particularly brews made by small, artisan producers, is often consumed in bars, restaurants, tap rooms ...

Business briefs

CORTLAND BANCORP RECOGNIZED: Cortland Bancorp, the holding company of Cortland Bank, was again named to American Banker magazine’s Top 200 Publicly Traded Community Banks and Thrifts list. In the publication’s May issue, American Banker ranked Cortland Bancorp 105th. Last year Cortland ...

Property transfers

Property transfers reported in Trumbull County April 22-29 Bazetta Gus Polychronis LLC to Grant A. and Mary J. Oakes, 3625 Larchmont Ave., $1,150,000 Brookfield Jason Michael Kidd to Robert A. Blair and Michelle L. Lucy, 7201 Northview, $141,000 Champion Carolyn L. Covert to Paul E. ...

Levin furniture stores in Valley won’t be saved

WARREN — Levin Furniture stores in Niles and in Boardman are not part of a deal in bankruptcy court that will keep some of the chain’s stores open. Dallas-based US Assets Inc. and its affiliate, Loves Furniture in Royal Oak, Mich., acquired the inventory and assets of 27 former Art Van ...

Avalon Holdings reports revenue of $14.4 million

WARREN — Avalon Holdings Corp. reported first-quarter net operating revenues of $14.4 million, compared to $14.6 million in the first quarter of 2019. The company incurred a net loss attributable to common shareholders of $800,000 in the first quarter of 2020, compared to $600,000 in ...

Business briefs

Dividend at Middlefield MIDDLEFIELD — Middlefield Banc Corp., the holding company for Middlefield Banking Co., has announced a first-quarter cash dividend of 15 cents per common share. The dividend is payable June 15 to shareholders of record on June 4. The quarterly dividend has been ...

Lordstown Motors announces partnership for hub motors

LORDSTOWN — Lordstown Motors Corp. is partnering with a company based in Slovenia to produce the hub motors that will propel the automaker’s all-electric pickup truck. The company announced Tuesday its licensing agreement with Elaphe Propulsion Technologies to develop the Model L-1500 ...

BRITE companies utilize private equity

WARREN — Two portfolio companies of BRITE Energy Innovators are among the first startups in the U.S. to make use of a relatively new federal program to spur investment in low-income and distressed communities. Warren-based Intwine Connect, an internet of things (IoT) hardware and software ...

Business briefs

HOME SAVINGS APPOINTS BRANCH MANAGER: Stacia Brown of Youngstown was recently appointed manager of Home Savings Bank’s branch at 2996 McCartney Road, Youngstown. Brown, with seven years of industry experience, most recently served as branch manager of a community bank headquartered in The ...

Paying it forward in Youngstown

YOUNGSTOWN — It’s relatively quiet nowadays inside Westside Bowl. There’s no cracking of wooden pins; no howling vocals or guitar riffs from the bowling alley / music venue on the West Side of Youngstown. Music plays in the bar area and there’s movement in the kitchen, where staff ...

Dominion sets May rates

WARREN — The rate in May for Dominion Energy Ohio’s standard choice and standard service offers is $1.94 per thousand cubic feet (Mcf). The new rates are 84 cents less than the May 2019 rate of $2.78 per Mcf, but are up 16 cents from the April rate of $1.78 per Mcf. The average ...

Cortland Bancorp income at $1.4M

CORTLAND — Cortland Bancorp, the holding company for Cortland Bank, had a net income of $1.4 million, or 32 cents per share, in the first quarter of 2020. That’s down from $2.1 million, or 49 cents a share, compared to the first quarter of 2019. The loss was precipitated by a $600,000 ...

Revenue falls for operator of Hollywood Gaming in Austintown

AUSTINTOWN — Penn National Gaming, the owner / operator of Hollywood Gaming at Mahoning Valley Race Course, reported first-quarter revenues fell $166.5 million compared to first quarter of 2019, to $1.1 billion. The loss is directly attributed to the COVID-19 pandemic, which forced the ...

Economic downturn hits automobile sales

Automobile sales in the Mahoning Valley plunged more than 55 percent in April from where they were a year ago, evidence of the vise the novel coronavirus outbreak has had on the industry. April — the second straight month of falling sales — paints a fuller picture of the downturn felt by ...