TD Waterhouse Group Inc. continues to solidify its position on the list of companies that have tumbled since entering stadium naming-rights deals.
Orlando Weekly reported in June that the online brokerage's stock had fallen more than 50 percent since it struck a four-year, $8 million deal with the city and the Magic in February 2000. Between February and April of this year, the company cut its workforce by about 15 percent through attrition. Then, in May, it reported that its second-quarter income plunged 90 percent from second-quarter income a year earlier.
Now, on July 30, comes word that the company is laying off 600 people and closing a call center in Chicago, as well as 17 branches throughout the country.
Beware any promise from the Magic that it can sell the name to a future arena.
Time to smell the roses
Community pressure finally helped convince Orange County to preserve for public use the overrun but famed botanical garden in west Orange County started by horticultural icon Henry Nehrling more than a century ago `The Price of Preservation, May 3`.
The owner, Barbara Bochiardy, wants $800,000 for her six acres, four of which are developable. Appraisals value the land at about $300,000. The Orange County Commission settled for a compromise, allocating $500,000 over the next two years -- $400,000 this year for acquisition and start-up costs, $100,000 next year for operating costs -- to help the nonprofit Henry Nehrling Society open a museum.
Was Bochiardy happy? "Yes, partly," she said. "It's not over yet." Another appraisal is on order. Meantime, no one knows how much it will cost to bring Bochiardy's house up to code and make it handicapped-accessible, as is required. Some estimates say it could cost up to $4 million, an expense to which commissioners didn't take well.
We welcome readers to submit letters regarding articles and content in Orlando Weekly. Letters should be a minimum of 150 words, refer to content that has appeared on Orlando Weekly, and must include the writer's full name, address, and phone number for verification purposes. No attachments will be considered. Writers of letters selected for publication will be notified via email. Letters may be edited and shortened for space.
Email us at [email protected].
Support Local Journalism.
Join the Orlando Weekly Press Club
Local journalism is information. Information is power. And we believe everyone deserves access to accurate independent coverage of their community and state. Our readers helped us continue this coverage in 2020, and we are so grateful for the support.
Help us keep this coverage going in 2021. Whether it's a one-time acknowledgement of this article or an ongoing membership pledge, your support goes to local-based reporting from our small but mighty team.
Join the Orlando Weekly Press Club for as little as $5 a month.
Subscribe now to get the latest news delivered right to your inbox.