The Dixie Group Announces Letter Of Intent To Sell And Lease Santa Ana Facility

Friday, August 9, 2019

The Dixie Group, Inc. Friday announces it has entered into a letter of intent to sell to CenterPoint Properties Trust the company’s Santa Ana, Ca. facility. The transaction is subject to entering into a definitive purchase and lease agreement.

The property consists of 10 acres with one building totaling approximately 200,000 square feet. The transaction is anticipated to close in early October. The purchase price is in excess of $40 million and is anticipated to generate an after tax gain on sale in excess of $20 million. Simultaneously, under the agreement, the company shall sign a lease for 10 years with two 5-year renewal options.

Commenting on the anticipated transaction, Daniel K. Frierson, chairman and chief executive officer, said, “We believe this transaction will strengthen our balance sheet by paying down debt, increasing our equity and substantially improving the availability under our lines of credit. We are pleased with this opportunity to work with CenterPoint Properties Trust and begin a mutually beneficial relationship. Our commitment to the Santa Ana operation is demonstrated by this long term lease. We have an excellent work force that we have developed over the years here in Orange County that continues our tradition of producing for our Fabrica Brand and its emphasis on 'Quality without Compromise'. This transaction, along with our becoming profitable in the second quarter excluding restructuring related charges, helps ensure our long term financial stability."


TVA Board Focuses On Strengthening Tennessee Valley Public Power

CBL Properties Responds To NYSE Noncompliance Notification

Chattanooga Chamber Calendar Of Events Aug. 26-30


The Tennessee Valley Authority board of directors approved a number of forward-looking actions designed to add flexibility and stability to the public power model serving more than 10 million ... (click for more)

CBL Properties on Wedneseday announced that it received notification from the New York Stock Exchange that as of Monday, the company is no longer in compliance with NYSE continued listing criteria, ... (click for more)

Aug. 26, Introduction to Enneagram 6 to 7:30 p.m. The Chattery at Chattanooga WorkSpace 302 W. 6th St. This class will give you a broad overview of the nine Enneagram types and how ... (click for more)


Business

TVA Board Focuses On Strengthening Tennessee Valley Public Power

The Tennessee Valley Authority board of directors approved a number of forward-looking actions designed to add flexibility and stability to the public power model serving more than 10 million people in TVA’s service territory at its meeting in Knoxville, said officials. The board approved both an FY20 budget that does not increase wholesale power rates and sets a new strategic ... (click for more)

CBL Properties Responds To NYSE Noncompliance Notification

CBL Properties on Wedneseday announced that it received notification from the New York Stock Exchange that as of Monday, the company is no longer in compliance with NYSE continued listing criteria, which require listed companies to maintain an average closing share price of at least $1.00 over a consecutive 30 trading-day period. The company intends to pursue measures to cure ... (click for more)

Breaking News

State Dismisses Manslaughter Charge Against Jadarius Knox; Anguished Mother Of Victim Says "He Didn't Have To Kill Him"

The District Attorney's Office on Thursday dismissed a voluntary manslaughter charge against Jadarius Knox, saying evidence in the case in which Dakota Biddle was killed showed a self defense theory could be found to be valid. Knox was original charged with criminal homicide in the May 2018 incident on Basswood Drive, but it was reduced to voluntary manslaughter at the Grand ... (click for more)

Lookout Mountain, Ga. Town Center Work To Start Soon; Jim Sabourin Resigns From Council And Is Replaced By Kevin Leckenby

After eight years of talking and planning, Lookout Mountain, Ga., is ready to begin building a new Town Center. To begin with there will be two municipal buildings, City Hall and a fire station. The design of the area has space for private developers to build commercial buildings in the future. Adhering to design guidelines provided by the city and aiming for a cost of $2.8 ... (click for more)

Opinion

What Does The White Privilege Presentation Have To Do With Education? - And Response (5)

On Aug. 2, Hamilton County Schools held a professional development presented by motivational speaker Robert Jackson. The PD was for the teachers in the Opportunity Zone, which includes the 12 lowest-performing schools in Hamilton County where 90 percent of the students are black. During the 90-minute presentation, there was a 15-20-minute segment concerning “White Privilege”. ... (click for more)

Roy Exum: A Drum Major For Peace

There have been many Christmas Seasons when I have looked high and low for Christmas Cards that included the poem, “One Solitary Life.” I came across the revered poem easily over 40 years ago during a kiddie matinee at the famed Radio City Music Hall, which is in midtown Manhattan. The Radio Music Hall is huge – it can comfortably seat 6,000 – and so awesome is the Christmas Spectacular ... (click for more)