Local Bedford Business News - The Bedford Tribune https://bedfordohio.org News you can use from Bedford, Ohio Thu, 03 Oct 2024 14:49:57 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.1 https://bedfordohio.org/wp-content/uploads/2023/04/cropped-icon2-32x32.png Local Bedford Business News - The Bedford Tribune https://bedfordohio.org 32 32 149275078 Chardé Hollins, CEO of Bedford-Based Relevant Connections LLC, Recognized in Marquis Who’s Who for Impactful Leadership in Social Work and Grant Management as Provided by 24-7 Press Release https://bedfordohio.org/charde-hollins-ceo-of-bedford-based-relevant-connections-llc-recognized-in-marquis-whos-who-for-impactful-leadership-in-social-work-and-grant-management-as-provided-by-24-7-press-release/ Fri, 04 Oct 2024 14:00:00 +0000 https://bedfordohio.org/?p=11986 BEDFORD, OH — As provided by 24-7 Press Release, Chardé Hollins, a clinical social worker with over 15 years of experience, has been recognized in Marquis Who’s Who for her […]

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BEDFORD, OH — As provided by 24-7 Press Release, Chardé Hollins, a clinical social worker with over 15 years of experience, has been recognized in Marquis Who’s Who for her accomplishments in healthcare, corrections, education, and grant management. As the CEO of Relevant Connections LLC, Ms. Hollins aids nonprofits in grant writing and fundraising. Her work has had a profound impact, especially in Ohio’s second-largest county, where she helped implement mental health services in all school districts. Her tailored curriculum for former offenders has improved treatment engagement and reduced violent behavior. Additionally, she has secured millions in funding for minority-owned nonprofits.

Throughout her career, Ms. Hollins has held various roles in behavioral health, substance abuse counseling, and mental health services with organizations such as the Cleveland Clinic and OhioGuidestone. She has been honored with numerous awards, including Cleveland State University’s Social Worker Student of the Year Award. Ms. Hollins holds a Bachelor of Arts in social work from Oakwood University and a Master of Social Work from Cleveland State University.

As she looks to the future, she plans to expand her company by developing a grant management department and creating online training curricula. Ms. Hollins credits her success to building strong connections and engaging with people on a personal level.

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Tinkers Creek Veterinary Clinic: A New Beginning with Dr. Lydia Rust https://bedfordohio.org/tinkers-creek-veterinary-clinic-a-new-beginning-with-dr-lydia-rust/ Sat, 24 Aug 2024 14:00:00 +0000 https://bedfordohio.org/?p=11561 Bedford’s local veterinary scene has a fresh and welcoming face—Dr. Lydia Rust, the new owner and veterinarian at Tinkers Creek Veterinary Clinic (formerly Broadway Animal Clinic). With a deep passion […]

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Bedford’s local veterinary scene has a fresh and welcoming face—Dr. Lydia Rust, the new owner and veterinarian at Tinkers Creek Veterinary Clinic (formerly Broadway Animal Clinic). With a deep passion for animals and a strong support system from her family, Dr. Rust has embarked on an exciting journey, transforming a once outdated space into a clean, organized, and modern veterinary clinic.

Erica Schmidt | The Bedford Tribune

When Dr. Rust first noticed that the clinic was up for sale, she knew it was an opportunity she couldn’t pass up, despite the extensive renovations required. “It’s usually hush hush when vet clinics are for sale,” she shared.

The property and business were sold together, which meant Dr. Rust inherited not only the building but also the records of the Dr. J’s clients. Although Dr. Rust has made efforts to reach out to the clinic’s existing clientele, she encourages anyone who hasn’t heard from the clinic to feel free to call and get acquainted with the new practice.

Despite these challenges, Dr. Rust has been warmly received by the nearby business community and is eager to serve the people and pets of Bedford. While she is not a Bedford resident herself, she is committed to providing the best care possible to the community’s pets and is already enjoying her time here. “I’m really excited to be working with animals again and to be part of Bedford,” she said with a smile.

The clinic currently operates on a limited schedule—Monday, Tuesday, Thursday, and Friday from 8:00am to 6:00pm—until another veterinarian joins the team next month. But even with the limited hours, all are welcome.

