RESTAURANTS

TGI Fridays closes

in Montrose area

The longtime TGI Fridays on Restaurant Hill in Copley Township has abruptly shut down.

The eatery — one of the original restaurants on the hill off state Route 18 — closed after the end of business Monday.

An employee answering the phone at the Fridays in Green said workers there had no advance notice of the closing, and were fielding lots of phone calls. Some workers from the Copley location apparently are relocating to the Green eatery, at 1039 Interstate Parkway.

The Fridays building in Copley dates to the early 1990s and is valued at more than $636,000 for real-estate tax purposes. It is owned by a California entity.

A message seeking comment was left Tuesday with TGI Fridays corporate office in Carrollton, Texas.

Sit-down chains have been challenged as consumers increasingly opt for fast food and eateries offering fresh, local ingredients.

Papa John's appoints

Arby's chief as CEO

Struggling pizza maker Papa John's International Inc. appointed Arby's President Rob Lynch as chief executive officer, naming an outsider as it further breaks from its controversial founder John Schnatter.

Lynch, a fast-food industry veteran, will replace Steve Ritchie. It's the biggest shakeup since activist shareholder Starboard Value set its sights on the pizza company. In a statement, Chairman Jeff Smith cited Lynch's "proven record transforming organizations and realizing the growth potential of differentiated brands."

Papa John's, which operates about 5,300 locations globally, has been facing slowing sales, with revenue declining 12% in 2018.

OIL/GAS

BP prepares to exit

its Alaska operations

BP, a major player on Alaska's North Slope for decades, is selling all of its assets in the state, the company announced Tuesday.

Hilcorp Alaska is purchasing BP interests in both the Prudhoe Bay oil field and the trans-Alaska pipeline for $5.6 billion, BP announced in a release.

The sale, which must be approved by state and federal regulators, comes as BP attempts to divest $10 billion in assets by 2020.

REAL ESTATE

U.S. home prices

rise 2.1% in June

U.S. home prices rose more slowly in June as some of the country's most expensive housing markets saw stagnant or even falling prices.

The S&P CoreLogic Case-Shiller 20-city home price index rose 2.1% in June from a year earlier, down from a 2.4% gain in May.

Prices fell 1.3% in Seattle and inched up 0.7% in San Francisco and 1.1% in New York. But prices rose 5.8% in Phoenix and 5.5% in Las Vegas.

The 20-city index has risen 62.3% since hitting bottom March 2012 in the aftermath of the financial crisis and Great Recession.