THE NEWS: The head of the North American International Auto Show is eyeing September 2022 for resurrecting a Detroit auto show that's been sidelined by the coronavirus pandemic after being moved from its traditional January date on the international circuit. Rod Alberts, executive director of the Detroit Auto Dealers Association and NAIAS, told the governing board of TCF Center last week that this year's show, originally planned for September, had to be canceled because of the financial risk of the virus upending another event like the June 2020 show that got canceled.
Why it matters: The show hasn't happened since January 2019 after a plan to move it to the summer was upended by the coronavirus pandemic. The most recent cancellation of next September's show came as a surprise to TCF Center officials.
THE NEWS: A former Detroit area commercial real estate executive has been charged with wire fraud and faces up to 20 years in prison for allegedly bilking no fewer than two dozen investors of $26.4 million to play the Michigan Lottery. Viktor Gjonaj, 43, the former head of Troy-based Imperium Group LLC, allegedly ran a scheme between 2016 and 2019 in order to fuel his Michigan Lottery habit that, at times, totaled $1 million in spending per week on the Daily 3 and Daily 4 games, a press release from U.S. Attorney Matthew Schneider's office says.
Why it matters: The Shelby Township resident's alleged scheme is also the subject of multiple lawsuits in Oakland County Circuit Court claiming a total of $15.25 million in lost investor money, as well as at least $28 million in Daily 3 and Daily 4 winnings in less than a year.
THE NEWS: The planned $22 billion acquisition of Detroit-based TCF Financial Corp. by Huntington Bancshares Inc. will likely result in the closure of nearly 200 bank branches, including several in a major regional grocery chain. Stephen Steinour, the chairman, president and CEO of the Columbus, Ohio-based Huntington told analysts last month that the deal, set to close in the second quarter of this year pending regulatory and shareholder approval, has led to the banks planning to close 198 branches. Included in that number are all 97 of Huntington's locations in Meijer Inc. grocery stores.
Why it matters: The bank plans to consolidate branches "very substantially" in Michigan, Steinour said. "That will allow us to cycle out of the in-store branches that we have with Meijer, which we've explained to the company," Steinour said. "It's just excess distribution, with nearly 500 points of distribution in the state of Michigan as a consequence of the (TCF acquisition)."
THE NEWS: Michigan's weekly new jobless claims continue to fall as new infections of the deadly coronavirus continue to subside across the state. Last week, 16,679 in the state filed new unemployment claims, down from the revised up 21,830 for the week prior. However, last week's figure remains well above normal levels prior to the pandemic.
Why it matters: Despite nearly 44,000 coming off the state's unemployment benefits program for the week ending Jan. 23, long-term unemployment remains a problem.
THE NEWS: Private equity firm American Industrial Partners is considering a sale of Ann Arbor-based Cabinetworks Group that could value the building products company at about $3.5 billion, according to people familiar with the matter. New York-based AIP is working with advisers on strategic options for Cabinetworks, including a potential sale, Bloomberg reported.
Why it matters: Cabinetworks, which makes brands including Merillat and KraftMaid, includes the former cabinet division of Livonia-based home improvement products maker Masco Corp., which it sold in 2019 in a $1 billion deal.
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January 30, 2021 at 12:07AM
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Need to know: Auto show return, bank branches to close and more news of the week - Crain's Detroit Business
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