Tinkers Creek Veterinary Clinic offers full-service care for dogs and cats, with a particular focus on providing clients with ample one-on-one time to ensure they never feel rushed and all their questions are thoroughly answered. Dr. Rust is also highly skilled in surgery and dentistry, and she practices “fear-free” medicine, ensuring that pets are always in the best hands.

The clinic might be in the same easy-to-find location, but it now has a brand new feel. Dr. Rust has also established good relationships with surrounding clinics, making her a trusted member of the local veterinary community.

As Dr. Rust settles into her new role in Bedford, she looks forward to continuing to grow the clinic and becoming an integral part of the community. Tinkers Creek Veterinary Clinic is more than just a place for pet care; it’s a welcoming space where pet owners can feel confident that their beloved animals are receiving the best possible care.

Tinkers Creek Veterinary Clinic
60 Broadway Avenue, Bedford, OH 44146
(440) 368-1355

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Ohio’s New Adult-Use Marijuana Market Sees Strong Sales in First Week as Reported by Crain’s Cleveland Business https://bedfordohio.org/ohios-new-adult-use-marijuana-market-sees-strong-sales-in-first-week-as-reported-by-crains-cleveland-business/ Thu, 22 Aug 2024 14:00:00 +0000 https://bedfordohio.org/?p=11460 As reported by Jeremy Nobile with Crain’s Cleveland Business, Ohio’s newly launched adult-use marijuana market generated over $11.5 million in sales within the first five days, from August 6 to […]

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As reported by Jeremy Nobile with Crain’s Cleveland Business, Ohio’s newly launched adult-use marijuana market generated over $11.5 million in sales within the first five days, from August 6 to August 10, as reported by the Ohio Division of Cannabis Control. This impressive figure averages $2.3 million in daily recreational sales. The state’s medical marijuana sales during the same period totaled approximately $8.3 million, averaging $1.66 million per day.

The launch day on August 6 marked a significant milestone for Ohioans following the approval of adult-use marijuana through a referendum the previous November. Despite adverse weather conditions, strong customer turnout was noted across the state. Industry operators observed continuous foot traffic, with dispensaries experiencing long lines throughout the day.

In the first five days, 138,466 transactions were recorded across Ohio’s 98 licensed dual-use dispensaries. The enthusiasm for adult-use marijuana was evident, with substantial increases in foot traffic and sales compared to the previous medical-only operations.

Cannabis prices were initially higher in the adult-use market, with a “day unit” of flower (2.8 grams) retailing for $26.59, about 20% more than in the medical market. After taxes, the cost exceeded $31. Although prices were higher than in neighboring states like Michigan, where market saturation has driven down costs, Ohio’s prices are expected to decrease over the next year as the market stabilizes.

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Complaints continue against Dollar General for bait-and-switch pricing in Ohio https://bedfordohio.org/complaints-continue-against-dollar-general-for-bait-and-switch-pricing-in-ohio/ Thu, 19 Jan 2023 02:28:37 +0000 http://bedfordohio.org/?p=6710 COLUMBUS — With deceptive pricing continuing at Dollar General stores, Ohio Attorney General Dave Yost recently asked a Butler County Common Pleas judge to immediately force the Tennessee-based retailer to […]

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COLUMBUS — With deceptive pricing continuing at Dollar General stores, Ohio Attorney General Dave Yost recently asked a Butler County Common Pleas judge to immediately force the Tennessee-based retailer to stop advertising one price on its store shelves and charging another price – typically higher – at its registers.

In his request for a temporary restraining order against the discount retailer, Yost cited ongoing violations of the Ohio Consumer Sales Practices Act. He also requested a hearing regarding a preliminary injunction that would require Dollar General to abide by Ohio consumer laws as this case progresses.

“There’s a mountain of evidence showing that Dollar General simply doesn’t care to fix the issue – and that’s despite numerous consumer complaints, failed auditor inspections and our lawsuit,” Yost said. “The bait-and-switch price games stop now.”

