The Tulsa Forum by TulsaNow

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its a one month look. Not surprised to see virtually the entire list is made up of energy heavy economies. A longer window would be more indiciative of how the economy is doing, which I'm sure Tulsa is still struggling.

It's struggling.

Lol...Whatever....

Care to comment or just another crap on Tulsa?

No, Joe Namath is struggling........

(http://static.fjcdn.com/pictures/Struggling_4cc6bd_3037933.jpg)

It's nearly the only reason this poster leaves the comfort of OKCTalk isn't it?

OKC doesn't appear to be doing much better according to that graphic (.3%). The whole state is struggling, just like Kansas, because we followed their model of governance. Cut health and medical, strangle education, give tax cuts to those who don't need them. Its a plan for failure.

Most retail numbers are down. Stocks of WMB, OKE, LPI and WPX are just now rebounding from last winter. You literally have no clue what you're talking about on this.

Depending on your paradigm, you can be a product of the economy or a victim of it.

If you believe it sucks, you are probably missing out on areas where you can improve in your corner of it.  I had lunch with a downtown restaurant owner yesterday and we chatted for well over an hour.  He justified that the local economy is being tough on his business by talking to others in that part of downtown that they were having a rough summer also.  He has outdoor seating, which understandably is underutilized when it is very hot, but what else is he doing to succeed other than to show up every day and count dwindling receipts?  How up to date is the menu with hot summer days?  What are you doing to draw people in through social media with specials?  What are you doing to market to people coming downtown for special events, concerts, or gallery showings?

One of the ten leading questions I would use when interviewing prospective reps when I worked in the chemical business was “How do you view the local economy?”Those who answered negatively usually had the longest list of previous employers.  I generally made the decision to continue with or to terminate an interview based on the answer to that question.  If I hired them and after 90 days they had done nothing, their excuse was always going to be the lousy local economy.  That wouldn’t be their fault, that would be mine for hiring someone with such a pathetic view of their surroundings.

If someone said: “I hear from others things are tough, but I don’t buy it.” I’d give that guy a chance.

In other words, you can let the economy happen to you or you can chart your own destiny.

I’ve worked on commission or ran my own business my entire adult life.  I have no choice but to make a living every day.  I have a certain standard of life I’m accustomed to, that makes me work that much harder.

I think the local economy is doing great in the face of oil prices and the contraction of state services and funding. In the past a collapse like we have seen in oil prices would have been devastating. It hasn't been.

Hush Swake, I don’t have a job opening for you just yet.  Brown noser. ;)

Ha!

The company I work for has no relation to the local economy. But we are buying Tivo so if something happens I'll let you know.  ;D

Must be Rovi.  Where I work for now, we have a bunch of former Rovi employees.  I can't seem to get away from that.  My last employer had a bunch too.

I'm with you Conan, but as a whole/on average, whatever you want to call it Oklahoma (not just Tulsa) is in a bit of a rut compared to the past. I for one am seeing in my workplace as contracting work is drying up at the moment, especially in parts of the country that are heavily impacted by the energy sector. It's always a lagging indicator, but when general contractors start struggling it's usually a sign. And I am seeing that in spades at the moment, and mostly in states like Oklahoma, Texas, New Mexico, and Louisiana.

Pennwell?

This.

From what I have read in economic reports, Tulsa has weathered this oil bust better than any previous.

Imagine where we would be with competent state governance?

The company that I work for currently at one time was HEAVILY divested in the Oil/Gas sector.  Actually we still are, but we also had the foresight to know that we needed to start getting into other vertical markets.  Public safety, the dentistry market, and renewable energy (Hydro, Solar, Wind and the like).  So while we have hurt a little this year, we still made a profit.  Not the profit the suits wanted, but a profit nonetheless.

Oil and Gas companies would be wise to start being more expansive in their business.  Diversification.  For whatever reason, it seems most O&G companies resist that.  It will be to their demise in the future.

My company serves basically all markets, at a retail level. Actually much less exposed to energy directly mostly due to lack of products in that field (not because we don't want to), that and heavy ag. It's the service industries that feed off the energy industry that we are seeing the effects. In my opinion only, I think the market in Oklahoma is far softer than perception. I think it is doing better than past slumps, but still soft none the less. It's not a knock on the state, just a statement of reality. Who could argue that it hasn't been better than it is now. Of course it has. Because we are diversified we are not seeing any revenue growth of our own, but we're not stepping back either, just holding steady, where we are generally experiencing pretty consistent growth. My company grows slow, but rarely decline over it's 60+ years.

