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The Briefcase

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Slane Hosiery temporarily lays off of 288 employees

A large private High Point employer, Slane Hosiery, is the latest manufacturer with Triad operations to implement a temporary layoff of employees.

The company said in a WARN Act notice filed Tuesday that 288 employees are affected, representing about half of its workforce.

Plants at 313 S. Centennial St. and 550 W. Fairfield Road will be affected, effective Monday. The bulk of the affected workers are knitters and machine operators.

“The downsizing is a direct result of an unexpected downturn in business and other business impacts related to the coronavirus,” the company said in the notice to N.C. Commerce Department.

Most employers filing WARN notices during the pandemic are doing so to assist in making their employees eligible for state and federal unemployment insurance benefits.

Richard Craver

Greensboro apartment complex sells for $51.5M

A Florida residential real-estate firm has spent $51.5 million to buy the Bridford Lake apartment complex in Greensboro, according to a Guilford County Register of Deeds filing Tuesday.

The complex at 1404 Bridford Parkway sits on 27.65 acres and contains 328 units.

The buyers are PRCP-NC Greensboro LLC and Park Place Louisville Investment LLC, affiliates of Priderock Capital Partners LLC of West Palm Beach, Fla.

The seller is MDO Bridford Lake LLC, an affiliate of Madison Manager LLC of Newport Bech, Calif. The sale was completed May 5.

The sale is one of the largest in the Triad in an apartment complex buying spree, mostly by out-of-state purchasers, over the past two years.

Richard Craver

22nd Century repays $1.2 million PPP loan

22nd Century Group Inc. said in a regulatory filing Tuesday that it has repaid to the U.S. Small Business Administration the $1.2 million loan it received from the federal Paycheck Protection Program.

The company did not say why it paid back the loan it received May 4 through Bank of America Corp.

If 22nd Century had maintained its workforce levels and spent at least 75% of the loan on payroll expenses, it could have had the loan forgiven after eight weeks.

Based in Williamsville, N.Y., 22nd Century opened cigarette-manufacturing operations in Mocksville in 2014. Following a round of job cuts in January, the company has 51 of its 69 employees in Mocksville.

Richard Craver

BB&T insurance subsidiary shortens name to McGriff

McGriff Insurance Services Inc. and McGriff, Seibels & Williams Inc., the retail insurance subsidiaries of BB&T Insurance Holdings, said Wednesday it is rebranding to McGriff.

McGriff is realigning operations geographically and streamlining processes to position resources closer to clients.

The consolidated McGriff organization includes more than 130 offices across the US, with more than 3,800 teammates.

The brand transition, which will take place over the next several months, will include a new single McGriff logo, updated design and branding elements and a consolidated website.

Richard Craver

Bo-Ty Florist property sells for $990,000

The property of the Bo-Ty Florist location in Winston-Salem has been sold for $990,000, according to a Forsyth County Register of Deeds filing Tuesday.

The property at 3002 Trenwest Drive contains a building with 9,000 square feet of office or retail space.

The buyer is Watchtower Properties LLC, while the seller is East Coast Capital Partners LLC, both of Winston-Salem. The sale was completed Monday.

Richard Craver


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