The developer has so far not wanted to comment about its long-term plan for the office building, which is vacant. Circuit City filed for bankruptcy protection in 2008 and liquidated in 2009. The land and the office building were separately owned, and thus required separate negotiations. Step one was buying the land from the bankrupt estate.

With that step completed, Pruitt is negotiating with the lender that owns the building, and that purchase could close within a few months, according to a person close to the deal. Pruitt is no stranger to big projects in Richmond. The company’s website lists office projects including West Creek Business Park in Goochland and GlenForest Office Park in Henrico.

In other Circuit City news, Bloomberg is reporting that the bankrupt entity’s unsecured creditors may get up to 30 percent on claims of what they are owed. Initially they were told not to expect more than 13.5 percent. Circuit City paid most of its secured claims, according to Bloomberg, by liquidating stores.

The final schedule will need to be approved at a Sept. 8 hearing.

Downtown Short Pump news partner Richmond BizSense could not learn the price by deadline, but that will be public once the deal closes.

“Initial plans call for operations and call center functions to occupy the new space sometime in the second half of 2011,” wrote Shelley Solheim, a spokeswoman for Capital One, in an email with BizSense. “It’s too early to quantify future demand,” she wrote, meaning it’s unclear how many employees might eventually work in the buildings. However, buildings of that size could handle upward of 1,500 workers.

The facilities were built in the late 1980s for Wheat First Securities, which was purchased by Wachovia Securities. They have been vacant since Wachovia Securities moved its headquarters to St. Louis after a merger with A.G. Edwards. First State Street Invest 3300 bought the 22-acre campus in 2005 for $18.8 million.

Once occupied, the deal will help bring down the vacancy rate at Innsbrook, which stood at 25 percent in the second quarter of 2010, the highest for any submarket in the Richmond region, according to a quartlery market report produced by Thalhimer. The Central Business District had a vacancy rate of 14.6 percent, according to the same report.

Capital One is the second largest employer in Richmond behind VCU. The company had about 6,800 full-time workers in 2010.

This will be Blue Ridge’s third store in Richmond – they have locations in Chesterfield Towne Center mall and also closer to Gaskins Road at 10164 West Broad Street – and also their biggest. Blue Ridge also has a store in Williamsburg and a flagship store in Charlottesville.

The other stores in Richmond are closer to 4,000 square feet, according to Nick Orrell, manager at the West Broad store.

Jeff Smith, the president of the company, did not return several calls seeking comment.

“The new store is going to have some higher-end outdoors merchandise,” Orrell said, “and the store we’re in now, the plan is to turn it into an online and outlet store. We will have a station where customers can order online.”

Brenda Martin, who is working on the project for the developer, the Breeden Company, said that Blue Ridge wants to open in October. Construction should begin shortly, she said.

She also said Breeden and Blue Ridge had been working on a deal off-and-on for more than a year and a half.

Blue Ridge might have felt a new sense of urgency when REI opened a 26,500-square-foot store in November. REI sells a lot of the same gear and apparel and also sells biking gear, which Blue Ridge does not.

Orrell said that the outlet store will get closeout merchandise from some of the premium brands, like Mountain Hardwear and North Face. The outlet concept will also sell discounted merchandise that’s not sold from some of the other locations.

Orrell said Blue Ridge sells to two main types of customers: avid outdoors enthusiasts and lifestyle consumers, who don’t necessarily need a down puffy coat by the top brand but like it nonetheless.

He said that he has not seen a big decline in business since REI opened. “Maybe the pot has gotten bigger, with more people aware of outdoorsy stores in Richmond,” he said.

“But we’re hoping people still shop local, and we’re hoping our customer base enjoys the time they spend inside our store.”

The new store will be part of an in-line retail development in front of the new Short Pump Hilton, according to renderings from the Breeden Co.

Some of the better-off former customers will get most of their money back shortly. Others will only get about a quarter of what they set aside in LandAmerica’s 1031 Exchange, and have to pin their hopes on litigation against the directors and officers as well as SunTrust, which sold LandAmerica auction-rate securities.

In the spring of 2008, those investments became illiquid, and LandAmerica was unable to pay the customers back money they intended to set aside for just a short time.

LandAmerica declared bankruptcy in November 2008, refusing to return the money.

In the end, most of the exchangers probably decided it was better to get some money now and keep the legal fees from eating even more into their dwindling pool of funds.

“It’s surprising because it is so sensible,” said Ron Page, an attorney with Durrette Bradshaw who represents several exchangers. “It’s the right thing to do financially, but there was a visceral side to this case. And that hasn’t seemed to be represented in this voting.” “There wasn’t an exchanger revolt that was predicted by so many.” The Federal Bankruptcy Court in Richmond will hold hearings starting Wednesday to approve the plan.

The 1,100-square-foot store will carry a number of dog products including bedding, leather travel bags, food bowls, spa products, clothing, and toys. For those extra pampered pets there is nail polish, cologne, and even a type of wine for dogs. The products range from low price points to some bigger ticket items.

“Owners of dogs can come in and spend several hundreds on a dog bed or spend 10 bucks on a toy,” said Don Vondriska, “We will carry a lot of different things.”
The pet industry seems to be a growing industry in Richmond. On Monday BizSense reported about a new low-cost vet practice opening in Carytown. Meanwhile across town, a Midlothian couple is starting a web-based boutique catering to mid to large size dogs called Barkers Dog Boutique.

The Vondriskas recently retired from there previous careers in St. Louis—Chris a school teacher and Don an executive at an animal nutrition company—and decided to move to Richmond to be closer to their daughter and her family.

Before moving the couple made a decision to go into business for themselves. The self-financed venture has Don running the books and negotiating contracts, while Chris is hiring employees, selecting merchandise and working on interior design.