Monitoring sales tax collections, overall (County-wide) we are actually up just a bit and that there was not really a fall but more of a slowing of to elimination of growth.  Unfortunately, individually the City of Tulsa has seen a decline but not near as large as I had expected.  I attribute the burbs growth to more and better local shopping opportunities and still strong housing construction which is often school district related.

Your mileage may differ.

Sales tax problems are only partially related to the local economy anyway. Cities in Oklahoma are going to suffer from losses in sales taxes to internet sales until we either tax internet sales or change the tax structure that supports cities.

Absolutely agree!

True, but I do believe e-commerce has been around long enough that there’s a predictable pattern on sales tax revenues in spite of internet sales.  In other words, it’s not like droves of people are just now discovering Amazon or eBay.

No, but companies like Amazon continue to expand their offerings. For example Amazon now has a "box" option, fill a pretty large box with household and grocery items that they will ship for a flat $5.

Sometimes you just weather downtrends in the economy in regard to sales growth or negative numbers. Give good service and don't change a thing.

Percentage decrease in the city?

I go out of my way to avoid buying online - I want to keep business's here that we have.  But you know there had to be a 'but'...  I had to find a dryer part this morning and called about 8 or 9 brick and mortars.  2 didn't have it.  2 could get it in 2 days which is very good.  All of them charge $35 +/- $5.   Online, bought 2 for $25.  Got a spare.  Could not stay at home for that difference.  I would have gone to the store at lunch if they were anything under $25 each - convenience is worth double price - but at 35....no.

I really think that Tourism could be a much bigger player in Tulsa's economy.  I am glad to see all the Route 66 stuff going on and hope to see more. 

Course I am really hopeful that we can get some support for the Art Deco tourism portion.  Its getting frustrating that most of the influential people, political/financial seem to have absolutely no interest in support in that aspect.  And Tulsa is probably more well known for its Art Deco than even Route 66 stuff so I don't understand the lack of interest and support.

I’m somewhat ADHD so sitting still is never easy for me.  ;)

In your business’ case, I imagine you are somewhat limited in what you can and can’t do promotionally.  I also suspect you have little flexibility in menu changes as a franchise.  But sandwiches are in style pretty much year round.  There’s not anything much better than an Unwich on a summer day for a quick lunch.  A sandwich is just as good on a chilly winter day.  Maybe not quite as appropriate as stew, but you get my point.

An individual restaurant owner does have flexibility to change the menu or offer specials to match the seasons and a good restaurateur will do so.  Regardless if a business is a franchise or local, there’s always room for a little hand-to-hand marketing to the local hotels and businesses to keep your brand in their conscience.  Not saying you don’t do that but making a comment in general you can never over-promote a brand or business...unless your name is Donald Trump, but I digress.

I agree.

OKC has grabbed tourism with mid-level sporting events and regional conferences. Of course Bricktown, the Memorial, and a few other things make it "worth the trip."

Tulsa has done OK utilizing expo to grab the BMX, various horse shows, major gun shows, etc. Tulsa Tough has really brought in some people too. But we need to put together a few things to make us a regional draw/day trip destination. I can't help but shake my head at some lost opportunities - the Aquarium, the botanical gardens somewhere tourist friendly, etc.  But we have started to put it together with the ballpark and museums in the Brady, near the PAC, near the BOK, near...

IMHO, a City like Tulsa needs 3 or 4 destinations that someone in a family/group would be happy to do. My family can go to Bentonville and go biking, to Crystal Bridges, and find 2 or 3 other things worth checking out. I think Tulsa basically has that, we need to string them together better and sell it!

Careful...don't get us dreaming of a better day and a better way...!

100% agreement/alignment!

We have a LOT of really great attractions and points of interest around here!  I could probably put together half a dozen lists of 3 or 4 destinations that family' would be interesting for a variety of people....and at least one in the list for anyone/everyone in the group.   Just within very short distance around town.  From some world class art museum stuff, across the spectrum to "kitchy" stuff like the world's biggest totem pole at Foyil, the Blue Whale, and the Winganon space capsule up on Winganon Road (road 330, east of highway 169).  If broaden out even further, there is Woolaroc, Tall Grass Prairie, all the big lakes.  We have an embarrassment of riches in things to do here.  Plus world class bicycle trails.  

