OHIO BUSINESS
Shoe store to close
Buchman Shoes has been in business in Youngstown for more than eight decades under the stewardship of three generations.
Its founding in 1925 makes the business far older than the Hush Puppies, Doc Martens and Nike brands that now are sold to eager customers shopping online at sites such as zappos.com.
But after 87 years, Buchman’s is closing.
For about five years, Buchman’s business has dropped off as more customers turn to the Internet to purchase shoes directly from manufacturers.
Over the years, the store was in competition with larger retailers such as Dillard’s and J.C. Penney, but the compounding challenges of doing business in today’s economy, coupled with old and new competition, led to the decision, the owners said.
New director at bank
Central Federal Corp., the parent company of Fairlawn-based CFBank, announced a new company director.
Edward W. Cochran has been an attorney for 30 years after graduating from Columbia University Law School in 1975. Cochran is also involved in various business interests and is a successful investor, the company said.
Cochran was instrumental and supportive during the bank’s recent successful changes in raising capital, said company chairman Bob Hoeweler.
Said CEO Tim O’Dell: “Ed has deep business experience and is well connected to the local business community. Serving small to mid-sized businesses along with the executives and entrepreneurs who own and run them is the key focus of CFBank.”
GM moves production
General Motors, which has operations in Lordstown, is moving production of the next version of its Camaro sports car from its Canadian operation in Oshawa, Ontario, to a plant in Michigan.
The Canadian Auto Workers’ most recent contract guaranteed production in Oshawa only until the end of the current generation.