Latest / Kentucky Business News / 10.9.25

Transcript

10.9.25 · Kentucky Business News

0:00
Speaker 1: Hello. Today, I'll be reading from business sources in Lexington
0:04
and Louisville, including The Lane Report and others from around
0:07
the Commonwealth. Your reader today is Julia Shane. As a reminder,
0:12
RADIOI is a reading service intended for people who are
0:15
blind or who have other disabilities that make it difficult
0:18
to read printed material. Our first article comes from the
0:22
October seventh, twenty twenty five edition of The Lane Report
0:26
and is titled Kentucky Rural Economy Report finds population growth
0:30
occurring remote and hybrid work since pandemic helped in decline.
0:35
Written by Sarah frank Walker. Population growth is perhaps the
0:41
key finding in a new report by Blueprint Kentucky that
0:44
provides data on Kentucky's rural economy. Blueprint Kentucky formerly CEEDK,
0:52
is an integrated research and outreach unit within the University
0:56
of Kentucky Martin Gatton College of Agriculture, Food and Environment.
1:00
Their report found that in twenty twenty three, eighty five
1:04
of Kentucky's one hundred twenty counties are considered rural by
1:07
the USDA Economic Research Service. That translates to one point
1:12
eight five million rural Kentuckians or about forty one percent
1:16
of the population. This report is intended to provide rural
1:20
community leaders valuable information about economic trends happening in rural Kentucky,
1:26
said Sarah Balker, Managing director for Blueprint Kentucky. So often
1:31
reports like these choose to focus on our urban centers,
1:34
overlooking the realities of rural communities. One notable finding is
1:39
the reversal of a long standing trend in rural population
1:43
decline after nearly a decade of losses between twenty eleven
1:47
in twenty nineteen, Rural Kentucky as a whole experienced population
1:52
growth from twenty twenty to twenty twenty four, driven in
1:56
part by the rise of remote and hybrid work arrangements
2:00
during and after the COVID nineteen pandemic. However, it is
2:04
important to note that not all rural communities experienced population growth.
2:09
This population shift marks an important moment for rural Kentucky,
2:14
said Simona Ballas Research director for Blueprint Kentucky. It underscores
2:20
the need for continued investment in job creation, housing, and
2:24
essential services to sustain growth and ensure these communities remain
2:28
attractive places to live in work. The report is presented
2:32
in two formats. The shorter report provides the main takeaways
2:36
on several data points related to individual, community, and industry
2:41
level economic conditions. For those interested in more data and
2:45
extended analyzes, Blueprint Kentucky has a longer report which explores
2:51
all industry sectors. Both reports have sections that cover various
2:55
population changes, big picture economic indicators, employment trends across key industries,
3:02
as well as data and analysis on firms, government, and
3:06
community level factors. What makes this analysis unique is the
3:11
focus on rural Kentucky. Specifically, said Blueprint Kentucky director Allison Davis.
3:17
From demographic changes to industry trends, we highlight the data
3:22
local leaders can use to identify opportunities, anticipate challenges, and
3:27
develop strategies tailored towards their communities. Blueprint Kentucky used several
3:33
federal data sources, such as the US Census Bureau, the
3:37
Bureau of Labor Statistics, and the Bureau of Economic Analysis
3:41
to create the report. In addition to the data that's
3:45
publicly available, Blueprint Kentucky also provides Rural Kentucky data from
3:50
proprietary sources, including Schumra and Your Economy. For many of
3:56
the topics in the report, Blueprint Kentucky also provides twey
4:00
level data profiles to be able to better understand the
4:03
local situation. These county level snapshots help local officials and
4:08
partners design strategies that reflect their unique strengths and challenges,
4:14
rather than relying on one size fits all approaches. Leaders
4:18
can use this data to make informed community specific decisions.
4:23
Blueprint Kentucky regularly provides reports on local economic conditions and impacts.