We have a submarine nearby, for cryin' out loud!!   Ya gotta go to a coast to find the closest one of those!!

All being "sold" or promoted in kind of lackluster, uncoordinated fashion!  Sadness....



Ahhh...the gun show!!  Yeah!  Largest one in the world!!  Gotta love it....

Yeah, our Downtown location will be busy regardless due to the brand. Our year to year sales are still good, but nothing like the astronomically high comps previously. A lot of businesses are down right now in retail I know for a fact.

Special events at the Cox Business are way down this year.

Without naming names, there are a few restaurants in your vicinity which aren’t doing too well, but their issue is really shitty management and investors starting to want to get repaid finally.

What I get a LOT of at the store is, "Ok, I am in town for a couple of days, what is there to do and why is your downtown so dead? I have been all over the country and this downtown is awful. Where else is there to shop? What other things are there to see down here? Where is everyone I don't understand?.... etc. etc. etc."  OMG I absolutely hate it when they go on a rant like that and look at me with scorn.  

I say, ok across the street is the Tulsa Art Deco Museum "That helps unless they have already seen it." Then I tell them about the Blue Dome/Brady Arts district on the other side of downtown and they usually just mumble something (and truthfully during the week days those areas will probably be a let down tourism/people watching/lively energy wise).  I think they believe that where they are at IS downtown and if there is nothing here, there is not going to be much anywhere else.  I always mention Philbrook and Gilcrease, they have often already done that or are not interested.  I guess what it is, is that first thing so many people go to the heart of downtown and then they get a bad first impression, then its really hard to shake that to the point that all the other things are then not "icing on the cake" on top of an enjoyable experience, but then become possibly just some other items scattered here and there in isolated spots.  That first impression is really important.

Yep.  I run into that same thing a lot when I am telling people about stuff to do in NE OK.   It is exactly like a kid who stands with the refrigerator door open, when it is loaded to capacity with everything to eat that exists in the world...and they say, "there's nothing here..."


It is whiny.  After a few more tries, if it is friends or family, I just tell them they need to get an imagination.  I will start recommending a visit to your store for that!!  Makes me want to just slap them.


Nationwide, we here about the Seattle Troll.  Portland's Voodoo Donuts.  Multnomah Falls.  Some others I can't think of right off hand.  We have pretty good "equivalents" to those.  Well, except maybe the falls...  But the point is, we do have Popz down on route 66 that is just as cool as Voodoo Donuts.  We have a Blue Whale that is at least as interesting as Seattle Troll.  We can't sell squat effectively!  I have heard of the Round Barn on a national basis, but I always get a blank stare when mention Gilcrease.  Or Woolaroc!!!   Geez...they have honest to God, real, live, South American shrunken heads for crying out loud!!  Not the cheasey plastic Chinese ones!!

And a BIG buffalo herd on the Tall Grass Prairie that can come right  up to your car and get uncomfortably close!  And Ree Drummond - The Pioneer Woman - is very close to opening her restaurant in Pawhuska, right at the entrance of the Prairie....we have been waiting for that to arrive so we can make an event out of it.  Late September for now.  They have been dragging their feet, I think.  But hiring now.  Anyone want to run a General Store??

http://thepioneerwoman.com/the-mercantile/

Foyil Totem pole is at least as interesting as the Cadillac Ranch.  And the Winganon space capsule isn't a huge thing, but makes most people at least smile...can see it on the way to the totem pole.


We really gotta learn how to propagandize better...!!

Sadder still is that what they perceive as something to do looks like this...

(https://encrypted-tbn2.gstatic.com/images?q=tbn:ANd9GcQvWcoRJOvbKly8HhQMQZC1KwUorlLao0Aksz9ThTLkH9rD8D7d)

No one really wants that. Heck, New Yorkers only barely can stand going there. All the "touristy" places are basically giant billboards for companies I just as soon not see in downtown Tulsa.

In my opinion, only the elite of elite cities (New York/Chicago/LA) really have that much more than Tulsa. Well some have more, but not all that much different. Even Dallas, what touristy things do they have that we don't? People are kidding themselves if they say that Downtown Dallas has all that much more going on that Downtown Tulsa.

Hopefully the added hotels in the Blue Dome will help that perception because that is where the majority of "happening" things are going on.

