ASSETS Archives - Central Penn Business Journal

Overstock acquires Bed Bath & Beyond brand

Salt Lake City-based Overstock.com has acquired the intellectual property assets of Bed Bath & Beyond for $21.5 million under a Bankruptcy Court supervised process.

On its website, Overstock.com said it the assets acquired include website and domain names, trademarks, tradenames, patents, customer database, loyalty program data and other brand assets related to the Bed Bath & Beyond banner.

Bed Bath & Beyond filed for bankruptcy April 23.

“This acquisition is a significant and transformative step for us,” said Overstock CEO Jonathan Johnson. “Bed Bath & Beyond is an iconic consumer brand, well-known in the home retail marketplace. The combination of our winning asset-light business model and the high awareness and loyalty of the Bed Bath & Beyond brand will improve the customer experience and position the company for accelerated market share growth.”

Overstock is an on-line retailer of indoor and outdoor furniture, home décor, area rugs, and other home furnishings products. Customers of Bed Bath & Beyond will be able to access the assortment Overstock offers, along with the kitchen, bedding, and bath-related products for which Bed Bath & Beyond has been a destination for over 30 years, Overstock said.

Overstock plans to re-launch the Bed Bath & Beyond domain in Canada, followed weeks later by the re-launch of a refreshed website, mobile app, and loyalty program in the United States.

New and existing customers of both Overstock and Bed Bath & Beyond will experience a single online shopping destination — bedbathandbeyond.ca in Canada and bedbathandbeyond.com in the U.S., Overstock said.

“Combining the strengths of the Overstock operational model and the Bed Bath & Beyond brand will create a powerful synergy,” Johnson said. “I’m excited for consumers to experience the new Bed Bath and an even bigger and better Beyond.”

The U.S. Bankruptcy Court for the District of New Jersey approved Overstock’s winning bid at a sale hearing on June 27.

The transaction excludes any asset associated with the brick & mortar business of Bed Bath & Beyond, Inc. including store leases, inventory, warehousing, and logistics infrastructure.

The buybuy Baby and Harmon banners and their assets formerly operated by Bed Bath & Beyond, Inc. are also excluded from the transaction.

Lancaster County strategic plan aims to level playing field for BIPOC community

To level the playing field for the Black, Indigenous, and People of Color (BIPOC)-owned small businesses, a Lancaster County cohort has teamed up with more than four dozen BIPOC owners to develop a strategic plan to improve access to capital and bring cultural understanding to the community.

Jaime Arroyo

The idea was born from a program with the Philadelphia Federal Reserve which invited the community to participate in its second annual Reinventing Our Communities (ROC) program, a 10-month training program for community cohorts.

The program used a lens of racial justice to focus on equitable business recovery, and to support small business owners disproportionately impacted by the COVID-19 pandemic, and those that have been historically and systematically oppressed, said Jaime Arroyo, CEO of ASSETS.

“We wanted to make sure we were represented across the table,” added Alma Felix, program officer for Community Foundation of Lancaster.

“We identified the needs of the community last fall,” Arroyo said. “This spring, we had more conversations and got feedback on what gaps we needed to fill. Now, we are preparing for the implementation stage.”

Alma Felix

The cohort is made up of ASSETS, Communication Essentials LLC, Community Action Partnership of Lancaster County, Lancaster City Alliance, Lancaster City Council, Lancaster County Chamber of Commerce, Lancaster County Community Foundation, PhotOle Photography, The Cultured Professional Network, United Way of Lancaster County, Waller Tax & Financial Services, and YWCA Lancaster.

The goal is to strengthen trust among resource providers and BIPOC-owned small businesses, build equitable access to capital for BIPOC-owned small businesses, and build community for them, according to the strategic plan.

Arroyo said the community organizations met with business owners to outline the barriers and needs of their community. “They gave us feedback to help us figure out their needs and priorities,” he said.

In the next three to five years, the cohort plans to hire a community liaison to connect business owners with resources they need to thrive, he said.

Felix explained that the BIPOC community historically has not trusted resource providers and therefore, has not had access to capital. The lack of trust, she said, often comes from language barriers and the lack of cultural understanding.

But the plan goes deeper than just financial help. “These communities need to come together and support each other and celebrate their successes,” Felix said.

Each goal in the plan, Arroyo said, has an action step. The cohort plans to meet with the BIPOC community regularly to ensure the actions are being taken to improve access to capital and improve community relations.