4:29
The next article from the LANE report is titled Lexington
4:33
earns spot on Conde NAS Travelers Best Small Cities in
4:37
the US for a second straight year. Visit lex is
4:42
a static to share that Lexington, Kentucky has been named
4:45
as one of Conde Nas Travelers Best Small Cities in
4:49
the US. This remarkable achievement marks the second consecutive year
4:54
the city has received this high profile recognition, solidifying Lexington's
4:59
status as a premier travel destination that flawlessly combines authentic
5:04
Southern charm, deep historic roots, and a dynamic contemporary vibe.
5:10
To be named one of the top small cities in
5:12
the US two years running is a tremendous affirmation of
5:16
what we already know Lexington offers an unforgettable experience, said
5:21
Mary Quinn Raymer, President of Visit Lex. This repeated honour
5:26
highlights the sustained excellence in our hospitality sector and the
5:30
magnetic appeal of the unique local attractions. We are incredibly
5:35
proud and look forward to welcoming even more travelers to
5:38
explore the horse capital of the world. Conde Nash Traveler
5:43
received more than seven hundred fifty seven thousand survey responses
5:47
from readers across the United States, rating their travel experiences
5:51
across the globe to offer a comprehensive look at the
5:55
places they eagerly anticipate revisiting. The Reader's Choice Awards, with
6:00
their unparalleled legacy as the travel industry's longest running and
6:04
most prestigious accolades, remain the ultimate symbol and acknowledgment of
6:09
excellence within the travel sector. The twenty twenty five Reader's
6:13
Choice Awards are published on Conde Nash Traveler's website. The
6:18
next article from the Lane Report is titled Midway University
6:22
expands AI enhanced academic programs with expert faculty leadership. Midway
6:29
University is proud to announce the growth of its AI
6:32
Enhanced academic offerings with two innovative majors AI Enhanced Data
6:37
Analytics and AI Enhanced Computer Science, led by distinguished faculty
6:43
members with global expertise. Doctor jing Wu, who actively contributes
6:49
to training AI models at Amazon, brings cutting edge industry
6:53
experience to the classroom. His research focuses on deep learning
6:58
and statistical data analysis, equipping students with practical skills highly
7:03
sought in today's data driven world. Doctor Mohammed Schita, recognized
7:09
as a top thirty early career professional by the IEEE
7:13
Computing Society, specializes in medical image analysis using AI. His
7:19
groundbreaking work highlights the real world impact of artificial intelligence
7:24
in healthcare and beyond. These programs reflect Midway's commitment to
7:28
preparing students for the future of work, said doctor Tim Campbell,
7:33
vice President of Academic Affairs. Our students benefit from the
7:37
best of both worlds, learning in small classes and hands
7:41
on projects guided by expert faculty, paired with internship opportunities
7:46
that give them real world experience before they graduate. Graduates
7:51
of the AI Enhance Data Analytics major may pursue careers
7:55
such as business analysts, operations research analysts, marketing analytics manager,
8:02
healthcare analytics manager, or supply chain analytics Manager. Meanwhile, the
8:08
AI Enhanced Computer Science Major prepares students for roles including
8:12
Web developer, application software developer, information security analysts, IT project manager,
8:20
and database developer. Through a blend of rigorous academics, hands
8:25
on learning, and mentorship from accomplished faculty, Midway University positioned
8:30
students at the forefront of technological innovation. The next article
8:35
from the Lane Report is titled Long John Silver's new
8:38
Look Logo Spotlight Chicken. Long John Silver's, the brand famous
8:44
for hand battered fish and golden shrimp, is making waves
8:48
with an unexpected announcement a new look that puts chicken
8:52
front and center. The company revealed a redesign logo that
8:56
swaps its signature fish illustration for a style chicken, accompanied
9:01
by a new chicken plus seafood lock up. The refreshed
9:06
design is being rolled out across digital platforms and will
9:10
be further cemented with the unveiling of a new Chicken
9:13
icon wrap on the Long John Silver's front Row motorsports
9:17
car during the South Point four hundred. Guests have been
9:22
telling us for years that our chicken is the best
9:24
kept secret, said Christopher Caudell, Long John Silver's senior vice
9:29
president of Marketing and Innovation. Our hand battered chicken strips
9:34
known as chicken planks are every bit as craveworthy as
9:38
our legendary fish. It's time we let that secret out.