If there were things to do here like mountains, clear streams, cool places, shoreline, public transit, etc. then our cost of living would go up...

So...there's that...

Dallas got squat.

They have that ball on a stick, but since Wolfgang Puck took it over, ya can't even go up to look around....so I was told last fall.


I will give them credit for pappadeaux's!  Love it!!

And Decorator's Warehouse in Arlington - we got nothing like that!  The train ride is a lot of fun, but once you get there, it has all the same chain amusements/restaurants/stores that we have.

Well, except for Los Pastores in Arlington.  Really good Mexican food!!

Ok, they have a couple things we don't, but we still got 95% or more of what they got!!

According to the voices coming from the radio, they're getting Oklahoma's teachers.

And there is that....



We also have the whole issue of the decline of oil that has been suckin' hind-*** for a long time.  We just can't seem to get our minds wrapped around the idea that oil in the future will still be huge, but will continue to decline as a source of income for our state/county/city.  And there just ain't no imagination showing up to make a real contribution to replace it.   Yeah...I know...this is covered other places...just got a wild hair to put this here, since it just popped into my mind.

I know and it's frustrating because we need the area to be a destination. We are 60% delivery but I'd love to keep adding to that 40% from walking traffic that habitually goes there.

Most common thing we get on weekends is people wanting coffee and/or breakfast to simply start their day.

Disagree. Kansas City has a ton to do and it's a mid-level city in the same region we are in.

We have one million people, Kansas City has 2.3 million people. That's a large difference.

You may be seeing some of a phenomenon I go through with favorite places...I eat out every meal...pretty much literally every meal!  It is a very strange month when I eat at home more than once or twice - and I haven't done that yet this month, so I end up with patterns of where I go.  JJ was on the list for over a year - would eat there 2 times a week, sometimes 3.  I guess burnout ensued, so haven't been to one for about 3 months, until last Thursday.  Was good again...probably won't do 2 a week for a while, but more than last few months.

One of my more common traffic patterns has a Subway, Firehouse, and Jimmy John's within a circle about 1/2 mile in diameter.  Lots of good choices as far as I am concerned.  

Now, if JJ could just come up with a good whole wheat roll...!!  



Oh, yeah... Kansas City - kinda like eating out, it was in my traffic pattern for many years due to having so much family there, but last decade or so, have only been through once.  There must have been some changes in that time, so may have to return to check it out.

I heard Wimpy Burgers is gone, so really not much point to going there now....

There also was a place that did a fantastic pork tenderloin sandwich (chicken fried style), kinda like Del Rancho with pig.  Can't remember the name, but it was also amazing and I suspect it is long gone, too.   So, not much point to KC any more, I guess....

Lol...You have never seen a bad Tulsa economy...You're still wet behind the ears...

Tulsa is doing far better than other cities, much of the Tulsa economy centers around oil but that is changing. Macys brought to Owasso and the Tulsa area  thousands of jobs. I grew up in Michigan and Detroit is the same way the whole metro-Detroit economy centers around the car, pretty much a one-industry city only much bigger. When I lived in Michigan almost every place I worked at involved making parts for the "big 3". When the car industry slumps everything slumps in Michigan.

Anybody know how many people are at the Macy's center in Owasso?   I'm betting no where near 5,000....

Better than Detroit obviously. What other cities outside of the oil states?

You notice two things he left out, right?  No kudos to Mary Failin’ for the economy being all her doing and no rag on President Obama for the “high” gas prices. 

Omaha always has a low un-employment rate, most of the industry in Omaha is food production & printing and we all have to eat. The city of Omaha is a bit larger than Tulsa. The Dallas-Fort Worth area was heavy on the oil industry and they are doing very well. Tulsa's economy is not bad anyone who really wants a job can find one. Tulsa is doing much better than Wichita, Kansas and many east coast cities.

I'm betting Offutt Air Force Base is as big a contributor to Omaha as printing and food production.  Probably more so.

As for anyone finding a job in Tulsa...hah...you haven't been looking have you?   Yeah, there are a lot of jobs out there, but if you want to be in STEM career, and are past a "certain" age, you can pretty much forget it.  As it has always been....

And no, we are not doing "better" than Wichita - they are still holding on, and may actually be doing better than we.

It's not easy to get a job Downtown right now in the energy sector.