“We are leveraging existing resources and then filling in the gaps,” Arroyo said. A BIPOC Investment Fund is being established to offer financial assistance not readily available. Arroyo said the cohort is also working with established institutions to open lines of communication, hopefully opening channels for financial availability.

One way to do that, he said, is to improve diversity, equity and inclusion communication, which may involve lots of organizations. The goal, he said, is to see how financial products can be more equitable.

“In my opinion, even if institutions are providing capital, it’s not getting to (the BIPOC) community. We need to figure out how to bridge the gap.”

That gap, said Felix, is often the business owners don’t trust institutions. “We need to build that trust by gaining understanding of the racial and systemic barriers that led to them,” she said.

“Current products that are available are often based off history and were not equitable,” Arroyo said. “We need to break down how things are done.”

He said the language barrier is huge, but even if an institution is culturally competent, it doesn’t mean it translates to inclusion. “We need to be culturally humble and try to work with diverse cultures in the community.”

The two priorities to implementing the plan, he said, are hiring the liaison and creating the BICPOC investment fund.

The cohort is looking to community for institutions that want to work with them and help balance the economic playing field, he said.

Both Felix and Arroyo said they hope to see the plan implemented later this year or early next year.

Lancaster County strategic plan aims to level playing field for BIPOC community

Jaime Arroyo

“We wanted to make sure we were represented across the table,” added Alma Felix, program officer for Community Foundation of Lancaster.

Alma Felix

In the next three to five years, the cohort plans to hire a community liaison to connect business owners with resources they need to thrive, he said.

But the plan goes deeper than just financial help. “These communities need to come together and support each other and celebrate their successes,” Felix said.

“In my opinion, even if institutions are providing capital, it’s not getting to (the BIPOC) community. We need to figure out how to bridge the gap.”

“Current products that are available are often based off history and were not equitable,” Arroyo said. “We need to break down how things are done.”

The two priorities to implementing the plan, he said, are hiring the liaison and creating the BICPOC investment fund.

The cohort is looking to community for institutions that want to work with them and help balance the economic playing field, he said.

Both Felix and Arroyo said they hope to see the plan implemented later this year or early next year.

Moove In Self Storage further expands central Pa. footprint

York-based Moove In Self Storage announced that it has expanded its portfolio in the Mechanicsburg market by acquiring iStore Self Storage, now called Moove In Trindle Road.

iStore includes 405 traditional units and 90 temperature-controlled units in 70,750 rentable square feet. The asset is owned by National Storage Affiliates and will be managed by Investment Real Estate Management LLC under the Moove In Self Storage brand.

The 1,500-square-foot rental office will be renovated with a retail store and updated customer service amenities.

Moove In Trindle Road features more than 120 feet of frontage along East Trindle Road, which links Camp Hill to downtown Mechanicsburg. This is Moove In’s second property in the Harrisburg-Carlisle Metropolitan Statistical Area.

The location will be a strategic fit for Moove In’s market presence, Vice President of Operations Brian Foran said in a release. “We are excited to provide the people of Mechanicsburg with safe and convenient storage options.”

Since opening in 1998, Moove In Self Storage has expanded to 55 self-storage facilities in Pennsylvania, Maryland, New Jersey, Connecticut, Massachusetts and Iowa.

Paula Wolf is a freelance writer

MacuLogix’s assets sold to Seattle medical device company

The assets of central Pennsylvania-based MacuLogix, a leader in the early diagnosis of dry age-related macular degeneration and developer of the wearable AdaptDX Pro dark adaptometer, were acquired by a wholly owned subsidiary of LumiThera Inc.

Based in Seattle, LumiThera is a commercial-stage medical device company offering photobiomodulation treatment for ocular damage and disease.

MacuLogix is winding down its operations, BizNewsPA reported. Its AdaptDX Pro device allows eye care professionals to measure dark adaptation, which is used to diagnose dry age-related macular degeneration in patients – a leading cause of vision loss for patients 65 and older – earlier than any other technology. It was launched in 2020 and is available for sale in the U.S., Canada, European Union and elsewhere.

“The core technology measures the inability to visually adapt to low levels of light, a key clinical marker seen in patients with early AMD,” Greg Jackson, former MacuLogix chief technology officer and co-founder, said in a release. “Dark adaptation technology has been validated in 42 peer-reviewed papers. Over 1 million AdaptDX tests have been performed and about 200,000 patients have been newly diagnosed.”