Multiple county auditors, as part of their regular duties, have inspected Dollar General stores and found that many of the product prices displayed did not match the prices charged. Even after Yost sued the company on Nov. 1, 2022,  auditor reports show, some of the same stores continued to fail inspections, meaning they are still charging more than the prices advertised.

Notably, Franklin County Auditor Michael Stinziano required certain Dollar General stores to apply stickers to their registers warning consumers that they may be charged incorrectly.

In the months since the lawsuit was filed, the Attorney General’s Office has received 116 complaints regarding Dollar General’s shelf-pricing issues.

Ohioans who suspect unfair business practices should contact the Ohio Attorney General’s Office at www.OhioProtects.org or 800-282-0515.

Read a copy of the motion: (Part 1 of 2), (Part 2 of 2).

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Attorney General warns Ohioans about robocalling impostors during holidays https://bedfordohio.org/attorney-general-warns-ohioans-about-robocalling-impostors-during-holidays/ Sat, 04 Dec 2021 23:32:00 +0000 http://bedfordohio.org/?p=5908 COLUMBUS — With the holiday shopping season upon us, Ohio Attorney General Dave Yost is warning consumers that illegal robocallers are trying to ruin Christmas by posing as a legitimate […]

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COLUMBUS — With the holiday shopping season upon us, Ohio Attorney General Dave Yost is warning consumers that illegal robocallers are trying to ruin Christmas by posing as a legitimate business such as Amazon, Apple or PayPal to steal your money.

These scammers call out of the blue and suggest – under the guise of wanting to help remedy the situation – that a large purchase has been charged to your credit card.

“Legitimate companies don’t do business this way, so just hang up,” Yost said. “These impostors want to get you on the line and cause panic so you cough up personal information. My hope is that you will answer by ending the call.”

According to the Federal Trade Commission (FTC), various Amazon impersonation scams – many involving claims that a consumer has ordered an expensive product or service – are filling phone lines throughout the country.

The “representative” then persuades the consumer to give him or her remote access to the consumer’s device so the “representative” can issue a “refund.” Instead, the scammer gains access to the consumer’s personal identifying information.

In a variation of the scam, the fraudster persuades the consumer to buy gift cards as a way of “stopping” the unauthorized purchase.

On Amazon’s website, company guidelines make clear that Amazon would never call a customer to seek personal information or discuss a refund that the customer isn’t already expecting.

The Ohio Attorney General’s Office offers these tips to help consumers deal with business impostor scams:

  • Hang up if you receive a cold call from someone claiming that you have purchased an item from Amazon or another popular online retailer. Do not call back the number on your caller ID or the phone number mentioned in the message. Instead, if you are concerned about the supposed purchase, contact the retailer using its legitimate phone number or email address. Customer service contact information can typically be found on the company’s website.
  • Carefully examine the details of your online account purchases and credit card bills for any unauthorized charges. If you see an unauthorized charge, report it immediately to your credit card company.
  • Never allow a stranger to remotely access your smartphone, tablet or computer. If the caller claims to need remote access to process a refund, it’s a scam.
  • Be highly suspicious of requests from a stranger to buy gift cards as payment for any product or service as part of a “refund” process or to allegedly help stop fraud from a third party. Know that once you disclose a gift card’s PIN to someone, that person will be able to access the money on the card.  
  • To report a scam, contact the legitimate retailer through the contact information on its website and the Ohio Attorney General’s Help Center.
  • If you’ve fallen victim to a business impostor scam by disclosing personal identifying information, download the Ohio Attorney General’s ID Theft Basics publication and visit www.identitytheft.gov for help on how to proceed.

Consumers who suspect an unfair or deceptive sales practice should contact the Ohio Attorney General’s Office at www.OhioProtects.org or 800-282-0515.

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FirstEnergy settlement will include refunds for many customers https://bedfordohio.org/firstenergy-settlement-will-include-refunds-for-many-customers/ Tue, 02 Nov 2021 19:32:56 +0000 http://bedfordohio.org/?p=5864 COLUMBUS – A settlement agreement filed on November 1 with the Public Utilities Commission of Ohio (PUCO) calls for FirstEnergy’s three Ohio utilities to refund customers $306 million. The settlement […]

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COLUMBUS – A settlement agreement filed on November 1 with the Public Utilities Commission of Ohio (PUCO) calls for FirstEnergy’s three Ohio utilities to refund customers $306 million. The settlement agreement is subject to review and approval from PUCO commissioners.