Not easy in several industries - even when there are a number who have been advertising for as long as 2 years!   I would quite possibly take it personally - well, I probably do a little bit anyway - that these places won't hire me...but I have also known of several others who have also been snubbed, so I guess it can't be all me.  The consistent thing among the group is the age - all over 45.  There was even one who is only 38!  Well known names around town....!

Ageism is real and is damaging the economy. There are fewer employees with experience and wisdom to mentor the younger, newer education, cheaper employees. Its short sighted CPA thinking and it will come back to bite us all in the gluteous maximus.

Sauer, making general observations that we are doing better than Wichita and many eastern cities is less than reliable. Wichita was heavy in air/space and Dallas/Ft Worth is more diversified and more than twice the size of Tulsa. We are not enjoying the post recession bump that the Obama years have given the non-oil intensive states. Employment is down in OK, up in the rest of the non oil states. Medium wages are up everywhere but here as well. You may not have read or heard such things in your world.

The difference is we have Fallin, the oil industry, and tea party conservatives who are intent on killing public education and giving tax breaks to oil companies. You reap what you sow.

Sometimes you have to change careers, I did. Anyone who really wants to work can find work in Tulsa. The unemployment rate is around 4.0% in Tulsa.

Yeah... MSEE looking for rewarding career doing bicycle delivery...     Actually, the bicycle part of that don't sound all bad.... Now if there was something to deliver that was very high value....

Yes, just do that job career change thing. Drive for MTTA with your BBA. Use your engineering degree to work at QT. Jobs for all who want them at bargain rates.

(https://si.wsj.net/public/resources/images/BN-IZ553_GREET0_J_20150618142357.jpg)

I think that's marginally better than having a Target on your back.
 
 ;D
 

A sociology degree is a pre-requisite for bartending isn’t it?

Or there’s the old joke that’s relevant again: “What do you call a petroleum geologist in Tulsa: 'Oh waiter!’"

You can make money in the service industry. A lot of it.

I will just go to the farm and grow some stuff....

I have enough crawdads that I could almost start a Cajun restaurant!  Except the Crawfish frogs keep eating all the stock.....

Hopefully can get the escargot ranch up and running in the next year.

Most of you guys could use your hobbies of beer tasting to man the breweries the proposed law is encouraging.

What's going on at PennWell?

Would you care to expand on your question?

There doesn't appear to be anything in the news that I can source.

Been sold to a global events company.  That's been the worst kept rumor this month.

One would almost think such news would make it into the Tulsa World...

The deal hasn't closed yet.

Of course.  But it still seems like pretty big news.

Now that we've scooped the TW, expect it to appear in tomorrow's edition.

It could also be that the request of the company was to hold the news until the day of close.

Since the Tulsa World has chosen (for whatever lame reason) not to share the news, here's the scoop (all from public records):

PennWell has agreed to be purchased by a Blackstone Capital private equity fund. Blackstone already owns Clarion Events, a global events company. It will be interesting to see how (or if) they combine the companies and what they do with the publishing side of the business.

Did everyone catch the Roseanne premier??   18 million viewers - very high ratings.  And guess where it got the highest ratings...  Right here in Tulsa, OK.  I caught about 5 minutes or so and some previews.

I like John Goodman ok, but overall, wasn't particularly funny then, not any funnier now...

I've been an employee of PennWell since the summer of 2012.  What attracted me to move there (my previous company was HireRight (aka USIS, aka TISI aka DAC Services) was that they were a LONG time family owned company who didn't feel beholden to stockholders.  HireRight was owned by, you guessed it, a private equity company.

Not knowing what Clarion Events owns, I think most of the people in Tulsa are safe for now.  PennWell has been diversifying for years, and have moved much of their publishing model to a digital format (websites).  PennWell still puts on some of the best events in the industries they market to (the Firefighter conference in Indianapolis is always a huge success).

I work on the digital and data side.  I have friends in the company that work in the print publishing side though, and honestly I'm a little concerned for them.  And, as always happens in these kinds of transactions, I"m sure middle management will take a hit too.

We'll see how this shakes out.  Blackstone/Clarion suits will be on site April 9th.

I know a couple people at PennWell, they love working there.  How many people do they employ in Tulsa? 

Meanwhile O&G activity has really picked up locally.  All of the local companies seem to be hiring.   

In Tulsa it's about 300.  They have more in California, some in the UK, some in Nashua NH, some in New Jersey.

