A news summary, focused on 10 big employers; updated 4:24 p.m.
KINDRED‘s just-announced 52-bed rehab hospital planned for southern California will be built by a private investment company, which will then lease it to the joint venture run by Kindred and local partner Palomar Health. Expected to open in 2019, the facility will be built on Palomar’s existing 56-acre campus in Escondido in San Diego County, 103 miles south of Los Angeles. Kindred didn’t detail the construction cost in its late-afternoon announcement yesterday. Escondido has just 149,000 residents, but the county ‘s total population is 3.1 million.
Palomar wants to relocate its existing inpatient rehabilitation program run by Kindred since 2000 at an older Palomar building in downtown Escondido. Palomar’s campus already includes an 11-story, 740,000-square-foot hospital opened in 2012; it has 288 private single-patient rooms, 44 emergency and trauma rooms, and 11 operating rooms (San Diego Union-Tribune). The new facility will be Kindred’s 20th rehab hospital nationwide. The Louisville company also has 95 transitional-care hospitals and 90 nursing centers. Palomar was launched in 1933 by two women — a nurse and a dietician — who used their own money to buy an egg and poultry plant downtown and converted it into a 13-bed hospital.
In Louisville, meanwhile, Kindred is planning a four-story, 114-room nursing home near the Old Brownsboro Crossing development at Chamberlain Lane. That follows the company’s disclosure two weeks ago that it’s closing its nursing and rehabilitation center near Bashford Manor, with 110 residents and 153 employees (Courier-Journal).
TACO BELL rival Chipotle’s once high-flying shares fell again, closing at $390.31 moments ago, the second consecutive day near three-year lows after a bearish Deutsche Bank report Monday. The stock’s weakness is the latest sign the Mexican food chain is still recovering from a devastating E. Coli outbreak last year; shares had reached an all-time high of $748 last August.
Analyst Brett Levy said Chipotle’s profit margin potential is now highly uncertain as sales continue to decline, and some customers “may be lost for good.” The analyst cut his price target to $340 (KDVR). The Denver-based chain was felled by two E. coli outbreaks starting in late October, forcing the company to shutter all its stores for a day to retrain employees. Chipotle shares have plunged 39% since the first outbreak emerged vs. a 17% gain by Taco Bell parent Yum. The CDC declared the outbreak over in February (CNBC). More about Yum.
AMAZON: A new report may have settled a long-standing question: How many different products does Amazon sell? Answer: 12.2 million on its own. Throw in marketplace sellers, and the number soars to nearly 354 million — enough to supply one different gift to each of the U.S.’s 319 million residents. Both figures exclude books, media, wine, and services, according to the 360pi study (Chain Store Age).
Kansas City, Kan., has emerged as a likely location for one of Amazon’s newest distribution centers, sparking speculation same-day delivery service won’t be far behind; it’s already available in Louisville and 26 other markets. The retailer is already working on a 822,104-square-foot center 37 miles southwest of Kansas City in Egerton, and plans to begin staffing there early next month for the busy third-quarter shipping season (Kansas City Business Journal). Amazon has two centers in the Louisville area with 6,000 employees, and another three elsewhere in Kentucky.
In other news, urban life blog Broken Sidewalk has new drawings of the recently announced six-story, 128-room Cambria Hotel proposed for the former Connection nightclub site on the corner of Market Street and Floyd Street in NuLu.
On Wall Street, U.S. stocks opened higher as traders eyed the end of a two-day Federal Reserve Open Market Committee meeting at 2 p.m. (Google Finance).