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$3.4 million awarded in nail gun suit against Stanley, Home Depot

BY HBSDEALER Staff

A Hartford, Conn. jury has awarded a construction worker $3.4 million in a civil lawsuit against Stanley Works and Home Depot, according to a report in the Hartford Courant newspaper.

Carpenter Jerry Crutchfield was working on a church project when an accident caused a 3.5-inch nail to go through his cheek and into his brain. The injury left him partially paralyzed.

However, the jury found Crutchfield 55 percent liable for the accident because he was using the nail gun incorrectly against metal rather than wood.

Ted Morris, an attorney for Stanley Works, told the newspaper the gun met industry standards. He did not say whether the company would appeal the verdict. “The tool can be used safely. All power tools pose risk. People have to be very careful and follow the instructions,” he said.

The N79 model of nail gun is no longer sold at Home Depot stores.

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Restoration Hardware sees losses in the third quarter

BY HBSDEALER Staff

On the heels of a takeover bid by Sears Holdings, Restoration Hardware released third quarter results today showing revenue rose 10.6 percent to $173.7 million, compared with $157.1 million in the same period last year. The company reported a net loss of $15.2 million, deeper than the $5.7 million in losses the retailer recorded last year.

Of those losses, $1.4 million came from costs associated with a merger agreement between Restoration Hardware and affiliates of investment company Catterton Partners, a plan that the retailer announced on Nov. 8. That merger agreement was challenged later in November by Sears Holdings, which offered to acquire Restoration Hardware for a slightly higher per-share price than Catterton.

Afurther $400,000 in losses was related to headcount reductions at the company’s Corta Madera, Calif.-based headquarters.

“Weakening consumer spending and traffic levels continued to affect our business in the third quarter, particularly higher ticket durable categories,” said Gary Friedman, president and CEO of Restoration Hardware. “While we are encouraged by some of the early holiday trends in our business, we remain cautious due to the macro economic environment, which has proven highly challenging for the home furnishings sector this year.”

Restoration Hardware opted not to hold a third quarter conference call because of “pending merger agreement activities.” The company said it would update investors through press releases and filings with the Securities and Exchange Commission.

Restoration Hardware sells high-end home furnishings, decorative hardware, fashion plumbing fixtures and bathware through more than 100 stores nationwide.

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BY HBSDEALER Staff

Home Depot has announced a voluntary recall of about 64,000 holiday figurines because of a lead paint hazard, according to the United States Consumer Product Safety Commission.

The products were manufactured by Creative Design of Hong Kong. The surface paint of the figurines contains lead, according to the commission. No incidents or injuries have been reported.

The products were sold at Home Depot stores from October 2007 to November 2007 for between $10 and $20. They include a snowman candle holder, a holiday bear candle holder, a rendering of three snowmen with a “Joy” sign and a snowman with a “Let it Snow” sign.

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