Category: Business - Page 79

Sunday, October 18, 2026

Bridgewater Announces Layoffs

Bridgewater Associates, the world’s largest hedge fund by assets and Westport’s largest private employer, has announced a firm-wide “renovation” that will include employee layoffs, according to someone familiar with the matter, CNBC reported today.

In a letter to clients, officials at the $150 billion-asset company said it was “digging into the areas of inefficiency to improve them” as part of a “renovation to improve efficiencies at Bridgewater,” the cable business news network reported.

That process will involve “significant changes to people, processes, and technologies,” it added.

At a town hall meeting held earlier today, Bridgewater executives warned that those changes would include layoffs. Business Insider published the letter, and reported on the plans, at midday, CNBC said.

Comings & Goings: Stanton Miles Moving

UPDATE Stanton Miles, the home decorating and power vacuum service and sales store, 1620 Post Road East, between Pane e bene restaurant and Innovation Luggage, will relocate to 1803 Post Road East on Nov. 1, according to co-owner Dave Kernstock.

Stanton MIles is moving from its current location after 45 years. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

He and Mike Rowland acquired the business in 2004.

“The building is being sold,” Kernstock said. “We’ve been on a month-to-month lease since April, so we decided to be proactive and move now.”

He said Stanton Miles has been in Westport for 65 years, its first 20 years located in the space of the current nearby Dunkin Donuts,1533 Post Road East, before moving to its current location 45 years ago.

Monday, September 12th, 2016

Municipalities Say CT Property Tax System ‘Unsustainable’

By Keith M. Phaneuf

www.ctmirror.org

Just days after a landmark state court ruling found Connecticut’s education funding system to be “irrational and unconstitutional,” the chief lobbying group for cities and towns today issued a new research paper calling the municipal property tax system “unsustainable.”

The report from the Connecticut Conference of Municipalities urges state legislators to take several steps, including expanding the variety of taxes communities can collect and committing to promised sharing of state sales tax receipts despite big projected deficit in the next state budget.

“It is increasingly clear that relying on the property tax to fund local government services in Connecticut is unsustainable,” the report states. “… Connecticut’s towns and cities rely on the property tax to fund the majority of local services. It is basically ‘the only game in town.’”

The property tax is the chief revenue source for most municipalities, with 71 percent, on average, coming from property taxpayers. The second-largest source of funding is state grants. Using those funds, cities and towns provide a wide array of services including elementary and secondary education; public safety; infrastructure maintenance; recreation, and social services.

Click here for more of story:

Thursday, September 8th, 2016

California Firm Acquires Westport Resources Management

John Vaccaro: named United Capital managing director. Contributed photo

The private client group of Westport-based Westport Resources Management, headed by John Vaccaro, has been acquired by United Capital Financial Advisors LLC, it was announced today.

No amount was given for the acquisition by United Capital, which is based in Newport Beach, Calif. The group will be renamed Westport Resources, a division of United Capital. Westport Resources manages $373 million of assets tied to high-net-worth individuals

United Capital has about $16.8 billion of assets and centralizes the compliance, billing and information technology of the wealth management firms it buys. In addition to the new Westport operation, United Capital also maintains an office in South Norwalk.

Vaccaro, 71, the firm’s CEO and founder, has joined United Capital as a managing director, an announcement said.

Thursday, September 1st, 2016

Comings & Goings: Fountain of Youth Closes Retail Outlet

Fountain of Youth, a health organic market located at 1789 Post Rod East in the Westfair Shopping Center opposite Stop & Shop, has closed its retail store. Owners John and Kay Moretti, Westport residents, said their store, in the same location since 1983, has been driven out of business by the internet, Whole Foods, Trader Joe’s and others who also sell natural food products. “We were here before what we do became mainstream,” said John Moretti. “Marlo Thomas and Paul Newman were among our frequent customers.” He added, “We’re not going out of business, just closing this shop. Our customers can still purchase our products by calling us at the same phone number, (203)259-9378. We’re doing mail order and, if local, one-hour delivery service.” (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