Forbes had this yesterday.  We just received the official press release internally.  When that goes public I'll post it.

https://www.forbes.com/sites/tonysilber/2018/04/02/blackstone-reportedly-near-a-deal-to-buy-b2b-media-company-pennwell/#50215a8856c7

Clarion Events Expands North American Presence With Acquisition of PennWell

NEWS PROVIDED BY
PennWell Corporation
Apr 03, 2018, 18:16 ET

     
LONDON, April 3, 2018 /PRNewswire/ -- Clarion Events, one of the world's leading events organizers, announces the acquisition of PennWell Corporation, a privately-held events and business-to-business media and marketing services company based in Tulsa, Oklahoma, USA. Clarion is owned by funds managed by Blackstone, one of the world's leading investment firms.

The acquisition brings together two of the industry's most well-respected names to create one of the largest events companies in the world.  It also marks the latest in a series of global acquisitions by Clarion, which includes its 2015 purchase of Urban Expositions, now rebranded as Clarion UX.

"This deal delivers significant benefits for both companies," said Clarion's Executive Chairman Simon Kimble.  "PennWell's roster of market-leading events strongly enhances Clarion's portfolio.  Our global network and depth of resources will further strengthen PennWell's offerings, enhancing opportunities for growth and expansion across North America and globally."

"Clarion is committed to building a strong and competitive presence in North America. The acquisition of PennWell reflects not only the quality of their portfolio, but also our companies' shared legacy of creating innovative events that demonstrate our continued leadership in this industry," said Clarion UX CEO Greg Topalian.

PennWell Vice Chairman Frank T. Lauinger stated, "We have been a family-owned business since my great grandfather founded the company 108 years ago, originally to serve the oil and gas industry.  Finding the right partner going forward was paramount for our family and for our employees and we are confident Clarion shares our values and will continue the legacy of PennWell across all markets PennWell now serves."

Clarion's portfolio of leading exhibition, conference and media brands, earned the company the "Most Respected Company for 2017" accolade from the UK's Association of Event Organisers.  Clarion announced in February it had acquired Hong Kong-based Global Sources, a leading events organiser and on-line B2B marketplace operator.

PennWell President and CEO Mark Wilmoth said, "Clarion has market-leading brands that are complementary to PennWell's, and an enviable presence across Europe, Asia, Africa and the Middle East.  Merging with Clarion will enhance our offerings to the worldwide customers of PennWell's diversified portfolio of events, including the POWER-GEN series, DistribuTECH for electricity distribution, and FDIC for the fire market, as well as media brands such as the Oil & Gas Journal."

With 550 employees, PennWell organizes and manages more than 40 exhibitions and conferences around the world. The company also has 130 media properties and provides quality content and integrated marketing solutions for industries that include energy, fire and emergency services, dental and industrial technology.

PennWell was represented in this transaction by JEGI (www.jegi.com), the leading independent investment bank for the global media, information, marketing, software and tech-enabled services sectors.

About Clarion Events
Clarion Events operates over 180 events in 50 countries from 15 offices in the UK, the US, South Africa, Brazil, Germany, Singapore, UAE, Indonesia, Hong Kong and the Netherlands.  Clarion can trace its roots back to 1947 and takes great pride in being one of the oldest independent event organizers in the UK.  More recently the firm has developed an international portfolio of brands and now has interests in a number of global vertical industries including energy, security and defense, electronics, technology, fashion, retail, gaming and marketing. The teams at Clarion create uniquely effective and stimulating environments that can serve as a platform to build businesses, enhance customer relationships and accelerate product awareness. Learn more at www.clarionevents.com.

About PennWell Corporation
Founded in 1910 in Tulsa, Oklahoma, USA, PennWell Corporation is a privately held and highly diversified business-to-business media and conference and exhibition company that provides quality content and integrated marketing solutions for the following industries: Oil and gas, electric power generation and delivery, hydropower, renewable energy, water and wastewater, lasers and optoelectronics, fiber-optics and cable, aerospace and avionics, LEDs and lighting, fire and emergency services, and dental.  PennWell publishes over 130 print and online magazines and newsletters, conducts 40 conferences and exhibitions on six continents, and has an extensive offering of books, maps, websites, research and database services.  In addition to PennWell's headquarters in Tulsa and several other US locations, the Company has two major offices in London, England.

