LR Losing Alltel

[LRU1967]

Verizon said they intend on making Little Rock a regional headquarters, and will likely expand operations.

[LRU1967]

Cost consolidation would be better achieved by eliminating New York jobs in favor of those in LR. Realistically corporate law and high-end supervisory jobs will be lost but the bulk of jobs will be 30-50% cheaper in LR than NYC. In fact, it's probably just as likely to see jobs added as lost after the initial round of cuts eliminating duplicate positions.

[Aporkalypse]

Verizon Wireless is based in Basking Ridge, NJ not NYC. It occupies the old AT&T corporate headquarters. It's certainly not in the low rent district but not as expensive as NYC.

[astrife]

You can read on the LR Chamber of Commerce website that some 17,000 jobs were added to the LR metro in 2005 alone. Does anyone know where you can get job growth info by metro on the web that is more up to date?

I imagine the economic picture painted of LR by this high profile merger will look better once I can find some good data on the LR economy.

[bchris02]

You can read on the LR Chamber of Commerce website that some 17,000 jobs were added to the LR metro in 2005 alone. Does anyone know where you can get job growth info by metro on the web that is more up to date?

I imagine the economic picture painted of LR by this high profile merger will look better once I can find some good data on the LR economy.

[LRU1967]

The official corporate HQs is in NYC, not far from Ground Zero. Look it up.

[Architect]

And also Munsey Products and consolidation in wholesale liquor and wine. NBC news tonight gave some airline fare comparisons, NYC to Charleston was $138 now $640

D.C. to NOLA was $198 now $742. You have to believe LR will suffer severe air service reductions. This is scary stuff.

[LRU1967]

Not sure how the topic about airfares came about, but I doubt this will have any significant impact on operations at LIT. Alltel has their own corporate planes that handle a sizable portion of what little traveling they do....

[Architect]

My object was to point out the magnitude of the countries overall economic woes and how the Alltel sale has come at a very bad time for LR. Perhaps poorly worded.

[bchris02]

I think the jury is still out about how bad the economy really is...certainly it hasn't yet met the definition of a formal recession. I think the major woe is fuel prices, which undoubtedly is responsible and/or will be the primary factor in any significant protraction...if there is one.

[johnnydr87]

I think the jury is still out about how bad the economy really is...certainly it hasn't yet met the definition of a formal recession. I think the major woe is fuel prices, which undoubtedly is responsible and/or will be the primary factor in any significant protraction...if there is one.

[johnnydr87]

Per AT blog, Verizon is building a major operations center in Tulsa, to cover OK and AR. It will only have 20 jobs, so I doubt it will play an effect on the LR branch...

[bchris02]

This is looking worse and worse every day. Does anybody think this will push metro Little Rock into decline like Jackson, MS?

[Architect]

This is looking worse and worse every day. Does anybody think this will push metro Little Rock into decline like Jackson, MS?

[bchris02]

...2 of which are really hurting (Dillards, Axciom). There were other players as well mentioned earlier.

Ugh.

[Aporkalypse]

This is looking worse and worse every day. Does anybody think this will push metro Little Rock into decline like Jackson, MS?

[CentralArkansas]

My goodness, I never expected to come on here and see all the gnashing of teeth that's going on. Alltel is not to LR as Wal-Mart is to NWA. Little Rock consistently ranks as a highly diversified economy and you will see the benefits of that in the coming months as this plays out.

Does it hurt? Of course. But it's not the end of the world, and we could actually see an increase in the middle-paying jobs, anyway. Who do you think benefits a local economy more, 25 $1 million a year executives or 300 middle-earning workers?

[Architect]

My goodness, I never expected to come on here and see all the gnashing of teeth that's going on. Alltel is not to LR as Wal-Mart is to NWA. Little Rock consistently ranks as a highly diversified economy and you will see the benefits of that in the coming months as this plays out.

