Business Notes: Federal Realty, JBG Smith Donate Brand New Kit and Ace Clothing to Silver Spring Nonprofit
Plus: Bethesda brokerage acquired by Kestra Financial
Volunteers help a family load mattresses onto their van at A Wider Circle last month before a visit from Gov. Larry Hogan.
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.