ANN ARBOR ? Borders Group filed for Chapter 11 bankruptcy protection Wednesday in a Manhattan court, a month after it warned it may be forced to restructure. Borders said it could close up to 30 percent of its 644 stores nationwide and in Puerto Rico in the coming weeks. In its bankruptcy petition, Borders listed
GRAND RAPIDS ? Rick DeVos, who gave Grand Rapids the highly successful cultural event, ArtPrize, now is giving would-be entrepreneurs a venue, and possibly funding, in a new monthly business pitch contest he calls 5X5 Night. The first one is scheduled for Feb. 22. Five presenters will have five minutes each to sum up their
ANN ARBOR - Adaptive Materials, purchased last month by a United Kingdom-based company, said in a press release that it has repaid the $6.27 million awarded the company in 2007 from the Michigan 21st Century Jobs Fund to commercialize its portable fuel cells six years early. The award is the largest investment made to date
GRAND RAPIDS - The Michigan Strategic Fund Board has approved an additional $1.4 million to be allocated to the Michigan Emerging Technologies Fund, managed by the Michigan Small Business and Technology Development Center in partnership with the Michigan Economic Development Corp. The ETF provides commercialization funding to match federal Small Business Innovation Research and Small
LANSING - The Michigan Economic Growth Authority Tuesday approved tax incentives for 15 companies choosing to expand or locate in Michigan, as well as two brownfield redevelopment projects. The companies estimate the projects will generate up to $205.2 million in new private investment, adding or retaining a projected 4,022 jobs. ?The reinvention of Michigan starts
ANN ARBOR - NSF International said Tuesday that it has acquired Pharmalytica Services, a pharmaceutical contract laboratory based in Bristol, Conn. Financial terms were not announced. Pharmalytica provides a full range of official ?good laboratory practices? and ?good manufacturing practices? analytical services to the pharmaceutical and biotechnology industry from discovery support through commercialization. The company
LANSING - The first shockwaves already are emanating from Gov. Rick Snyder's expected budget proposal for the 2011-12 fiscal year with sources telling Gongwer News Service that Snyder plans a 15 percent cut in aid to public universities and a cut of about $200 million in revenue sharing to local governments. Sources also told Gongwer
LANSING - Governor Rick Snyder Wednesday named a leading Detroit attorney with expertise in the regulatory world to head the Department of Energy, Labor and Economic Growth, which will soon be renamed and restructured. With Steven Hilfinger, managing partner of the Foley and Lardner LLP law firm, taking the helm at DELEG, Snyder now has
LANSING - Raising the ante on the issue of building a new Detroit River international crossing, a top executive with the Ambassador Bridge company announced Wednesday that it would offer toll credits to the state to match federal funding. Matthew Moroun, a director of Centra Incorporated, which is the umbrella company for the Ambassador Bridge's
DETROIT - It isn't very often that you see Roger Penske fail at anything, but selling smart cars in the American market even proved to be too much for Mr. Penske. Mercedes-Benz USA is going to take over the distribution of smart from the Penske Automotive Group, The Car Connection reported Tuesday. Interestingly, Mercedes is