After Christmas, Lowe’s gets busy
Mooresville, N.C.-based Lowe’s is planning a barrage of day-after-Christmas store openings that will bring more than 700,000 square feet of new retailing space to the nation’s second largest home improvement retailer.
On Dec. 26, Lowe’s will open in the following seven locations: Oak Grove Village, Mo. (94,000 square feet); Derby, Conn. (102,000 square feet); South Lebanon, Ohio (117,000 square feet); League City, Texas (117,000 square feet); East San Jose, Calif. (117,000 square feet); Tarboro, N.C. (66,000 square feet); and Pineville, La. (94,000 square feet).
And the end of its most recent quarter, Lowe’s operated 1,616 stores. The company expects to open approximately 120 stores in 2008, scaling back to 75 to 85 new store openings in 2009.
Standard Pacific names new president and CEO
Standard Pacific’s board of directors has elected Ken Campbell as president and CEO. Campbell succeeds Jeffrey V. Peterson, who has stepped down as chairman, CEO and president. He is continuing as a director of the company.
Campbell is a partner of MatlinPatterson Global Advisors, a private equity firm, and is Standard Pacific’s largest shareholder.
Ronald R. Foell, current director and co-founder of the company will be non-executive chairman of the board. Foell has more than 40 years of home-building experience and served as president of Standard Pacific from 1969 through 1996.
“We are pleased that Ken Campbell has agreed to serve as the company’s new president and chief executive officer,” Mr. Foell stated. “We believe that Ken’s extensive experience in restructuring operations, achieving cost savings and developing more efficient operations will complement the company’s ongoing efforts in these areas and will help the company to return to its position as a profitable, market-leading home builder.”
The Irvine, Calif.-based home builder operates in California, Florida, Arizona, the Carolinas, Texas, Colorado and Nevada.
Hickory Hardware acquired by management team
Management personnel from Hickory Hardware have completed a deal to purchase the decorative, prime door and security product assets of Hickory Hardware from Melrose.
Terms of the deal were not released.
“Our customers are very supportive of this change in ownership,” said Andy Fedor, partner and president, Belwith Products, in a press release announcing the agreement.
The company will be based in Grandville, Mich., in the former headquarters of Belwith International. Hickory Hardware’s headquarters had been in Nashville, while Belwith’s lineage traces back to the founding of the Keeler Brass Co. in Middleville, Mich., in 1893.
“This move is a return to our roots in Michigan, where we forged our reputation for a high level of service and for supply chain efficiency,” said Fedor. “We are committed to continuing our design leadership in the industry while providing the best quality products and programs to our customers in an on-time and complete manner.”
Belwith Products will design and market Hickory Hardware brand cabinet, door, security and builder’s hardware, as well as legacy brands Belwith, Belwith-Keeler, First Watch, Period Brass, Designer Collection and Keeler Brass, to retail, distribution, showroom, co- op and OEM channels in the United States and Canada.