About Blackstone
Blackstone is one of the world's leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies in which we invest, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with over $430 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
 
SOURCE PennWell Corporation

Related Links

www.pennwell.com

Yep, that's the one I got in my email around lunchtime yesterday.

the Whirled writeup is essentially the presser with a little added (mentions Bob Biolchini's death a few months ago).

http://www.tulsaworld.com/business/pennwell-sold-to-london-based-clarion-events/article_66c64eda-3c25-5ebb-b397-11f5303fd3f8.html

http://www.tulsaworld.com/business/more-than-laid-off-at-pennwell/article_e8159a6b-e718-59c6-9b2c-e2d1e7696a77.html (http://www.tulsaworld.com/business/more-than-laid-off-at-pennwell/article_e8159a6b-e718-59c6-9b2c-e2d1e7696a77.html)

More than 100 laid off at Pennwell Thursday

Tulsa-based Pennwell Co. announced a major round of layoffs on Thursday, months after it was purchased by an overseas company.

The company’s staffing levels will change from approximately 470 people globally to approximately 340.

In Tulsa, 100 positions will be eliminated, with other offices and remote workers making up the balance of the affected positions.

In April the company was purchased by Clarion Events.

At the time Pennwell, a privately held events and business-to-business media and marketing services company, employed 550 and organizes and manages more than 40 exhibitions and conferences around the world.

The company also had 130 media properties and provides content and integrated marketing solutions for energy, fire and emergency services and dental industries, as well as industrial technology.

Clarion Events operates over 180 events in 50 countries from 15 offices in the United Kingdom, the U.S., South Africa, Brazil, Germany, Singapore, United Arab Emirates, Indonesia, Hong Kong and the Netherlands.

The London-based company is owned by funds managed by Blackstone, one of the world’s largest investment firms.

Huh....wonder what took them so long..??    


Hoss, did they get you?

No.  Most of the layoffs were related to the print media, which was losing revenue anyway.  I'm surprised it took them so long as well.  We'd been hearing rumors for some time.  Clarion is trying to wrap their heads around what we do outside of the events vertical was likely the delay.

Not to say I wasn't a little nervous though.

So... according to the article Pennwell had 550 employees at the time they were purchased and they were down to 470 before this round of layoffs, with total expected job reduction of 210?

Just out of an 'all hands' meeting regarding this.  There were 470 employees within the Pennwell footprint (includes Tulsa with 370, Nashua, NJ, California, 2 UK offices).   130 staff reductions occurred, 100 of those being in the Tulsa office.

Isn't Tulsa where most of the print media employees were located?

Yes.

I'm super glad TNF is on the interwebz or we'd all likely be out of business if it were in print.

I really hate bumping a topic this old but this has relevance.

https://www.endeavorbusinessmedia.com/news/endeavor-business-media-acquires-multiple-pennwell-operating-units-from-clarion

For the last several months the mothership (Clarion Events) has been hinting that they wanted to offload some properties that didn't align with their long-term vision.  After some time (we were told mid-January that a buyer was in place and the legal stuff needed to be done) we finally got a company wide video announcement that a relatively new B2B company would acquire those properties and in kind would acquire about 140 former Pennwell employees in the process.  I was not one of them.  That doesn't mean I was laid off.  I know of no one who was in this transaction (at this time).  It really no longer matters to me anyway; tendered my notice of resignation last Friday and my final day with Pennwell will be March 1.  I will take a week off then start new employment March 11 at Bluefin Payment Systems (they're located in Corporate Woods across the street from QT HQ on 129th East Ave, but I'll have the option of working remote as many do these days).

It will be an interesting setup for a while.  The building at 15th and Sheridan is for sale and rumored to be close to closing on that sale.  Clarion is looking for a building to relocate to, but for the time being, two companies will occupy this single building.  When Clarion and/or Endeavor find places of their own, the building is rumored to have been bought by a local charter school who wishes to relocate.  I have my suspicions as to which school that is.

I enjoyed my time at Pennwell but the fluidity in ownership is such that I felt a move was necessary (I also got a pretty nice pay bump out of the deal).  Hard to believe in my lifetime of employment I've spent the last 25 years at just three employers.  As a further note, the office since the layoffs resemble the atmosphere at Promenade Mall now.  Like a funeral.  I spent most of my time working remote since then because I hated the atmosphere.

I'll answer any questions I can.

So, is the press room still there or has that been moved? I can remember doing cabling work in the area underneath the press floor and the sound drove me nuts.

Sad to hear this, wish you the best in your future work.

