Business Notes: Federal Realty, JBG Smith Donate Brand New Kit and Ace Clothing to Silver Spring Nonprofit

Plus: Bethesda brokerage acquired by Kestra Financial


Published:

Volunteers help a family load mattresses onto their van at A Wider Circle last month before a visit from Gov. Larry Hogan.

Andrew Metcalf

Federal Realty, JBG Smith donate abandoned, brand new Kit and Ace clothing to A Wider Circle

When the Canadian retailer Kit and Ace suddenly closed its retail stores in the U.S. in April, it left behind T-shirts, pants, sweaters and other items inside its stores. That left Bethesda Row landlord Federal Realty and the Shay in Shaw’s owner JBG Smith with hundreds of articles of clothing inside the retail spaces formerly occupied by the brand. So the two companies found a solution—they decided to donate the clothes to the Silver Spring nonprofit A Wider Circle, which provides home furnishings, clothing and job training to needy families and individuals.

Together the two real estate investment firms donated 20 large boxes of brand new clothing to the nonprofit.

“We saw an opportunity to make a difference in the community and are honored to have been able to help provide quality professional attire to those striving to get back into the workforce,” Chris Weilminster, executive vice president of Federal Realty, said in a statement. “The work that A Wider Circle has done for the impoverished is truly remarkable.”

Sarah Reilly, the nonprofit’s director of workforce development, thanked the companies and said the clothing will be used to outfit people in need of clothing for job interviews.

“The success of an interview often hinges on whether or not the job seeker looks and feels the part,” Reilly said in a statement. “The opportunity to put on new, stylish clothing is empowering, and that inner pride translates to outward confidence.”

A Wider Circle volunteers with boxes of donated clothing. Provided photo.

 

Bethesda-based broker-dealer H. Beck Inc. acquired by Kestra Financial

The Austin-based Kestra Financial Inc. announced Tuesday it had reached an agreement to purchase the 600-member broker-dealer H. Beck Inc., which serves the independent financial adviser community. Terms of the deal were not announced.

InvestmentNews reported Kestra Financial generated $423 million in total revenue last year, while H. Beck produced $119 million in 2015.

The deal comes as insurance companies are selling off their brokerage businesses due to declining sales of variable annuities, according to InvestmentNews. H. Beck was previously owned by Securian Financial Group Inc.

Kestra said in its announcement that H. Beck will continue to be managed by its executive team and its headquarters on Rockledge Drive in Bethesda will remain intact and be provided with operational autonomy.

Back to Bethesda Beat

Edit Module
Edit ModuleShow Tags

Archive »Related Articles

Police Blotter: Burglars Swipe TV from Apartment, Hit Another Car While Driving Away; Girl with Knife at Wootton High School Arrested

Crimes reported to Montgomery County and Rockville police from Sept. 27 to Oct. 3

Pepco Granted Partial Rate Increase Again; Residential Power Bills To Increase

Average customer’s bill will rise about $4 per month immediately

Planning Board Approves Adding Apartments, Five Stories to Guardian Building in Silver Spring

Officials say project is a way to reinvent struggling office complex

Small Bites: Pines of Rome Opens in New Location, Reports Uptick in Customers

Plus: Urban Butcher unveils “meat mountain” for two; Bibibop named “hottest new concept;” brunch at Addie’s
Edit ModuleShow Tags Edit Module
Edit Module
Edit ModuleShow Tags

Sponsored Content

Wireless Telecommunication Community Meeting

Join Montgomery County on Monday, October 23, in Rockville to discuss proposed zoning changes to address deployment of microtowers and small cell antennas.

Interested in Learning More About the Democratic Candidates for County Executive?

Join The Greater Bethesda Chamber of Commerce and Bethesda Beat as we host a debate featuring the Democratic Candidates for County Executive on November 15. Click to get your free tickets.
Edit ModuleShow Tags

More »

New Construction

Potomac, $1,999,999

Remodeled Colonial

Potomac, $1,075,000

Classic Chevy Chase Colonial

Chevy Chase, $1,319,000

Stunning Updated Tudor

Bethesda, $1,529,000

Transformed Colonial

North Bethesda, $1,295,000
Edit Module

Profiles

Your Guides to Leading
Local Professionals

Edit Module
Edit ModuleShow Tags Edit Module

Edit Module