Good morning, MBA readers,
As Boeing plans to cut 17,000 jobs amid financial struggles and a strike by West Coast workers, the company’s St. Louis defense operations are bracing for “substantial” financial losses in the coming quarter, the company’s CEO said. External analysts say that likely means the company will eliminate jobs in Missouri. Said one analyst: “Every program is going to be scrutinized and scrubbed.” Elsewhere in the St. Louis area, the St. Louis Post-Dispatch announced it will end local printing operations, moving that process to Columbia and laying off 72 workers. The move comes as the newspaper looks to reduce costs. Plus a new federal grant is aiming to help with workforce training in Dexter following the closure of a Tyson chicken plant in the southeast Missouri community last year. Keep reading for these stories and more.
Stay alert
Analysts say Boeing cuts threaten St. Louis operations; company looks to raise cash
A number of Boeing’s defense programs are underperforming, analysts say, and financial woes jeopardize planned spending on the company’s St. Louis County operations. On Tuesday, Boeing took steps to raise up to $25 billion through stock and debt offerings. (St. Louis Post-Dispatch, Associated Press)
St. Louis Public Schools superintendent is fired, vows to sue
After the city’s Board of Education moved forward with a decision to fire Keisha Scarlett, alleging unfair hiring practices, her attorneys said she was denied her right to due process. (St. Louis Public Radio, St. Louis Post-Dispatch)
St. Louis Post-Dispatch will outsource printing to Columbia, lay off 72 employees
The loss of local printing for the first time in the newspaper’s 146-year history in a move to cut costs will mean earlier print deadlines. (St. Louis Public Radio)
Missouri appeals court upholds Grain Belt Express construction
The court ruled that Chariton County cannot refuse permission for the power transmission line to cross county roads, but it can establish rules on how roads are crossed. (Missouri Independent)
Mexico, Boone Health officials sign letter of intent for new hospital
Audrain Community Hospital’s closure in 2022 left the county without any hospital-based services. (KBIA)
$53 million project will renovate low-income housing in St. Louis
The project, called Lafayette Preservation, would acquire and renovate 162 units in St. Louis’ Gate District. (St. Louis Business Journal)
Former Hallmark CEO dies
Donald J. Hall Sr. led the Kansas City-based greeting card company from 1966 to 1983, and was chairman emeritus from 2016 until his death Sunday. (Kansas City Business Journal)
MU Health Care debuts revamped mobile mammography unit
A new trailer will provide the same mammography technology used in Columbia’s Ellis Fischel Cancer Center and focus on expanding access for rural Missouri communities. (Columbia Missourian)
Say that again
“It’s our method for taking a bad situation with the loss of the Tyson Corporation, and we’re trying to look for alternate ways to spur interest and spur economic development.”
That’s David Wyman, the city administrator of Dexter, on the southeast Missouri community receiving a $1 million grant from the U.S. Department of Commerce, paired with $250,000 in local funds, to boost the building trades workforce. Dexter had a Tyson chicken processing plant close last year, eliminating nearly 700 jobs. Now, the town is collaborating with Three Rivers College, a community college in Poplar Bluff, on a training program for general construction trades. Wyman hopes the program will encourage more people to pursue skilled trades and help build up new capabilities within the local labor force.
Go figure
1,200 stores
That’s how many locations the drugstore chain Walgreens is planning on closing, starting with 500 this fiscal year, the Associated Press reports. The announcement comes as rival CVS wraps up a three-year plan to close 900 stores, and Rite-Aid emerges from bankruptcy. It’s reflective of a broader trend that sees pharmacies closing down due to rising costs, shrinking prescription reimbursement, persistent theft and the prevalence of online retailers. The closures raise particular concern in areas that lack access to health care. Walgreens has not announced which stores will close but said it will prioritize closings of poor-performing stores where the property is owned by the company or where leases are expiring.
Post it
Multiple Missouri brewers took home medals at the Great American Beer Festival, the Kansas City Business Journal reports. The festival, which took place Thursday through Saturday, is the largest professional beer competition in the U.S. Among other Missouri medalists, River Bluff Brewing, which has locations in St. Joseph and Kansas City, earned a gold medal for its Yankee Doodle Shandy in the Fruit Wheat Beer category.
Know the name
Sweet Peaches Cobbler
This Kansas City-based frozen cobbler business has partnered with multiple major retailers and can be found in over 600 grocery stores nationwide. Owner Denisha Jones recently began a campaign on crowdfunding platform Kickstarter to broaden her company’s reach as she works on finalizing a deal with Walmart, Startland News reports. Jones, who hopes to allocate the funds to add inventory, hire a second co-packer and expand her product line, called the campaign a “huge opportunity.”
It’s been a pleasure doing business with you this morning.