The settlement agreement resolves 10 pending regulatory proceedings related to 2017-2020 annual earnings tests, a 4-year review of FirstEnergy’s electric security plan, and 2014-2018 energy efficiency audits.

The unopposed settlement agreement is supported by PUCO staff, Ohio Consumers’ Counsel, Cleveland Electric Illuminating Company, Ohio Edison, Toledo Edison, Ohio Energy Group, Ohio Manufacturers’ Association, Industrial Energy Users-Ohio, Ohio Partners for Affordable Energy, Nucor Steel Marion, The Kroger Co., Interstate Gas Supply, Northeast Ohio Public Energy Council, and Ohio Hospital Association.

Specifically, the agreement calls for the utilities to refund $96 million (which includes interest) related to the utilities’ 2017-2019 annual earnings tests. Residential customers would receive a one-time bill credit of approximately $27. Nonresidential customers would be provided approximately $2.60 per megawatt hour credit over a six-month period.

The remaining $210 million would be refunded as bill credit as follows:

  • $80 million during 2022
  • $60 million during 2023
  • $45 million during 2024
  • $25 million during 2025

The agreement maintains the terms and conditions of its previously approved electric security plan, including FirstEnergy’s commitment to file a base distribution rate case by May 31, 2024.

A copy of the settlement agreement is available on the PUCO website by clicking on the link to Docketing Information System and searching for case 20-1476-EL-UNC.

Case background

Ohio law requires the PUCO to review electric distribution utilities’ annual earnings, called a “significantly excessive earnings test”. The PUCO examines utilities’ annual return on equity compared to similarly situated utilities across the country.

The PUCO must conduct a 4-year review of a utility’s electric security plan to ensure its terms and conditions remain favorable when compared to a market rate option. FirstEnergy’s electric security plan began on March 16, 2016 and will remain in place until May 31, 2024.

The PUCO performs annual audits to ensure charges passed onto customers through its “demand side management and energy efficiency rider” were accurately calculated.

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This year, Bedford said goodbye to long-time floral business (photos) https://bedfordohio.org/in-2020-bedford-said-goodbye-to-long-time-downtown-floral-business/ Wed, 30 Dec 2020 18:47:40 +0000 http://bedfordohio.org/?p=5042 After 74 years of service in downtown, the Bedford Floral Shoppe at 691 Broadway Ave. closed it doors for the last time earlier this year. Perhaps fittingly, owner Robert Hotchkiss […]

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After 74 years of service in downtown, the Bedford Floral Shoppe at 691 Broadway Ave. closed it doors for the last time earlier this year. Perhaps fittingly, owner Robert Hotchkiss Jr. announced his retirement and the closing of the shop at the end of February after the business’ final Valentine’s Day season.

Hotchkiss had been planning his retirement even before the COVID-19 pandemic hit. He said that at age 70, it was a good time to get out of the business so he could spend more time with his family. He and his wife Jae have three children, four grandchildren and one great-grandchild.

Robert Hotchkiss Jr. is shown here creating a holiday display at the Bedford Floral Shoppe. Hotchkiss recently retired from the job he loved after managing the family store for a number of decades.

Hotchkiss said he is grateful for the hundreds of customers that have been faithful to the Bedford Floral Shoppe and helped it become a successful business over the years. However, he said the way many people have been buying flowers these days makes it difficult for a small business to survive. He said that the availability of large online vendors makes people sometimes forget about their local options.

Internet purchases would be decades away — in fact, televisions had barely even come onto the market — when Robert’s father, Robert Hotchkiss Sr., launched the Bedford Flower Shoppe in December of 1945. The elder Hotchkiss had returned from World War II, and soon after, opened the shop with a partner at its first location at 711 Broadway Ave. The younger Hotchkiss said growing flowers has always been a part of his family’s makeup, and that his father had experience working at a greenhouse when he was young.