While retail spending has declined sharply in the recession and consumer confidence has weakened in advance of the holiday shopping season, Vondriska isn’t worried about business being slow.

“All retail sales have fallen off including high-end luxury stores, but spending on pets has declined less than overall spending. People continue to buy things for their dog,” said Vondriska.

Originally the duo didn’t even plan on opening in time for holiday shopping, but was able to find a location and get through the leasing process quickly enough, Vondriska said.

Currently the couple is stocking up on inventory, which they have mostly ordered through WholesalePets.Com, a Richmond company that distributes products from 200 vendors to about 5,000 pet boutiques across the country.

Owner Bo Nelson said he advised them on their product selection and believes they will do well.

“They seem knowledgeable about the industry and I think they will be a success,” Nelson said.

“The bankruptcy filing said the chain has between 200 and 999 creditors which Max & Erma’s owes a total of between $1 million and $10 million. The chain has between $1 million and $10 million in assets,” reported the Pittsburgh Tribune-Review.

The chain has two restaurants in Richmond, one at Reynolds Crossing at 6623 W. Broad Street and one at 2160 John Rolfe Parkway. That second location has been a curse to other retailers who were counting on the extension of John Rolfe Parkway, which was slower in coming than many counted on.

The two Richmond restaurants are franchised locations and are not owned or operated by the company.

Other mid-priced sit-down restaurants , such as Applebee’s and Ruby Tuesdays, have suffered as consumers have cut back on eating out or started eating at cheaper restaurants.

Elephant has about 45 employees spread out in two main sections of the 26,000-square-foot space. That office used to belong to Capital One, which left its cubicles and furniture for Elephant, making it the second Richmond-based insurance start-up that scored free furnishings.

Most of the Elephant’s call center employees appear to be under 30 years old. According to one, they are making 40 calls a day to people who have inquired about car insurance online.

Elephant will start its TV advertising blitz next year, said Jennifer Linton, director of marketing. The company has hired Revolution Advertising in Richmond to produce the spots.

The company says it will double the number of employees in coming quarters.

Elephant’s CEO, Andrew Rose, was at the ribbon-cutting, along with representatives from the Greater Richmond Chamber of Commerce and the Greater Richmond Partnership.

The company’s business model aims to cut costs wherever possible.

Streambank will now sell those same assets for S&K Menswear, which filed for bankruptcy protection in February. The deadline for bids is November 6.

Perhaps most valuable will be the company’s database of more than 2.5 million customers, which likely include email lists. (If that’s an accurate number, it means roughly .8 percent of the U.S. population shopped at S&K at one point)

Streambank said in a press release that it has found one buyer, the Buxbaum Group, which could pay $165,000 for the entire lot, which also includes house brands and the name S&K Menswear. That would be less than 10 cents per contact.

At its peak, S&K operated more than 230 stores in 27 states. The company was slowly losing market share when the recession hit, and then it had trouble getting financing to buy enough product for the stores.

The company’s former headquarters in Short Pump is still for sale.

The company is seeking sales associates, warehouse staff, customer service merchandisers, and managers in training.

Applications will be accepted at a job fair in the newly opened Hotel Sierra at Short Pump Town Center, next to Dick’s Sporting Goods, between October 5 and 12, Monday through Friday from 9:00 a.m. to 6:00 p.m., and on Saturday from 9:00 a.m. to 2:00 p.m.

They first tossed around the idea six months ago while helping S&K wind down.

“We want to run it exactly how S&K ran the Internet business,” Hardy said. “At its peak, that did $1.5 million a year in sales, which made it one of our bigger stores.”

mensweardirectphotoThey’ve leased and filled a 3,000-square-foot warehouse off Staples Mill Road and launched the website for their new company, Direct Menswear.

Kevin Ferguson and Brandon Atkinson are the other two partners, and the wives of all three are involved. Ferguson was a networking director at S&K, and Atkinson managed the S&K website.

And it’s not just the know-how they’re importing from S&K. The warehouse is filled with shelving, dollies and pallet jacks they bought from the bankrupt company — at a huge discount.

Hardy said he’s also considering bidding on the S&K name, but only up to $5,000 or $10,000. Several other firms have put in bids, Hardy said, and it’s not clear yet what price the name will fetch. In the meantime, visitors to S&K’s former site are redirected to Direct Menswear through a temporary agreement with the bankruptcy estate.

As for the business model, Hardy said the company will sell some of the same brands as S&K, including Kilburne & Finch and Oscar De La Renta.

“It’s pretty much the same product lines,” Hardy said. “We’re trying to use the same vendors. They’ve been great. They lost a big consumer of their goods [S&K] so they are anxious to deal with us.”

Hardy said that beyond the big department stores and men’s-only shops such as Men’s Warehouse and Jos. A. Bank, there isn’t that much competition online. And the business is meant to run leaner than those with brick-and-mortar locations.

Hardy is the only one bankrolling the business, but he secured a small business loan from First Capital Bank.

The online retail game can be fiercely competitive, with one or two dominant players who establish a reputation for the lowest price, a la Amazon. But Hardy said he thinks his startup can compete on price, in part because established chain stores don’t want to tarnish the perception of value on their merchandise.

“S&K couldn’t liquidate without damaging the brand. It’s really not that way on the Web.”

“We have a lot more options to move merchandise. S&K always had a problem moving that stuff.”

One key to the business, Hardy said, is to gain awareness without spending a fortune on marketing. That means search optimization, so when potential customers search for suits, or specific brands, Direct Menswear pops up.

The website, which launched a week ago, is generating between 10 and 20 customer calls a day.

“We’re getting our sales and promotions together, but I’m thinking of putting something up like a buy one, get one free. Just like S&K.”