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The Briefcase: Local Residence Inn sells for $4.6 million

The Briefcase: Local Residence Inn sells for $4.6 million

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Local Residence Inn sells for $4.6 million

The Residence Inn by Marriott property at 7835 North Point Blvd. in Winston-Salem has been bought for $4.6 million by a California real-estate group, according to a Forsyth County Register of Deeds filing Tuesday.

The buyer of the 3.58-acre property is Vivo Apartments Winston-Salem LLC of Torrance, Calif. The seller is LRI Winston-Salem LLC of New York, N.Y.

Richard Craver

Home Outlet store sets grand-opening events

E.C. Barton & Co. said Tuesday it has opened a Home Outlet store at 7766 North Point Blvd. in Winston-Salem, The official opening occurred Sept. 21.

The store offers flooring, cabinetry, plumbing, doors and window products to consumers and professionals.

The store will have grand-opening events from 8:30 a.m. to 6 p.m. Thursday and from 8:30 am. to 3 p.m. Friday. It is offering a 20% storewide discount to area residents and home-renovation professionals.

The discount also will apply online at by selecting the Winston-Salem store location.

Founded in 1885, E.C. Barton is headquartered in Jonesboro, Ark., and operates Barton’s Lumber, Home Outlet and E.C.B. Brokerage in 17 states.

Richard Craver

Kontoor unveils first global sustainability goals

Kontoor Brands Inc., based in Greensboro and makers of the Lee and Wrangler jeans brands, announced Tuesday its first set of global sustainability goals and shared its inaugural report on sustainability impacts.

Kontoor has set goals to: save 10 billion liters of water in its production by 2025; power 100% of owned and operated facilities with renewable energy by 2025; and establish a science-based climate target by 2022.

It also plans to source 100% sustainable raw materials, including forest-derived materials and animal-derived materials, by 2023; cotton by 2025; and synthetics by 2030. It also plans to use 100% preferred chemical processes by 2023.

In regards to its workforce, Kontoor pledged to work only with factories that support a worker well-being or community-development initiative by 2025.

The report, as well as additional information about Kontoor’s approach to sustainability, can be found at

Richard Craver

Imperial Brands projects cigar business sale in October

Imperial Brands Plc, owner of ITG Brands LLC of Greensboro, said it plans to close on the sale of a worldwide premium cigar business by Oct. 29.

The closing date represents a delay related to the COVID-19 pandemic.

Imperial said April 27 it would sell Premium Cigars to an investment consortium for $1.52 billion. Imperial plans to use the net cash proceeds of $1.36 billion for debt reduction.

The sale will take place in two transactions: one for the USA business, Premium Cigar USA, and another for the business in the rest of the world, Premium Cigar RoW.

Gemstone Investment Holding Ltd will buy Premium Cigar USA for $230 million. Allied Cigar Corp. SL will acquire Premium Cigar RoW for $1.29 billion.

Richard Craver

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