Business Notes: Pier 1 to close in Rockville and Gaithersburg

Business Notes: Pier 1 to close in Rockville and Gaithersburg

Plus: Hair salon coming to Rockville’s Congressional Plaza

| Published:
Pier 1 resized

Pier 1 is closing its stores in Rockville and Gaithersburg as part of a companywide liquidation

Courtesy of Pier 1

Pier 1 to close Rockville and Gaithersburg stores

The home furnishings retailer Pier 1 is shutting its Rockville and Gaithersburg stores as part of a companywide decision to close 450 stores across the country.

A press release from the Fort Worth, Texas, company on Jan. 6 stated that Pier 1 would close 450 stores as part of a liquidation with the goal of “better aligning its business with the current operating environment.”

The Rockville store, at 12137 Rockville Pike, and the Gaithersburg store, at 30 Grand Corner Ave., are among those listed for closure in a Jan. 15 story in Business Insider.

A representative of the Rockville store confirmed that it’s closing, but didn’t know the timeline. Representatives from the Gaithersburg store referred all questions to the company’s corporate office, which could not immediately be reached for comment Monday.

Both stores are no longer listed on the company’s website. There are other locations in the greater Washington area, including in Laurel, Columbia and Fairfax, Va.

Hair color salon opening in Rockville’s Congressional Plaza

Madison Reed Color Bar, an online hair color product company with brick-and-mortar stores in select states, will open its second store in Montgomery County this spring.

A press release from Federal Realty Investment Trust states that the store will be in Rockville’s Congressional Plaza shopping center. It states that Madison Reed will be 1,488 square feet. It will sit between Noodles & Company and the future Barnes & Noble, which is set to open closer to the summer.

The first Madison Reed in Montgomery County opened in Bethesda Row last year.

Madison Reed offers color consultations, roots service, gloss and other services for between $30 and $60, according to the press release.

The Rockville store will be open Monday through Friday from 10 a.m. to 8 p.m., on Saturday from 10 a.m. to 6 p.m. and Sunday from noon to 5 p.m.

EagleBank experiences decline from last year in fourth quarter income

Bethesda-based EagleBank’s parent company, Eagle Bancorps Inc., announced last week that it finished the fourth quarter of 2019 with a net income of $35.5 million.

This was a 12% decrease from the final three months of 2018, when the company finished the fourth quarter with $40.3 million, according to a press release.

Despite the decrease in income, total revenue increased from $339.6 million in 2018 to $349.7 million in 2019. Total revenue is the sum of net interest income and noninterest income, according to the press release.

Dan Schere can be reached at Daniel.schere@bethesdamagazine.com

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