Business Notes: County Council President Hopes Development Can Begin at White Flint Mall Site
Plus: Electronics and appliance retailer to close in Rockville; Bethesda financial firm celebrates 30th anniversary
White Flint Mall sign
Berliner wants developers to move past White Flint lawsuit
Montgomery County Council President Roger Berliner said he’s “looking forward” to developer Lerner Enterprises and its partner The Tower Cos. moving past an ongoing lawsuit with Lord & Taylor over the White Flint Mall property and on to the redevelopment of the site.
Berliner addressed the issue during a press briefing Monday, after Bethesda Beat reported last week the property owners had lost their latest appeal in the Lord & Taylor case when the U.S. Court of Appeals in Richmond upheld a previous jury verdict that awarded the retailer $31 million in the breach of contract case.
“There’s no question that parcel is an important part of the future of the White Flint community,” Berliner said. “I remain confident that [the developers] will work through this and we’ll have an appropriate development there that expands economic opportunity for our county. When we passed the White Flint Sector Plan, we thought it would generate something in the order of $7 billion in economic benefits—I continue to believe that’s the case.”
Last week, an attorney for the developers said they were “disappointed” in the appeals court ruling and weighing their options about what to do next.
Rockville hhgregg to close
Electronics and appliance retailer hhgregg announced earlier this month it will close its Rockville store as it struggles with declining sales. The company is closing 40 percent of its stores around the country—88 in total—as part of an effort to streamline, which will leave 132 profitable stores in operation, according to Fortune. The Rockville store is at 1501 Rockville Pike, near the Twinbrook Metro station. The company is also closing several other stores in Maryland, including locations in Annapolis, Bel Air, Catonsville, Glen Burnie, Hagerstown, Hanover, Largo and Waldorf.
The Indianapolis-based company filed for Chapter 11 bankruptcy this week and announced it signed a term sheet with a buyer to purchase its assets, according to a news release.
Bethesda financial firm celebrates 30 years in business
FBB Capital Partners is celebrating its 30th year in business this month and announced it has crossed the $1 billion mark in assets under its management. According to the company, the wealth management firm was among the first independent, fee-only firms in the Washington, D.C., area when it was co-founded by Susan Fulton in 1987. The company serves individual, family and business clients.
“We owe a great deal of gratitude to our clients who trust us to manage their life savings and continue to refer our team to friends and family,” Fulton said in a statement. “I look forward to guiding our clients and the FBB team to a prosperous future and continuing to work toward these mutual goals.”
The business is at 4520 East West Highway in Bethesda and also has satellite locations in D.C. and Vienna, Virginia.