9:42
The move builds on successful product testing at the brand's
9:45
new flagship location in Louisville that featured chicken in a
9:50
variety of bold flavors and forms, from Spicy Nashville Hot
9:54
chicken and seafood to chicken wraps with Long John Silver's
9:58
signature crumblies, sauces, and other ingredients in a warm tortilla.
10:03
The brand says feedback has been overwhelmingly positive, with guests
10:07
saying the items outshine similar items at competing restaurants. Alongside
10:13
testing new products, the brand is currently spotlighting chicken as
10:16
part of its six dollars basket lineup, giving guests even
10:20
more ways to enjoy their chicken and seafood favorites. The
10:24
lineup includes four basket options tinder chicken planks, hand battered
10:29
fish batter, dipped shrimp, or grilled shrimp. And While chicken
10:35
is stepping into the spotlight, Long John Silvers emphasizes that
10:38
seafood remains a cornerstone of the brand guests can still
10:42
enjoy fan favorites such as hand battered shrimp and wild
10:46
caught Alaska fish, crispy breaded crabcakes and surf clams, grilled
10:52
shrimp and grilled wildcought salmon, meals, bowls, and tacos. This
10:58
brand was built on making the coastal experience accessible to everyone,
11:02
so seafood will always be a part of our DNA,
11:05
said Caudle. But chicken is also part of our heritage
11:09
and a big part of our future, so it deserves
11:12
its rightful place on our logo, our menu, and our
11:15
guests tables. The updated logo and campaign are designed to
11:19
highlight the brand's versatility in a fast growing chicken category
11:24
and to spark conversation. Long John Silvers was founded in
11:28
nineteen sixty nine and is on a mission to create
11:31
treasured moments through high quality food and bell ringing service
11:36
with restaurants from Sea to Mouth Watering Sea, Long John
11:40
Silvers continues building on a belief that the unique seafood
11:44
experience from the coasts should be accessible to all. The
11:48
next article from the Lane Report is titled one million
11:51
Dollar Tech Internship Program at NKU will help students gain
11:56
today's skills. National Science Foundation provides its money for partner
12:01
with Kentucky Science and Technology Corporation. Students can get hands
12:06
on training with emerging companies in biotech, AI and advanced
12:11
manufacturing through a new collaborative internship program by Kentucky Science
12:16
and Technology Corporation KSTC and Northern Kentucky University in KU.
12:23
The new program will prepare students for high paying jobs
12:26
in emerging technology fields while fueling the growth of local startups.
12:32
Backed by nearly one million dollars in National Science Foundation funding,
12:37
the plan is to provide commercialization training and paid internship
12:42
placements with Kentucky companies on the cutting edge of biotech, AI,
12:47
advanced manufacturing and more. This program in KU INVENT Startup
12:54
Internship Program and KCV Invent Fellowship is led by kstc's
13:01
Kentucky Commercialization Ventures KCV and receive nearly one million dollars
13:07
in funding from the National Science Foundation. Invent is designed
13:12
to develop a skilled talent pool that enables high growth,
13:16
high tech startups to thrive in Kentucky. Participants will receive
13:20
up to seven weeks of hands on innovation and commercialization
13:24
training before being matched with a paid internship at a
13:28
partnering startup. NKU students can complete this training through the
13:33
university's entrepreneurship courses, while students at other universities will be
13:38
eligible after completing kcv's existing Innovation Fellowship. Kentucky startups are
13:45
making incredible advancements in biotechnology, artificial intelligence, life sciences, advance manufacturing,
13:53
and more. Through INVENT, students gain hands on commercialization training
13:59
and then apply in real startups driving these breakthroughs, said
14:03
KCV Executive Director and Invent principal investigator Kayla Meisner. Students
14:10
are prepared for high paying careers in emerging technology fields,
14:14
and partnering startups benefit from interns with commercialization skills. It's
14:20
a win win for Kentucky. Nku's Center for Innovation and
14:24
Entrepreneurship CIE has a strong track record of building programs
14:29
that have earned international awards and recognition, while also developing
14:34
successful startup internship initiatives in collaboration with community partners. Building
14:41
on this success, bridging academic learning with industry engagement through
14:45
initiatives such as the Incubator and the Covington Works Startup
14:50
Internship programs, INVENT capitalizes on practical application to ensure career
14:56
readiness in high growth technology fields. For decades, the CIE
15:02
has been about providing experiential learning opportunities for our students,
15:07
said CIE Director Zach Strobel. The chance to work with
15:11
some of the region's most promising startups offer an unparalleled
15:16
experience that prepares them for the future. The event program
15:20
offers stipends, flexible scheduling, and structured learning opportunities so participants
15:26
can fully engage in the real world hands on training.
