Old Dominion Freight Line declares 17-cent dividend

The board of directors of Old Dominion Freight Line Inc. declared Thursday a quarterly cash dividend of 17 cents per share for its common stock.

The dividend is payable Sept. 18 to shareholders registered on Sept. 4.

Richard Craver

Retired Wells Fargo chief economist gains new job

Carolinas Investment Consulting, based in Charlotte, said Thursday that it has hired John Silvia as director of its economic unit.

Silvia recently retired as managing director and chief economist for Wells Fargo, and held the same position with Wachovia before it was acquired by Wells Fargo.

Carolinas Investment, founded in 2001, is an independent financial advisory firm focused comprehensive financial planning and investment management to individuals, families, businesses and executives, foundations and endowments.

Richard Craver

Hickory restaurant pays back wages in dispute

The U.S. Labor Department said Thursday that a Hickory restaurant, Nara Japanese Restaurant LLC, has paid $28,779 in back wages to 20 employees following an investigation.

The department’s Labor Wage and Hour Division found the employer violated minimum wage, overtime, and recordkeeping requirements of the Fair Labor Standards Act.

That includes the employer paying kitchen staff flat daily rates regardless of the number of hours the employees actually worked. By doing so, the employer violated minimum wage requirements when those flat rates failed to cover all the employees’ hours at the federal minimum wage of $7.25 per hour.

The employer made illegal credit-card fee deductions from servers’ tips that caused them to earn less than the minimum wage.

The employer also failed to pay overtime when employees worked over 40 hours in a workweek, and violated the act’s recordkeeping requirements by failing to maintain records of the number of hours employees worked each workweek.

Bassett Furniture declares 12.5-cent dividend

The board of directors for Bassett Furniture Industries Inc. declared Thursday a dividend of 12.5 cents per share on its outstanding common stock.

The dividend is payable Aug. 30 to shareholders registered as of Aug. 16.

Richard Craver

High Point Barnes & Noble property sells for $2M

The Barnes & Noble bookstore on the property of the closed Oak Hollow Mall in High Point has been sold by the mall owners for $2 million. The sale was completed Friday.

The buyer is Imaginx LLC of West Palm Beach, Fla., according to a Guilford County Register of Deeds filing Thursday. The seller is High Point Development Limited Partnership II, an affiliate of CBL & Associates of Chattanooga, Tenn.

The 3.36-acre property at 906 Mall Loop Road served as the primary outparcel anchor for the mall when it opened in 1996. The property value was listed at just under $2.8 million.

The High Point Enterprise reported Thursday that the buyer plans to establish a location for Living Arts College of Raleigh in the 25,920-square-foot building.

The college offers degrees in certification programs in filmmaking, interior design and game-design animation.

High Point University spent $9 million in February 2011 to buy the main mall property minus the Dillard and Sears store sites.

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Richard Craver

Richard Craver

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