Some of the Inland Northwest's largest, most venerable companies announced leadership changes this year, while some interesting developments started to come out of the ground. And as some exciting new companies emerged, others changed hands and were shuttered. 

Below are, arguably, the top 24 business stories of 2024. 

Jan. 17: Rohinni files for Chapter 7 liquidation. Rohinni Inc., a once-promising Liberty Lake-based LED manufacturing company, filed for liquidation under Chapter 7 of the U.S. Bankruptcy Court after reporting a 96% drop in revenue in 2023. One creditor said at that time that contractual exclusivity agreements limited Rohinni's ability to sell its intellectual property assets to other parties, and there was a significant decline in the demand for displays in China.

Jan. 18: Falls Tower project scaled back, then gets underway. L.B. Stone Properties Group, developer of the long-envisioned Falls Tower condos overlooking the Spokane River near downtown, scaled back the size of the proposed development to 12 stories and 36 condominium units, from a three-building, $58 million complex. Construction of the project started about 10 months after the revised project plans were disclosed. 

Feb. 7: Serial entrepreneur launches returned-goods startup. Jordan Allen, a prominent Spokane entrepreneur known for founding Stay Alfred vacation-rental startup and Doorsey Inc. real estate tech company, launched BuyWander Inc., which does business as Wander. The startup has discovered a niche in reselling returned retail goods.  

Feb. 11: Historic preservation champion Ron Wells passes. Ron Wells, the prominent Spokane developer and architect behind iconic downtown historic preservation projects such as Steam Plant Square and the Ridpath Hotel, died at 75 years old. Wells & Co. completed over 20 certified historic renovations and dozens more preservation projects in Spokane alone during the developer's career. 

Foothills Lincoln Mazda, of Spokane, will remain a family-owned dealership under Eve Knudtsen, of Knudtsen Chevrolet, pictured right, next to her daughter and executive manager, Lauren Benedict. 

| Erica Bullock

March 4: Knudtsen acquires Foothills Lincoln Mazda. Eve Knudtsen, owner and president of Post Falls-based Knudtsen Chevrolet Co., acquired Foothills Lincoln Mazda, of Spokane, from longtime owners Ray Kish and Rick Reilly. Foothills Lincoln Mazda, which opened in 1981, was rebranded to Knudtsen Foothills Mazda and Knudtsen Foothills Lincoln.

March 31: Hawley Troxell law firm closes Spokane office. Boise-based Hawley Troxell Ennis & Hawley LLP law firm closed its Spokane office due to a gradual exodus of attorneys in the previous year. The move came just 14 months after Hawley Troxell completed its acquisition of Witherspoon Kelley, a 138-year-old Spokane law firm that also operated offices in Coeur d'Alene, and in Yakima, Washington.

April 8: Washington Trust names new CEO. W.T.B. Financial Corp., the holding company for Spokane-based Washington Trust Bank, named Jack Heath as the bank's CEO. Heath succeeded Peter Stanton, the fourth generation of his family to lead Washington Trust, and became the first person outside of the Stanton family to serve as CEO of the bank in its 120-plus years of existence.

April 25: Excelsior Wellness Village envisioned. Excelsior Wellness disclosed plans for a new wave of development activity for an envisioned wellness campus at the 32-acre property in northwest Spokane's Indian Trail neighborhood. As envisioned, the wellness village will be constructed in phases over 10 years for an estimated cost between $100 million and $120 million.

Red Lion Templin's Hotel on the River and marina will continue operating under the same name and franchise agreement as part of the new StanCraft-led ownership group.

| StanCraft Cos.

May 17: Templin's resort changes hands. Hayden-based StanCraft Cos., in partnership with an investor group, acquired the Red Lion Templin's Hotel on the River, in Post Falls. StanCraft also announced plans to update amenities, landscaping, lighting, and guest rooms at the 167-room hotel and the accompanying marina.

May 24: Hecla Mining's CEO retires. Hecla Mining Co. announced the retirement of Phillips S. Baker Jr., who had led the Coeur d'Alene-based mining company for 23 years. In November, the company named Rob Krcmarov, a longtime industry executive who previously worked for a Toronto-based mining company, as Baker's replacement.  