Mark Sellards | The Bedford Tribune Robert Hotchkiss Sr, is shown here in 1948 at an Expo at Bedford High School. The picture was taken just a few years after Hotchkiss opened the Bedford Floral Shoppe with a partner in downtown Bedford at 711 Broadway Avenue.


Around the time he started the business, the elder Hotchkiss married Marion Peck and began a family which included Robert Jr., who was born in 1950, and his older brother Doug. Hotchkiss said that while growing up, the brothers would help out at the shop, but he said his parents would never push them to be involved. They were allowed to make the decision themselves of whether they wanted to participate.

In 1962 the family purchased the already established ‘Natalie’s Florist’ in Northfield. They remodeled the building and changed the name to Northfield Florist, thus creating a second place for customers to go to get their floral arrangements.

Mark Sellards | The Bedford Tribune The outside of the original Bedford Flower Shoppe is shown at 711 Broadway Ave. This storefront was home to the florist from 1945 to 1972, when the business moved to the new building up the street.

After years of seeing how much his father enjoyed the business, and how the elder Hotchkiss was able to help others commemorate important events in their lives, the younger Hotchkiss decided shortly after high school, and some time in college, to devote himself to the flower business as a full-time career.

“I learned apprentice-style,” he said.

It was around that time, in 1971, that the family decided to purchase the building at 691 Broadway. At one point in its history, the building was used as a post office, then as a bakery and also an insurance agency. Before they moved in, Hotchkiss said they enlarged the building by adding on to the back, up to 30 or 40 feet. They opened for business at the new place in 1972.

Hotchkiss began to take on more responsibility during the 1970s as his father’s health started to decline. Also at that time, Hotchkiss’ brother Doug was in charge of running the store in Northfield. Hotchkiss’ father passed away at the age of 62 in 1979.

Robert Hotchkiss Sr. and Marion Hotchkiss enjoy a moment at the store in the early 1970s. Mrs. Hotchkiss did all the billing and ran the front of the store during many years with the store.

Hotchkiss said that running any retail business can be complicated, and the flower business offers its own challenges and rewards, as well.

One of the challenges can be timing, and sometimes that depends on the flowers themselves. Hotchkiss said they would buy their stock mostly from wholesalers in Cleveland, but it could take one to three days in the shop for the flowers to open their blooms so they could be used. Once the flowers were ready, the design aspect of floral business could begin.

Mark Sellards | The Bedford Tribune Marion Hotchkiss is photographed here by one of the coolers at the Bedford Floral Shoppe in 1980. Mrs. Hotchkiss passed away at the age of 89 in 2010.

“I enjoyed the designing (aspect) a lot,” Hotchkiss said. He added that they had some templates to work from, but that sometimes he would just create on the spot. He said it was very meaningful to him to help people express their feelings during significant times in their lives, whether it was a wedding ceremony or a funeral.

“Flowers are a funny thing,” Hotchkiss said. “They last a week or so, but the memory of what you send lives on.”

He said people have come back to him after a funeral and expressed how much the flower sprays helped to bring a sense of peace, and assisted them in getting through that difficult time of death.

This Bedford-Times article from 1987 highlights the shop and its manager, Robert Hotchkiss Jr.

During the 1970s, Hotchkiss said they had as many as 12 workers at the shop, mostly part-time, to help with the demand for flowers. He said one of the employees handled all of the wedding designs, while the rest would tackle the daily orders.

Since timing is so important with flowers, he said it wasn’t unusual during holidays to stay in the store until 2 a.m. just to turn around and come back within a few hours in order to fill requests. Needless to say, Hotchkiss spent lots of time at the shop.

Mark Sellards | The Bedford Tribune This photo shows selection of bouquets that were available in cooler of the store at one time. The Bedford Floral Shoppe closed at the end of February 2020.

Despite all the hours, Hotchkiss said he was still able to enjoy watching his children grow up since the business had already been established, and he had so much help at the store. Still, he said he had to make days off and vacations a priority — and even close the store at times — or he could have been at the shop all the time.

Mark Sellards | The Bedford Tribune The Bedford Floral Shoppe sign is removed on September 23, 2020.