Clark E. Tedford, LumiThera’s president and CEO, added: “AdaptDx Pro can identify dry AMD patients at the earliest timepoint, in advance of pathology, and before vision loss. The AdaptDx wearable, light-based early diagnostic for dry AMD adds a complementary assessment of retinal health to the LumiThera product line, further expanding LumiThera’s synergistic platform of products for eye care professionals. We are excited to combine diagnosis, treatment, and monitoring platforms to provide a complete solution for dry AMD patients.”

Paula Wolf is a freelance writer

ASSETS names new chief executive officer

Jaime Arroyo. PHOTO/PROVIDED

The ASSETS board of directors appointed Lancaster native Jaime Arroyo as the nonprofit’s new CEO, it was announced Tuesday.

He will take over June 20, succeeding interim CEO Jesse Casler.

ASSETS, which focuses on transforming the community through business, offers training and financing for entrepreneurs, and partners with established businesses to improve their social and environmental impact.

”After an extensive search process, the board is thrilled to have Jaime as the next CEO of ASSETS,” Liz Martin, board chair, said in a release. “We are confident that Jaime will be a great
leader as ASSETS continues to do amazing work in our local community.”

Arroyo was most recently chief strategy officer at Community Action Partnership of Lancaster County, an anti-poverty organization, where he led the agency’s Diversity, Equity and Inclusion initiative and leadership development for emerging leaders.

From 2017 to 2019, Arroyo was ASSETS’ director of community lending, helping the organization become one of the top micro-lenders in Pennsylvania. He coached and advised on
the finances and business plans of small business owners, including women, immigrants and people of color.

“It is an incredible honor for me to serve this great organization and our community in this role,” Arroyo added. “I follow exceptional leaders before me and a committed ASSETS team
who have built the organization that it is today. … I look forward to shepherding ASSETS in building an equitable economy and inclusive entrepreneurship in Lancaster County.”

Paula Wolf is a freelance writer

Conewago water and sewer to be acquired by York Water Co.

York Water Co. signed an agreement April 28 to buy the water assets and wastewater collection and treatment assets of Conewago Industrial Park Water & Sewer Co. in West Donegal Township, according to a quarterly filing with the U.S. Securities & Exchange Commission.

Completion of the acquisition, contingent upon regulatory approval, will add approximately 30 commercial and industrial water and wastewater customers to the utility, the filing said. Closing is expected in the first quarter of 2023.

The company’s franchised water and wastewater territory currently covers portions of 51 municipalities in York, Adams and Franklin counties, its website said. York Water, the oldest investor-owned utility in the nation, obtains the bulk of its water supply from the south and east branches of the Codorus Creek, which have a combined average daily flow of 73 million gallons.

Its two reservoirs, Lake Williams and Lake Redman, together hold up to about 2.2 billion gallons. The utility supplements this with a 15-mile pipeline from the Susquehanna River to Lake Redman, providing access to an additional 12 million gallons of untreated water per day. York Water also owns nine wells capable of providing approximately 597,000 gallons daily to customers of its satellite systems in Adams County.

As of March 31, average daily availability was 35.6 million gallons, and average daily consumption was approximately 19.9 million gallons. The company’s service territory had an estimated population of 204,000 as of the end of last year.

LinkBancorp passes $1 billion in total assets

Harrisburg-based LinkBancorp Inc., parent company of The Gratz Bank, including its LinkBank division, reported that it passed $1 billion in total assets in the first quarter.

More specifically, assets were $1.036 billion as of March 31, up from $932.8 million at the end of last year.

That milestone was LinkBancorp’s biggest highlight for the first three months of 2022. Other numbers cited were organic loan growth of $29 million, exclusive of Paycheck Protection Program loans, and an increase in noninterest-bearing deposits of $36 million.

CEO Andrew Samuel commented in a release: “We are very pleased by the results of our first quarter free of merger-related charges related to the combination with GNB Financial Services Inc., crossing over the $1 billion threshold and demonstrating growing earnings potential as we begin to recognize economies of scale and increasing operating leverage.”

He added that “key additions within areas experiencing varying levels of market disruption, including the York and Delaware Valley markets, are expected to help fuel further loan and earnings growth and complement the strong performance of our core Capital, Lancaster and Gratz regions.”

Tina Campbell steps down as CEO of ASSETS

Tina Campbell is stepping down as CEO of ASSETS in Lancaster after seven years to take over as Lancaster City’s Community Fund development manager.

“ASSETS has grown into a really strong place over the past seven years since I have been a part of the organization,” Campbell said. “I am super excited to see what the next years hold as they continue to build an economy that works for everyone.”

