Weekly Business Roundup, 5/18 – 5/24
Minneapolis
Target is (almost) done dealing with the aftermath of its massive 2013 data breach. The last remaining court cases, spanning across 47 U.S. states, will be settled for $18.7 million.
- Credit information of nearly 40 million customers, and personal information of nearly 60 million customers, was breached during the attack.
The North Loop’s uncontrollable growth continues: New buildings alongside rehabbed established/historic buildings because, space or not, nothing can stop the North Loop’s building boom.
- The project will dominate a full city block.
- Another project, which includes an 8-story hotel and condo building, is coming soon to the parking lot behind the Federal Reserve Bank of Minneapolis nearby.
Go North, young man: Chicago-based BDO, a national accounting firm that prides itself in being the “national and global alternative to the big four firms” is moving its offices into Minneapolis this week
St. Paul
La Costa, a Mexican restaurant/sports bar hybrid in St. Paul’s District del Sol, is now open. Authentic Mexican cuisine is served alongside draft beers, and plenty of televisions showing sporting events, for a unique experience in the former El Amancer space.
Close to home: Summit Brewing Company is ending distribution in 6 U.S. states so that it can focus operations in the Midwest and better meet demands here.
- Pennsylvania, Ohio, Nebraska, Michigan, Illinois, and Indiana will no longer be able to reach the Summit.
- We aren’t complaining here in Minnesota. Cheers.
Expanding: EnteroMedics, which specializes in metabolic diseases and obesity, recently acquired California-based BarioSurg, Inc.
- BarioSurg is the maker of the Gastric Vest System, which hopes to help morbidly obese patients by mimicking the effects of conventional weight loss surgery with minimal invasion and without changes to patient anatomy.
Breathe easy: International medical-health giant Philips is acquiring St. Paul-based Respiratory Technologies, Inc. (RespirTech) which makes vests to help patients with chronic lung conditions.
- RespirTech has roots in treating cystic fibrosis.
- The vests, called inCourage, help clear airways, this making it easier for patients to breathe.
Metro
Hilton opening a hotel, the latest in its Tru brand, near MOA.
Shakeup: CHS, Inc., the behemoth agricultural cooperative, names Jay Debertin as new CEO and president as departing CEO Carl Casale takes the fall for CHS’s recent earnings slide.
Beyond
Dislike: Facebook fined $122 million for a lack of transparency with EU regulators about its intention to share the personal information for users of WhatsApp when it purchased the messaging app in 2014.