15:30
Topics covered include entrepreneurship, technology transfer, and business model development.
15:37
Students will learn the ins and outs of working at
15:39
a startup before they are placed, meaning they can put
15:43
their skills to work quickly. Our company relies on a skilled,
15:47
innovation ready workforce in order to grow, said Jeremiah Chapman,
15:52
CEO of fresh Shry, a food tech company in Louisville,
15:55
Kentucky that extends friar oil life with disposable things pods
16:01
and converts used oil into renewable fuel products. By providing
16:06
students with real world exposure to start up operations, Invent
16:11
will prepare participants to join companies like ours that are
16:14
actively shaping the future of manufacturing and technology. Invent is
16:19
a unique way to develop a future ready workforce that
16:23
can turn research into real world impact and strengthen innovation
16:27
driven economic development in the Commonwealth, added KSTC President Terry Samuel.
16:34
This experience ensures Kentucky's early stage companies have the talent
16:38
and expertise they need to succeed. Applications for invent open
16:43
in October, with the first internship placement slated for the
16:47
spring of twenty twenty six. Kentucky Commercialization Ventures KCV, an
16:53
initiative of the Kentucky Science and Technology Corporation and supported
16:57
by the Kentucky Cabinet for Economic Debas Development, is Kentucky's
17:01
pioneering engine for connecting and leveraging Kentucky's public post secondary
17:07
institutions to fuel research, commercialization, and economic growth and ignite
17:12
life changing impact for individuals, businesses, and communities. KSTC is
17:19
a private, statewide, nonprofit corporation advancing science, technology, and innovative
17:25
economic development. Founded on Kentucky nohow, KSTC is improving the
17:31
capacity of people, companies, and organizations to build an innovation
17:36
driven economy in Kentucky. The next article comes from the
17:40
October seventh, twenty twenty five edition of here Lexington and
17:44
is titled Bankruptcy. Judge dismisses Kentucky Owl's debt resolution plan.
17:50
A federal bankruptcy judge in Texas has dismissed a plan
17:54
proposed by Kentucky Owl and Stolely Group aimed at resolving
17:58
seventy eight million dollars in USA bankruptcy debt through the
18:01
sale of thirty five thousand barrels of bourbon us. Bankruptcy
18:06
Judge Scott Everett ruled against the plan during a hearing
18:10
on Friday, citing the unfeasibility of the proposal in light
18:14
of current bourbon market conditions. The ruling came after objections
18:18
from the lender, Fifth Third Bank, which expressed concerns about
18:23
the viability of the bourbon market, describing it as dismal.
18:27
The bank highlighted that baryl prices have plummeted, making it
18:31
unlikely for them to recover a significant portion of their
18:34
loan from a sale of the bourbon Judge Everett also
18:38
conveyed his skepticism regarding the value of the bourbon as collateral,
18:43
pointing to several uncertainties that affect its worth. The judge
18:47
refrained from providing specific valuations, but noted that the market
18:52
is suffering from an oversupply that has triggered a race
18:55
to the bottom in pricing for bourbon products. Industry has
19:00
been facing challenging circumstances over the past year, with multiple
19:05
distilleries reporting financial difficulties. For example, Gerard County Distilling has
19:11
ceased operations, Luca Mariano has filed for bankruptcy, and Uncle
19:17
Nearest is currently under receivership. In addition, industry giants like Brown,
19:23
Foreman and Diego have announced layoffs due to decline and
19:27
whiskey sales, which stakeholders attribute to broader economic pressures and
19:32
waning interest from younger consumers. This situation reflects a concerning
19:37
trend for the bourbon sector, where a significant decline in
19:41
demand could impact both small and large distilleries alike. A
19:46
status hearing for the Kentucky Owl and Stoly bankruptcy case
19:50
is scheduled for Wednesday, during which Judge Everett encouraged involved
19:55
parties to propose alternative plans for addressing this substantial debt.