In early January, the ASSETS’ Board voted in Jesse Casler, current chief operations officer of HOPE International, as the interim CEO. Casler is taking a study leave from HOPE in order to lead ASSETS while the Board conducts a formal CEO search.

As ASSETS’ former board chair, Casler knows the organization and staff well; his background in economic development and nonprofit leadership makes him highly qualified to lead the team, according to an ASSETS press release.

“Tina has been a fantastic leader for ASSETS, and we wish her all the best in her future work. I look forward to serving this amazing organization during this transition as the Board searches for the next CEO,” Casler said.

“We are sad to accept Tina’s resignation as CEO,” said Liz Martin, ASSETS Board chair and owner and president of Martin Insurance Agency. “However, we have seen ASSETS grow and strengthen over the past few years and believe that Tina has helped to set up a very solid foundation for success moving forward.”

Campbell began her career at ASSETS in February of 2015 as the director of Development. When then-Executive Director Jess King stepped away to run for elected office in July 2017, Tina was promoted to Co-CEO alongside Jonathan Coleman.

In November of 2020 amidst a global pandemic and growth at ASSETS, Campbell was named the sole CEO. Over the past 14 months, she has exemplified humble leadership, guiding the team through both challenging and monumental moments, the release said.

LCB approves special liquor license for Lancaster’s Southern Market Food Hall

The Pennsylvania Liquor Control Board today approved Willow Valley Communities’ application for a new economic development – restaurant liquor license, referred to as an EDR, at its board meeting in Harrisburg.

“I thank the PLCB for its approval, which will assist Lancaster city-based entrepreneurs in being successful in the Southern Market Food Hall,” said state Rep. Mike Sturla, D-Lancaster. “This food hall project is a partnership between Willow Valley Communities and Lancaster Equity that serves as a perfect example of what the EDR liquor license should be used for. I was glad to help this partnership throughout the PLCB application process.”

Southern Market, the nineteenth-century city landmark in downtown Lancaster at Queen and Vine streets, is currently undergoing a complete renovation that will transform it into a multicultural food hall and community hub expected to be open in early 2022. Ten local and diverse chefs, new or already established, will be selected as the food hall stand holders at Southern Market.

The project, a partnership among Willow Valley Communities, developer and operator of Southern Market, ASSETS and Lancaster Equity, the non-profit collaborative that owns the market, is committed to the positive impact and transformation of the Queen and Vine intersection and through this renovation seeks to bring more jobs, more business, and more gathering places for the Lancaster residents who live there, according to a statement from Willow Valley.

“We believe that within the Lancaster City community there are talented entrepreneurs who, when given the right resources, can create self-sufficient businesses for all of Lancaster to enjoy,” said John Swanson, CEO of Willow Valley Living, the company that manages Willow Valley Communities.

Sturla noted that the Southern Market Food Hall will create a physical connection between the downtown core and south Lancaster, while revitalizing an underutilized landmark building in a key location.

Sturla voted for the law that created EDRs in 2000, which allows a license to be granted for economic development reasons, even if the number of existing restaurant licenses in the county exceeds the ratio of 1 license per 3,000 inhabitants.

Southern Market to become a food hub and incubator for chefs

Bushra Fakier, “JP” Forbes and Jessie Tuno

Southern Market selected the first three chef vendors for its new multicultural food hall set to open early next year.

Southern Market, the nineteenth-century city landmark in downtown Lancaster at Queen and Vine streets, is currently undergoing a complete renovation that will transform it into a multicultural food hall and community hub expected to be open in early 2022. A total of ten local and diverse chefs, new or already established, will be selected as the food hall stand holders at Southern Market.

The selected vendors are:

Jessie Tuno, owner of Butter and Bean – a cafe specializing in coffees, espressos and fresh baked goods and pastries.

Bushra Fakier, owner of Flavors of Morocco – providing an authentic Moroccan experience by cooking with the freshest ingredients while adding a flair of Indian fusion.

”JP” Forbes, owner of ‘X’ Marks the Spot – serving a menu of modern classic southern soul food.

Applications are currently being accepted for additional chefs to join the initial three appointments. The goal for Southern Market is to become a “jobs pipeline” for the Lancaster community and the food hall and its vendors to reflect and support the community that it surrounds.

The chefs chosen will have a particular cooking talent or specialty, but don’t necessarily have their own restaurant because they may not yet have the resources or business experience to start one. The 10 chefs will work at individual stations, or stands, at Southern Market.