Hotchkiss said since the flower shop took up such a large part of his life, he never really had the opportunity for a hobby, so retirement might allow him to broaden his horizons a bit in the area.

He said of retirement. “It’s a bittersweet type of thing. I love my business. I loved my work.” He said it is hard for him not to have the opportunity to go and be of help to people during different occasions, “but I’m with my family, and that’s what I am supposed to be doing.”

Editor’s Note: Northfield Florist remains in business at 9387 Olde 8 Rd in Northfield, Ohio. Here is a link to the website: https://northfieldflorist.net/

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Custom-designed dresses made in Bedford at new Starr boutique https://bedfordohio.org/custom-designed-dresses-made-in-bedford-at-starr-boutique/ Tue, 21 Jul 2020 20:14:01 +0000 http://bedfordohio.org/?p=3840 Starr power came to downtown Bedford on February 14 when Tawana “Starr” Spratt opened Starr Quality Upscale Boutique & Beauty Supply. Even though the store has only been open for […]

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Starr power came to downtown Bedford on February 14 when Tawana “Starr” Spratt opened Starr Quality Upscale Boutique & Beauty Supply.

Mark Sellards | The Bedford Tribune The Starr Quality Upscale Boutique & Beauty Supply is located at 662 Broadway Avenue in Bedford, Ohio.

Even though the store has only been open for a few months now, this dress-making star “was born” years ago when she made her daughter’s dress for the Shaker Heights High School prom and soon everyone wanted in.  Trained by her grandmother, Birda Spratt, Starr has been making dresses and guiding fashion for over 20 years. 

The Starr boutique not only offers a variety of dress, it also has shoes and decorative face masks, among other accessories.

Her custom-made designs are in demand and require four to six weeks of preparation.  The clothing line in her store starts at girl’s toddlers (sorry no boys!) and goes through adult and plus-sized fashions. 

Mark Sellards | The Bedford Tribune Starr also has her own line of jewelry and a variety of organic cosmetics for sale.

But Starr Quality Upscale Boutique is more than an upscale dress shop. Starr has expanded to include her own line of jewelry (Mi’ Amor) and organic cosmetics, including a gentle, aloe-vera based hand sanitizer, lotions, body washes, nail products and make-up.  Top sellers are the banana hand wash and fresh-smelling muscle ache cream.  

Tawana “Starr” Spratt, owner of Starr Quality Upscale Boutique & Beauty Supply, displays one of her custom-made dresses.

Starr’s boutique experience will be expanding this month to include the Beaming White teeth whitening process.  This new service is 100% organic and is a spa-like procedure.  To top it off, Starr offers a full line of weight loss products that focuses on detoxing and replenishing your body rather than depriving it.  These include an all-natural detox tea (Iaso Teas) and the Delgada weight loss line.

Mark Sellards | The Bedford Tribune This photos shows a view of the dressing room at Starr Quality Upscale Boutique & Beauty Supply.

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Ohio jobless claims reach historical one-week high last week https://bedfordohio.org/ohio-jobless-claims-reach-historical-one-week-high-last-week/ Thu, 26 Mar 2020 18:50:08 +0000 http://bedfordohio.org/?p=3047 The Ohio Department of Job and Family Services (ODJFS) today reported that jobless claims for Ohio soared to 187,789 for the week ending March 21 from 7,042 a week earlier. […]

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The Ohio Department of Job and Family Services (ODJFS) today reported that jobless claims for Ohio soared to 187,789 for the week ending March 21 from 7,042 a week earlier. This is an historic high.

Last week’s jobless claims top the monthly filings of all but Ohio’s worst month on record, December 1981, when claims reached 205,159. The next highest month, December 1982, saw 167,638 claims: roughly 20,000 fewer than reported last week. Those monthly peaks happened during a recession that hit Ohio harder than the one in 2008. Ohio manufacturing jobs never recovered.