20:00
In earlier discussions, Yuri Scheffler, a major stakeholder in Stolely Group,
20:05
had advocated for the approval of the initial plan. He
20:09
attributed the company's financial struggles to external pressures, including a
20:15
ransomware attack believed to be associated with Russian President Vladimir Putin. Additionally,
20:22
Scheffler has criticized Fifth Third Bank for exacerbating Kentucky Owl's
20:27
liquidity problems, ultimately leading to its bankruptcy filing. The outcome
20:33
of the upcoming hearing will be pivotal for Kentucky Owl
20:36
and its efforts to navigate the precarious financial landscape of
20:40
the bourbon industry. Background on Kentucky Owl and Stolely Group.
20:46
Kentucky Owl, known for producing high quality bourbon, has become
20:51
part of stoly Group, which has expanded its portfolio into
20:55
various spirits. However, the recent downturn in bourbon sales has
20:59
SECS sgnificantly affected the financial stability of such companies. The
21:04
current struggles reflect broader trends in consumption and market dynamics,
21:09
posing challenges for both new and established players in the
21:13
bourbon industry market context. In recent years, the bourbon market
21:18
has enjoyed a surge in popularity, but various factors such
21:22
as changing consumer preferences and economic uncertainty can contribute to
21:28
the decline in demand. The situation is being closely monitored
21:32
by industry stakeholders as they look for ways to adapt
21:36
to the evolving landscape. What's next. The judge's dismissal of
21:41
the current bankruptcy plan may lead Kentucky OWL and Stolely
21:45
Group towards seeking alternative solutions. Stakeholders remain hopeful that new
21:50
strategies can be devised to regain financial health and stabilize operations.
21:57
The next article comes from the October seventh, twenty one,
22:00
twenty five edition of Louisville Business First and is titled
22:03
Louisville Land's Pro Football Team, written by Stephen Schmidt. The
22:09
Kings are coming to Kentucky. Following some recent speculation on
22:14
whether the United Football League UFL would bring a team
22:17
to the Commonwealth, an answer has been revealed. The Louisville
22:21
Kings will begin play in late March at Lynn Family Stadium,
22:25
according to a news release from the league. In addition
22:28
to being the home of two Purple Clyde soccer teams
22:31
in Louisville City FC and Racing Louisville FC, the venue
22:36
will now be the home turf for a football team
22:39
sporting both Hunter Green and neon green, a colour scheme
22:43
that might remind many regional soccer fans of Lexington's sc colors.
22:48
The logo features the head of an ill tempered thoroughbred
22:52
and a crown at the top. It should be noted
22:55
that horse racing has also had the moniker of being
22:59
the sport of Kings. Then there's the whole thing about
23:03
Louisville being named after King Louis the sixteenth of France.
23:08
What better for our football stadium than more football, said
23:11
Soccer Holdings CEO chairman John Nice in a statement. We
23:16
are excited to welcome the UFL to Louisville. As we
23:20
said before, whatever your lot in life builds something on it.
23:24
We're building another exciting addition for our community as the
23:27
Louisville King's debut in the spring of twenty twenty six.
23:31
Soccer Holdings owns the stadium and both soccer teams, but
23:35
in the case of the UFL, all eight teams are
23:39
owned by the league itself, which is headquartered out of Arlington, Texas.