While working at the food hall, they will get support, training, and experience that may allow them to open their own restaurant or catering business in the future. When that happens, another up-and-coming chef can take their place at Southern Market.

This unified effort will fulfill a long-held vision of creating a space that offers opportunity for all and further advances Lancaster Equity’s mission of a “community where everyone has an opportunity to thrive.”

In addition to its current training, lending, and consulting offerings, ASSETS’ training focused specifically on the food industry will support a growing roster of small culinary startups and provide support to those interested in becoming a food hall vendor. This training will initially focus on the Southern Market food hall vendors but will eventually grow to include other food-based entrepreneurs who need ASSETS’ support.

A large bar, to be named Bar 1888, will be located in the center of Southern Market. Along with the multicultural food hall and bar, the new Southern Market will become a community hub with offices, public spaces, stores and a coffee shop.

Meeting spaces will be open for the community. In addition to the broad Lancaster area community, the Southern Market project is designed to serve the neighbors who live nearby.

“ASSETS believes that Southern Market is integral to our work. The building sits at the fulcrum between an economically-thriving corridor of Lancaster and areas that have historically been disinvested economically,” said Tina Campbell, CEO of ASSETS. “We believe that this building can help create equitable economic growth in the city and that our vision of an equitable and prosperous economy that works for everyone can best be fulfilled in this space.”

Those interested in applying for a vendor stand in the food hall should visit the Southern Market website, www.southernmarketlancaster.com, for more information about the food hall and the application process in English, Spanish and other languages.

Willow Valley Communities is also hiring servers, bartenders, administrative roles in hospitality, concierge, and events coordinator to support the chefs. Staffing and training will be coming soon to accommodate up to 175 food hall customers, including running Bar 1888.

Southern Market was designed by renowned Lancaster architect C. Emlen Urban and was originally built in 1888. Its extensive renovation is being coordinated by Willow Valley Communities and includes all-new mechanical systems and repointing of brickwork.

ASSETS reorganizes to sole-leadership model with resignation of co-CEO

Jonathan Coleman, left, will depart from his role as co-CEO of ASSETS, with Tina Campbell, right, assuming the role of sole CEO.

Lancaster-based community nonprofit ASSETS is transitioning out of a joint leadership model with the resignation of co-CEO Jonathan Coleman, who said he will move closer to his wife’s family in Syracuse.

ASSETS, which operated under a joint-leadership model for the last three years, will now be led solely by former co-CEO Tina Campbell, effective Nov. 1, according to an announcement released by the nonprofit on Thursday. Coleman said he has “absolute confidence” in Campbell to lead the organization as its sole CEO.

“I leave with a heavy heart but also a heart full of gratitude,” said Coleman. “ASSETS has grown by leaps and bounds in recent years, much of this due to Tina’s guidance. The team is strong, the board is engaged, and the work is expanding.”

In her new role, Campbell is tasked with advancing the organization’s strategic vision, community outreach and donor relationships. Campbell said she believes the business can help “transform our community” with the support of ASSETS’ entrepreneurial training programs and community lending initiatives.

“Working in the co-CEO role over the past few years has been wonderful, and I am excited to continue to work with all of the amazing leaders at ASSETS as we now shift out of a co-leadership model,” Campbell said. “The work at ASSETS can never be done by one person so while I’m dropping the ‘co’ from my title, our collaborative work at ASSETS will continue and I am honored to be part of this team.”

ASSETS Board Chair and Owner Liz Martin said the board is thrilled Campbell accepted its offer to lead the nonprofit as its sole chief executive.

“We’ve seen first-hand her strengths as a leader — stabilizing the organization through sustainability efforts, bringing calm and order to a fast-paced environment and investing in the benefits and wellbeing of the ASSETS staff,” Martin said. “We’re excited to see as she leads ASSETS in a COVID era where this organization’s essential services to businesses have to be reinvented once again.”

Coleman isn’t leaving the realm of social entrepreneurship; he has accepted a position as co-CEO of the Untours Foundation, which owns the first-ever certified B Corporation — travel company Untours. The company invests its entire endowment directly into socially responsible businesses.

As co-CEO, Coleman will be tasked with helping grow the scale and impact of the foundation while working with Untours to ensure long-term success.

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Tag: ASSETS

Moove In Self Storage further expands central Pa. footprint

MacuLogix’s assets sold to Seattle medical device company

ASSETS names new chief executive officer

Conewago water and sewer to be acquired by York Water Co.

LinkBancorp passes $1 billion in total assets

ASSETS reorganizes to sole-leadership model with resignation of co-CEO