Tire retailer buys property next to local Lidl store

TBC Corp., parent company of the NTB and Tire Kingdom retail businesses, has spent $825,000 to buy a vacant 0.87-acre site off Silas Creek Parkway next to the Lidl grocery store off Fairlawn Drive in Winston-Salem.

The seller was Jemsite Development LLC of Jefferson, according to a Forsyth County Register of Deeds filing Wednesday.

In September 2017, Jemsite attempted, but failed to receive, permission to change the site plan for the site that would have allowed a bank or financial services facility to be located there. Jemsite had owned both of the properties where Lidl has opened a Winston-Salem store.

TBC, based in Palm Beach Gardens, Fla., said in a May 22 press release that it planned to add 27 NTB and Tire Kingdom retail stores during 2019. That would expand its national reach to more than 735 stores.

Richard Craver

Reynolds faces $10.6M Engle jury damages award

R.J. Reynolds Tobacco Co. is facing a $10.6 million jury verdict involving the death of a Florida woman in an Engle progeny case.

Courtroom Video Network said Wednesday that the 17th Circuit Court jury in Broward County awarded $6 million in compensatory damages and $4.6 million in punitive damages.

The lawsuit involved Janice Hamilton, who died in 1992 from lung cancer.

Engle progeny lawsuits sprang from a decision in 2006 by the Florida Supreme Court that decertified a $145 billion class-action lawsuit initially filed by Howard Engle. The decertification means that former class members are now limited to filing individual lawsuits stating that cigarettes caused their respective illnesses.

Reynolds typically appeals Engle jury verdicts.

Richard Craver

Wells Fargo unit fined nearly $6.6M

The Central Bank of Ireland has fined an international affiliate of Wells Fargo & Co. nearly $6.6 million from what it called “serious failings in its regulatory reporting capability and compliance.”

The affected unit is Wells Fargo Bank International Unlimited Co.

The unit has acknowledged that breaches occurred between January 2014 and Feb. 28, 2019.

The breaches include failure to accurately report its capital position and to comply with a requirement in relation to liquidity testing. The initial fine was $9.42 million, but was reduced by 30% related to a settlement deal reached with the Wells Fargo unit.

Winston-Salem Pizza Hut site sold for $1.18 million

The Pizza Hut restaurant location at 5990 University Parkway in Winston-Salem has been sold for $1.18 million to a California investment group, according to a Forsyth County Register of Deeds filing Friday.

The buyer is CFT NV Developments LLC, an affiliate of Panda Restaurant Group of Rosemead, Calif.

The seller is SBW Capital Partners LLC, a property management group based in Beverly Hills, Calif.

Richard Craver

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Richard Craver

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