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Wednesday's Afternoon Update
What you need to know about Florida today
Florida-based Office Depot to shut another 300 stores
Office Depot Inc said it would close about 300 more stores in the next three years to help cut annual costs by $250 million by the end of 2018.
The retailer is the 7th largest public company in Florida. Go to story.
The office supplies retailer also initiated a quarterly dividend and increased its share buyback plan. Office Depot, which had closed 400 U.S. stores by the end of the second quarter, reported the seventh straight drop in its quarterly sales. Based in Boca Raton, Office Depot said it plans to open more smaller-format stores. Full story from Reuters, here.
Florida shoppers brace for shorter, less generous tax-free holiday
When shoppers flock to stores this weekend looking for tax-free deals, they’ll be faced with more restrictions and fewer days to snag their 7 percent-off, back-to-school items than last year. Floridians have three days — starting this Friday — instead of 10 last year. Restrictions are tighter this year: only clothing items priced less than $60 and school supplies tagged below $15 will be exempt. Also, Florida removed computers and computer accessories from the list of tax-free items. More from the Miami Herald, the Orlando Sentinel and the Florida Times-Union.
See also:
» Opinion: Sales tax holidays have become Florida tradition and boon to taxpayers, businesses
» Full list of what will be tax-free (and what won't)
U.S. Olympic women's tennis team was seasoned in South Florida
Over the past three decades Florida has become the world's largest training ground for professional tennis players. Nowhere will that be more evident than in the upcoming Olympic Games in Rio de Janeiro. More from the South Florida Sun-Sentinel.
In $4.5 million deal, Orlando tech firm buys new platform
A Winter Park tech firm bought a Mountain View, Calif.-based business that creates content for other companies. IZEA, which connects brands with content creators, announced that it had acquired ZenContent for $4.5 million in cash and equity. More from the Orlando Sentinel.
St. Petersburg attorney opens firm for entrepreneurs
Business attorney Kalpesh Patel opened a new law firm dedicated to helping entrepreneurs, small businesses and startups. FL Patel Law’s business services include incorporation, contracts, compliance, intellectual property and human resources. More from the Business Observer.
Business Profile
Upfront Granola
Former elementary school teacher Gigi Twist, who developed grab-and-go snack Upfront Granola, admits she used to bring donuts or other sweet treats as a reward for her 5th graders. After she left teaching, Twist searched for a new breakfast food but found most were loaded with chemicals. So she developed her own granola and founded Boca Raton-based Upfront Foods .
» More from the South Florida Sun-Sentinel.
Around the State
The food network in Jacksonville
When Mark Patterson began his frozen dessert company, Naturally Smart, three years ago, he was looking for people who could help his fledgling business. “I started networking, and there was really no one in the network working on food,” he says. Patterson started a network himself, bringing together small Jacksonville-area businesses last year to form the North Florida Food Alliance.
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