Third rebranded Hooters closing; other business briefs
Third sports bar closing
Bud's Ale House, a sports bar in Farmingdale that was barely four months old after being re-branded from a Hooters, will close its doors Monday. "There was more money being thrown out than coming in," said Ed McCabe, attorney for Strix Restaurant Group, the holding company that owns Bud's. "We got to the point where we weren't going to put any more capital in." Strix's other holdings, a Bud's Ale House in Fresh Meadows and another sports bar called 58's in Islandia -- also both former Hooters locations -- have already closed, McCabe said. Strix owned four Hooters franchise locations in the area until last October, when it announced it would re-brand three and close the restaurant in East Meadow. The company was sued by its corporate franchiser, Hooters of America Llc, last year for using the Hooters name while allegedly not paying franchise fees. McCabe said the lawsuit is ongoing. He said a Bud's Ale House in Astoria will continue to operate because it is under another holding company and making a profit.
Manufacturing conditions in New York State improved in February -- for the first time in six months, according to the Empire State Manufacturing Survey, a report of state manufacturing activity compiled by the Federal Reserve Bank of New York. The general business condition index rose to 10, an increase of 18 points from January. The index had been in negative territory, meaning a decline in activity for manufacturers, since August 2012. The New York survey typically acts as an early indicator of national manufacturing conditions for the month. Economists had expected the decline in activity to continue, estimating an index reading of around negative 2.0, according to Market watch.com. The new orders index, a sign of demand, increased 20 points to 13.3 -- the highest level since 2011. NATION
SEC sues over Heinz trading
The U.S. Securities and Exchange Commission sued unknown traders Friday over "suspicious trading" in H.J. Heinz Co. before Warren Buffett and 3G Capital Inc. announced a $23.3-billion takeover of the ketchup maker. The SEC alleged in a complaint filed in federal court in Manhattan that the trading was carried out through a Swiss account and involved call-option contracts, which give the right to buy the underlying shares at a fixed price and profit when the stock rises. The trades netted $1.7 million, the SEC said. It said the traders' names were unknown. The agency obtained an emergency court order to freeze assets in the Zurich-based account.
-- Bloomberg News