Sunday, August 21st, 2016

Comings & Goings: Donut Crazy to Train Station

Donut Crazy will open at the eastbound side of Metro-North’s Westport station in Saugatuck around Oct. 1, according to Westport Police Chief Foti Koskinas, pending approval of the Board of Selectman on Thursday. The store replaces Steam, which opened in January 2014 and closed in March this year. Donut Crazy, founded by Jason Wojnarowski, currently operates shops in Shelton, Stratford, and Bridgeport and plans to open in New Haven this fall, according to Koskinas. It offers coffee, tea, espresso, cappuccino and latte, juice and an assortment of takeout foods in addition to its wide range of donuts. (CLICK TO ENLARGE) Contributed photo

Saturday, August 20th, 2016

Comings & Goings: The Groove on the Move

The Groove, a children’s apparel and gift store, which opened at 420 Post Road West, across from Whole Foods, in October 2012, has moved a few doors away to a much larger space in a location previously occupied by a branch of Hudson Valley Bank. According to owner Corri Neckritz (above) the newly expanded store, which opens on Monday, has 3,000 square feet compared to approximately 1,300 square feet in the store being vacated. She added that a customer appreciation event, a 50 percent sale on most merchandise, will soon be in effect in the former space before it closes. She said the range of offerings addresses apparel needs of babies, teens and adults. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

Friday, August 19th, 2016

A Final Order at Westport’s Kibberia

Today was the final day of business for Kibberia Restaurant and Café, 361 Post Road West, and Westport resident Wendy Levy showed up for a final order, served by employee Alia Metke, a 2015 Staples High School graduate. Nick Iskandar. an owner of the eat-in and takeout restaurant specializing in Mediterranean and Middle Eastern cuisine, said Thursday it was closing because its lease expired and “we cannot continue with the current costs of doing business in Westport.” Levy said she was one of its first customers three years ago and had frequented the Kibberia restaurant in Danbury. “When i read on WestportNow about the planned closing, I wanted to come here just one last time,” she said. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

Thursday, August 18th, 2016

Comings & Goings: Kibberia Closing

By Dave Matlow

Kibberia, an eat-in and takeout restaurant specializing in Mediterranean and Middle Eastern cuisine at 361 Post Road West, will close at the end of the business day Friday, according to owner Nick Iskandar.

Kibberia owner Nick Iskandar said: “Were very sorry to leave.” (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

Iskandar, with brother Sam and sister-in-law Carole as chef, opened the restaurant in July 2013 in the space previously occupied by John’s Best Pizza. They also own a restaurant by the same name in Danbury.

“Our lease expired and we cannot continue with the current costs of doing business in Westport,” Nick Iskander said.

“Our business volume is good. if we were doing this amount of business in Danbury, for instance, we could continue because our costs are much lower there, but doing business in the Westport area is very expensive. We just cannot continue.”

Monday, August 15th, 2016

Letter: Developer Says Nothing to Show for ‘Good Intentions’

To the Editor:

I have lived in Westport for 25 years and am president of SIR Development, LLC a new construction luxury home builder. I have noted that historic structures and their place in this town have been a constant debate.

This house at 25 Center St. was the subject of lengthy negotiations with developer Rob Haroun and the town. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

During this time, hundreds of older homes have been demolished to make room for larger ones leaving a small inventory of older structures that retain the character of yesteryear. Some efforts have been made to create incentive programs for saving these structures through the existing 32–18 zoning regulations, but clearly the existing regulations fall short.

After seeing that 32-18 was deficient, we embarked on an effort to amend Section 32-18. With a specific property in mind, 25 Center St., we saw an opportunity to save an historic structure and provide a win-win for both the town and preservationists.

Knowing that the process was quite protracted, we proceeded in good faith with the town and the community to accomplish this goal.

Bridgewater Announces Layoffs

Comings & Goings: Stanton Miles Moving

Municipalities Say CT Property Tax System ‘Unsustainable’

California Firm Acquires Westport Resources Management

Comings & Goings: Fountain of Youth Closes Retail Outlet

Comings & Goings: Donut Crazy to Train Station

Comings & Goings: The Groove on the Move

A Final Order at Westport’s Kibberia

Comings & Goings: Kibberia Closing

Letter: Developer Says Nothing to Show for ‘Good Intentions’

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