June 6: Costco eyes Liberty Lake, then opts out. A membership-based big-box retailer with characteristics of a Costco Wholesale Corp. outlet appeared to be planning a new store and gas station in Liberty Lake, according to plans filed with the city. In November, however, a real estate executive confirmed that those plans had fallen through. 

June 25: Spokane Business Association launches. Inland Northwest business owners and executives formed the Spokane Business Association to advocate for business issues within the city. About five weeks later, the organization named former city of Spokane Chief Financial Officer Gavin Cooley as its inaugural CEO. 

July 2: Spokane tech hub proposal doesn't make federal short list. Spokane’s advanced aerospace materials manufacturing tech hub didn't make the short list of 12 projects that will receive a total of $504 million in federal funding. Despite missing out on that round of federal funding, advocates have received news of continued interest and potential funding from the U.S. Department of Commerce and remain hopeful that the project could come to fruition. 

July 22: Clearwater Paper sells tissue business. Spokane-based tissue and paperboard maker Clearwater Paper Corp. agreed to sell its tissue business for $1.06 billion to Sofidel America Corp., a subsidiary of Italian company Sofidel S.p.A. The transaction was completed Nov. 1. 

Aug. 5: Topgolf considers Liberty Lake facility. A code-amendment request application submitted to the city of Liberty Lake showed plans for a Topgolf facility along Country Vista Drive. As envisioned, the facility would cost $25 million to build and create 250 jobs, while generating about 250,000 visits a year. 

Aug. 13: STCU agrees to acquire Oregon bank. STCU agreed to acquire the assets of Joseph, Oregon-based Community Bank, a subsidiary of Community Bancshares Inc. The transaction, which would be STCU's fourth merger or acquisition since 2020, is expected to be completed in early 2025 and will add about $550 million in total assets and 10 branch locations to the Liberty Lake-based credit union. 

Aug. 13: Winemaker buys interest in Dry Fly Distilling. Caymus Vineyards, a winemaker based in California's Napa Valley, acquired a majority stake in Dry Fly Distilling Inc., a move that's expected to help the Spokane-based spirits maker grow. The two companies had worked together on a whiskey project for years.

Aug. 15: Anthony's Restaurants acquires Churchill's Steakhouse. Mad Anthony’s Inc., which does business as Anthony’s Restaurants, acquired Churchill’s Steakhouse, located at 165 S. Post in downtown Spokane. Bill Alles, a restaurateur who launched Churchill's in 2007, sold the business so he could retire.

Aug. 26: Avista names next CEO. Avista Corp. announced Heather Rosentrater will become CEO upon Dennis Vermillion's retirement at the end of the year. Rosentrater, who has served as  the Spokane-based energy company's president and chief operating officer, will retain the president title and take a seat on the company's board of directors. 

Sept. 12: $50 million apartment project gears back up. Construction of a 210-unit multifamily project on Spokane's lower South Hill, dubbed Koz on West 4th Ave, is underway after construction broke ground following over a year of project delays. Living units in the property are projected to be available for lease in fall 2026.

The sale of the 82-acre site being eyed by a global manufacturing company must be approved by the Spokane City Council before the $5.95 million deal is finalized.

Sept. 17: Global manufacturer plans West Plains plant. The Spokane County Board of Commissioners approved the sale of over 80 acres of airport land on the West Plains to Runway Property Holding Co., a company formed by global building materials manufacturing company Soprema Inc. Future manufacturing operations envisioned for the site are expected to employ 300 to 400 people. 

Oct. 15: Dave and Buster's breaks ground in Spokane Valley. Dave & Buster's Inc. started construction on a new arcade and sports bar in Spokane Valley. The 25,000-square-foot venue, which is on pace to be the company's first in the Inland Northwest, is scheduled to open in the fall of 2025.  

Oct. 21: Physician indicted on COVID relief funds fraud. Spokane dermatologist Dr. William Philip Werschler and his businesses were indicted on 23 counts of fraud for allegedly using $1.5 million in COVID-19 relief funds to purchase sports cars, buy real estate, and pay off personal debt. Werschler denied the allegations, saying a disgruntled former bookkeeper provided misinformation to federal investigators.

Dec. 5: CarbonQuest to double workforce. Following an estimated $36 million infusion in Series A funding, CarbonQuest Inc. disclosed plans to double its workforce and expand its technology. The young Spokane Valley-based clean tech company expects to employ about 60 people by the end of 2025.