Does it hurt? Of course. But it's not the end of the world, and we could actually see an increase in the middle-paying jobs, anyway. Who do you think benefits a local economy more, 25 $1 million a year executives or 300 middle-earning workers?

[LRguy21]

What could happen to the HQ building if Verizon pulls out? Condos? lets hope not! its prime property.

Im all for the Regional HQ. Hell, the south HQ would be great. NYC and LIT.

[Kayaker]

Let's hope not. I tend to have a 'glass is half full' attitude about most things. Little Rock will survive. To me, its not necessarily the issue of losing what we have (which may not be too bad), as it is a lost opportunity of what could have been. Little Rock was on the cusp of having 4-5 major HQ, and now we're down to 3 (Axciom, Dillards, Windstream) - 2 of which are really hurting (Dillards, Axciom). There were other players as well mentioned earlier.

I guess I am MOST DISCOURAGED by the lack of vision of all those company's leadership. Its a free market, and they can do what they like. But it seems that all of them (consider the banking greats of Worthen, First Commercial) had no desire or even confidence to grow them into major players. They were content to grow them to a point to just make a buck for themselves and their primary investors. Again, that's their right, but it says a lot about their long-term commitment - or lack thereof - to their community. What could have been, had any of these guys planned to grow them to large, national/international players!!!! Little Rock was/is on the cusp of really taking off, and it cannot afford lost opportunities, lest we settle into yet another also-ran, almost great city.

Ugh.

[Kayaker]

Let's hope not. I tend to have a 'glass is half full' attitude about most things. Little Rock will survive. To me, its not necessarily the issue of losing what we have (which may not be too bad), as it is a lost opportunity of what could have been. Little Rock was on the cusp of having 4-5 major HQ, and now we're down to 3 (Axciom, Dillards, Windstream) - 2 of which are really hurting (Dillards, Axciom). There were other players as well mentioned earlier.

I guess I am MOST DISCOURAGED by the lack of vision of all those company's leadership. Its a free market, and they can do what they like. But it seems that all of them (consider the banking greats of Worthen, First Commercial) had no desire or even confidence to grow them into major players. They were content to grow them to a point to just make a buck for themselves and their primary investors. Again, that's their right, but it says a lot about their long-term commitment - or lack thereof - to their community. What could have been, had any of these guys planned to grow them to large, national/international players!!!! Little Rock was/is on the cusp of really taking off, and it cannot afford lost opportunities, lest we settle into yet another also-ran, almost great city.

Ugh.

[astrife]

I don't buy that we aren't in a recession whatsoever. This is much worse than a recession. If you have job security I can see why you might not think its so bad but sooner than later it will hit you like it has me. I fully expect to get the pink slip by the end of the summer, and a guy I know in the oil business expects gas to go to $10/gallon by Labor Day. The only way we will be saved is if by some miracle oil prices stabilize, which isn't going to happen.

[Aporkalypse]

Just a comment on the lack of leadership by big company management. Worthen and First Commercial were on a path to growth and making LR an important regional banking center but ran in to Arkansas' antiquated usury laws that blocked their growth. The city and state needs to make sure that this does not happen again with the big companies we have left. Windstream should be in a position to grow later this year. Some of those Alltel/Verizon folks could be absorbed but not many. Acxiom will likely work through their problems. Dillards is another subject. But helping build a strong forward thinking business environment should be a major focus of the state government and city fathers should be there making sure it happens.

[LRU1967]

Alltel blog: http://alltelvzmergercentral.blogspot.com/

[johnnydr87]

Per Roby Brock's Talk Biz blog, via the AT Blog:

"UPDATE: Roby Brock's Talk Business has some details that could contribute to uneasiness about LR holding onto most Alltel jobs. In addition to a new network operations center in Tulsa, Verizon has recently opened a new customer service center in Tulsa and a new regional headquarters in Nashville. Would duplicate operations be necessary in LR?"

Certainly not good news. This might turn out even worse than expected...