You got me to thinking about jobs and tenure, so did some calcs of my own.  Last 53 years have had 8 employers.  At least 2 due to getting 'put out the door' similar to what you experienced - company bought and new environment not viable.  And two regular RIF's.   Never fun, either way.

Never can tell, this may be a great thing!   Or it could be just a plain ole' turd sandwich...  Time will tell!   Good luck!!!

Good luck, glad you found a landing spot

I believe it's still there but not sure how much it's being used.  It wasn't used for the announcement, that much I can tell you.

And don't feel sad for me; I'd been pondering a move for much longer than 2 weeks now.  This new offer started to materialize around Christmas.  I'm excited.  Can't say that much about Pennwell for the last 12 months.  However for those employees who will be following the new company I'm optimistic for.  The new CEO is young and appears driven to succeed.  My only concern is that I think he's a former CFO.  I hope he's not strictly a bean counter as CEO.

Good Luck!

RA

Thanks to those of you who messaged me privately concerned that I wouldn't have gainful employment but I did have a plan B so to speak.  And had been pondering this since around Christmas when the future of the company wasn't so clear (because the suits rarely keep the minions well-informed on those things of importance has been my experience in my 30 plus years of gainful employment) so this wasn't a decision I arrived at without trepidation.

Heard today Midstates Petroleum is being merged with Amplify Energy and the HQ will move to Houston.  Not sure how many jobs will be lost but they have an office in the Kennedy building downtown.

From November 2018 through November 2019, Tulsa lost 1,000 jobs. During that same period, Oklahoma City added 5,000 jobs while the Lawton metro area added 900.

https://www.tulsaworld.com/business/oklahoma-city-makes-gains-tulsa-and-rest-of-state-dips/article_124d8f0f-c101-57df-878d-2ff1c0b3b145.html

Interesting article about Portland, Maine where a local benefactor is helping to create more research/tech jobs.  The city itself is doing relatively well but still struggles with population growth and a lack of good paying jobs.  Sounds a lot like Tulsa where we just happen to have a similar benefactor...

 https://www-nytimes-com.cdn.ampproject.org/c/s/www.nytimes.com/2020/01/27/business/economy/portland-maine-economy.amp.html (https://www-nytimes-com.cdn.ampproject.org/c/s/www.nytimes.com/2020/01/27/business/economy/portland-maine-economy.amp.html)

This is a telling quote...


"Yet another looked at colleges established in the United States from the mid-19th to the mid-20th century. Counties where colleges arose generated 32 percent more patents than places that missed out. This effect was mainly driven by migration: College towns drew innovative people.

But research shows that the impact depends both on the quality of the school and on the attributes of the place. “In general, I think the bigger impact for a smaller city is likely to be if there is already some pre-existing activity to build on, and if there is some reason to think that the area might be attractive otherwise,” Mr. Bartik said.

Consider San Diego. One of the nation’s leading innovation centers, it built much of its prosperity on the University of California, San Diego. In 2011, the university produced 80 master’s and Ph.D. degrees in fields related to wireless technology, up fivefold from 1991. Between 1985 and 2001, its alumni were founders of 16 telecom firms in the area, including Franklin Antonio, a co-founder of Qualcomm, the city’s most valuable company and the world’s leading maker of smartphone chips.


By contrast, Mr. Bartik said, “sticking a high-tech institute in the middle of rural Idaho might not have multiplier effects if there is nothing to build on."


The impact that a university like in Stillwater could have had in Tulsa would have been far greater for the state (and Tulsa) if it had been in or close to the city (The university in Norman is about the same distance to downtown OKC as Downtown Tulsa is to Downtown BA.)

Not trying to point anyone in particular out, SXSW...I am just gonna take a phrase you happened to say.


"struggles with population growth and a lack of good paying jobs"

This is a pair of ideas we hear a lot - mostly in that order.  At least that's how I and many I talk to interpret it.  It seems to be saying that if we get population growth (like getting Microsoft to set up headquarters here...), we will get good paying jobs.

I submit the idea that we eliminate population growth from the discussion, at least for a while.   And concentrate on getting better jobs with the population set we have.   If we can show that when one comes to Tulsa and Oklahoma, one will make good money, then the companies that have higher level positions may take note and choose to come, automatically causing population growth.  Which may not actually be a point of interest or concern at that time. 

And not the bottom-feeder call center type jobs... more towards decent STEM jobs.