These numbers reflect a period just before large portions of Ohio’s economy were abruptly halted by Governor DeWine’s March 22 “stay home order,” intended to slow the spread of the COVID-19 coronavirus. The order mandated the closure of non-essential business activities and urged Ohioans to stay home. The filings show that Ohio employers were already shedding jobs in the midst of school and restaurant closures, and in response to the COVID-19 pandemic.

The specifics of which jobs were affected won’t be available until next month, when the employer and household surveys come out for March. But Moody’s Analytics has classified jobs in five industries as most at-risk: Leisure and hospitality, transportation, mining, employment services, and travel arrangements. Together these jobs comprise 921,000 jobs: a fifth of all private sector Ohio jobs, and $234 billion in earnings. Moody’s released these projections ahead of school and restaurant closures, and stay-at-home orders in Ohio and other states, which will extend to other jobs.

Contact: Michael Shields
330.906.2062

For full article, click here: https://bit.ly/2QN2keR

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Report: Ohio CEOs generally make 200 times the typical employee https://bedfordohio.org/report-ohio-ceos-generally-make-200-times-the-typical-employee/ https://bedfordohio.org/report-ohio-ceos-generally-make-200-times-the-typical-employee/#comments Sat, 04 Jan 2020 00:52:59 +0000 http://bedfordohio.org/?p=2730 Thirty-five of Ohio’s largest employers paid their CEOs more than 200 times what they paid the typical employee in 2018, according to data reported by companies under the Dodd-Frank Act.The federal […]

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Thirty-five of Ohio’s largest employers paid their CEOs more than 200 times what they paid the typical employee in 2018, according to data reported by companies under the Dodd-Frank Act.
The federal law requires publicly traded companies provide the ratio of CEO pay to the median employee – the person whose pay falls in the middle of all employees.
Fifty-three of the top 100 Ohio employers filed reports with the Securities and Exchange Commission (SEC). More than a quarter of those companies paid their CEO more than 500 times as much as they paid a typical employee; six companies paid their CEOs more than 1,000 times as much, according to Policy Matters’ analysis of the reports.
Forty-five of the 53 CEOs at top Ohio employers made more than $5 million, and seven made more than $20 million. CEO Jamie Dimon of JP Morgan Chase made $30 million.
By contrast, in 1968, the ratio of CEO to worker pay at the largest U.S. companies was 20 to 1. 
“While corporations have become generous with CEO compensation, they’re far stingier with rank and file employees, who are more productive than ever,” said Policy Matters Research Director Zach Schiller. “The widening gap between CEO and worker pay helps explain why many people don’t feel the benefits of a strong economy — they’re skewed to the top.”
 The nine Ohio companies that paid their CEOs the most in comparison to the typical worker were all retail companies. Many of these companies rely heavily on part-time employees. For example, Abercrombie & Fitch had the highest ratio. CEO Fran Horowitz made nearly $8.5 million — 3,660 times the median employee pay of just $2,317.
According to Abercrombie, its typical employee was a full-time student who worked eight hours a week for seven months, which works out to just under $10 an hour.
Cross-company and industry comparisons need to be made with care, since the SEC gave companies flexibility in how they calculate worker pay.  Seventeen companies reported median pay of less than $25,000, which is below the 2019 federal poverty level for a family of four. Together, these 17 companies employ more than 210,000 Ohioans. 
Meanwhile, the Institute on Taxation and Economic Policy (ITEP) recently released a report that shows the effective 2018 tax rates paid by 379 profitable Fortune 500 corporations. ITEP found 91 companies paid zero in federal income taxes, including major Ohio enterprises American Electric Power, First Energy and Goodyear. These companies had CEO-worker pay ratios in 2018 of 111, 137 and 115 to 1, respectively.
“Federal policymakers should reverse tax laws that have reinforced the pay disparities, like the recent Trump tax cuts,” Schiller said. “They should instead adopt policies that narrow the gap, like tax rate increases on companies with excessively high CEO to typical worker ratios. Ohio lawmakers could adopt state purchasing policies that would give preference to enterprises with smaller ratios between CEO and worker pay and disqualify those with large ones for economic development subsidies.”

Mark Sellards | The Bedford Tribune

Contact: Zach Schiller
216.361.9801

For full article, click here: https://bit.ly/2ZQoPmo

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