23:44
In addition to the Kings, two other team names have
23:47
been revealed that will round out the eight team field
23:50
for the twenty twenty sixth season. Which will start on
23:53
March twenty seventh. Those teams are the Columbus Aviators and
23:57
the Orlando Storm. Today, Mark that's an important step forward
24:01
for the United Football League, said UFL co owner Mike
24:05
Repol in a statement. Columbus, Louisville, and Orlando are true
24:10
football cities with deep sport routes. We're proud to bring
24:14
professional football to these communities in energetic, fan driven stadiums
24:18
built to create an authentic game day experience and strengthen
24:22
the foundation of this league for years to come. Repol
24:26
is a billionaire who has made a sizeable undisclosed investment
24:31
through his private equity firm, Impact Capital, in the league
24:35
in July and has thus become its main spokesperson. The
24:39
owners include Fox, ESPN, Redbird Capital partners Danny Garcia and
24:46
Dwayne the Rock Johnson. Note. In twenty twenty five UFL
24:50
games were broadcast on Fox, ABC, ESPN, ESPN two, and
24:56
f S one on Friday. The UFL really a statement
25:00
that was going to relocate three of its teams, Memphis Showboats,
25:05
Michigan Panthers and San Antonio brahamas going for smaller, soccer
25:11
rooted venues. As I wrote, on Monday. There has been
25:15
a growing initiative to move the UFL games from large
25:18
venues fifty five thousand to seventy thousand plus seats to
25:23
more intimate settings, namely stadiums that were built with soccer
25:27
in mind with a capacity between fifteen thousand and twenty
25:30
thousand plus seats. When you have fourteen thousand fans in
25:34
an arena that fits sixty thousand, it looks empty. Repulse it.
25:39
In an article in Sports Business Journal on July thirty first,
25:43
when you have fourteen thousand in a place that sits
25:46
fifteen thousand its standing room only. Changing the optics is
25:50
very important. All three new teams will play in such venues.
25:55
Lynn Family Stadium can hold more than fifteen thousand, Columbus
25:59
will play and Historic Crew Stadium approximately twenty thousand. Orlando
26:04
will play in inter and Company Stadium at twenty five
26:08
thousand plus. The next article from Louisville Business First is
26:12
titled Cosayer for Kids commits three million dollars to u
26:16
of L health funding major NICKU renovation, written by Zach Owens.
26:23
Cosair for Kids has committed more than three million dollars
26:26
to u of L and u of L Health, with
26:28
the bulk of the funding directed toward a major renovation
26:32
of the Neonatal Intensive Care Unit at u of L Hospital.
26:36
In a news release, the nonprofit said three point one
26:39
million dollars will go toward converting part of the hospital's
26:42
NICKU into eight private family rooms. U of L Health
26:46
officials said the nick U currently cares for about four
26:49
hundred babies annually, nearly ninety percent of whom come from
26:53
low income households. We are deeply grateful to Cosair for
26:57
Kids for the extraordinary generosity continued partnership with u of
27:01
L Health and u of L. This investment in our
27:04
NIKU is transformational, said doctor Jason Smith, U of L
27:08
Health CEO in the release. The remainder of the Cosair
27:12
funding will support two other initiatives. This latest round of
27:16
giving follows another recent investment by Kosair for Kids in
27:20
Louisville pediatric health sector. In April, the Cosair for Kids
27:24
Center for Pediatric neuro Recovery announced a twelve thousand, five
27:29
hundred square foot expansion at Fraser Rehab Institute, partly funded
27:33
by a one million dollar Cossair grant. In late twenty
27:37
twenty four, Kossair committed one million dollars to Houser Hearing
27:41
Institute's five million capital campaign to renovate and expand its
27:45
main clinic. Kosair for Kids posted a revenue of about
27:50
twenty one point five million dollars according to its twenty
27:54
twenty four Form nine to ninety filing, and had net
27:57
assets at the time of over three high hundred twenty
28:00
seven million dollars. This concludes the reading of the most
28:04
recent business news in Lexington, Louisville, and around the state.
28:08
Your reader today has been Julia Shane. If you have
28:11
any questions or comments about this program, please give our
28:14
Lexington Studios a call at eight five nine four two
28:18
two six three nine zero. Thanks for listening, and now
28:22
please stay tuned for readings from the Kentucky series here
28:25
on Radio I