All American Home Center to close
Downey, Calif.-based All American Home Center is closing after more than 50 years of business.
According to the Downey Patriot newspaper, the retailer hired Gordon Brothers Group to handle the liquidation of inventory, a process that will run into next month.
Owner Tamar Kane issued a statement: "Our customers have shown us great loyalty for decades and we hope they take advantage of these incredible savings on home improvement supplies."
The company’s website no longer showcases merchandise. Instead, a simple message explains: "We are a family owned, single-store business serving the Downey, South Gate area for over 50 Years."
The company was recognized by Home Channel News as a Tools of the Trade honoree during the 2009 Golden Hammer Awards event.
What a sad occasion to see
What a sad occasion to see All American Home Center close. I watched it grow from about 15,000 sq. ft. to its size, watched it survive after Home Depot opened across its parking lot. I wonder why it is closing now.
Masco names new division president
Masco Corp. has announced the promotion of Keith Allman to group president, responsible for Brasstech, Delta Faucet Co., Hansgrohe, Liberty Hardware, Masco Bath, Masco Canada and Mirolin Industries Corp. Most recently, Allman had been president of Delta Faucet Co., a position he took over in 2007.
Allman joined Masco in 1998 as VP manufacturing at cabinet maker Merillat Industries. He was later promoted to executive VP operations for Masco’s builder cabinet group. Prior to joining Masco, Allman spent 13 years with General Motors (GM) in a variety of manufacturing, engineering and quality positions. Following his career at GM, he worked in the automotive tier one supply base in a number of senior leadership positions.
In a separate announcement today, Delta Faucet Co. named Richard O’Reagan as its new president. Previously, O’Reagan was VP sales at Delta.
Masco Corp. in a leading manufacturer of home channel products that include Behr paint, BrassCraft water supply products, Delta and Hansgrohe faucets, bath and shower fixtures, KraftMaid, Merillat and Quality cabinets and Milgard windows and doors.The company also operates a construction services division.
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Fitch changes ratings on Home Depot, Lowe’s
Fitch Rating, one of the nation’s leading credit rating services, has reassessed its outlook on Home Depot and Lowe’s following the retailers’ recent third-quarter earnings releases.
Home Depot received a boost to A- staus, maintaining its stable outlook, based on the Atlanta retailer’s operating momentum, strong cash flow and positive comp-store sales in seven of the past eight quarters.
Home Depot’s shares recently traded at $37.12. Its market capitalization is $57.16 billion
Lowe’s rating was downgraded two levels to BBB+ with a stable outlook. Fitch cited the North Carolina’s company’s soft operating results and its #2 position in the home-improvement industry. Fitch mentioned the housing market, unemployment and the slowly recovering remodeling market as headwinds facing both companies.
Lowe’s shares recently traded at $23.10. Its market capitalization is $29.11 billion.
Last week, Home Depot reported its fiscal third-quarter earnings rose 13% and third-quarter sales increased 2.9%. Lowe’s posted a 44.3% drop in net income and 2.3% rise in sales.
Fitch said it expects home improvement spending to increase 3% in 2011 and 4% in 2012, adding a gradual improvement in the economy could spur more home-improvement projects.
Standard & Poor’s, another major rating service, has also upgraded Home Depot while lowering its rating on Lowe’s.
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