CNRG acquires Moore’s Hardware
Natchez, Miss.-based Central Network Retail Group acquired Moore’s Hardware in Dahlonega, Ga.
The 11,500-sq.-ft. store at 550 Grove Street N in Dahlonega also has a warehouse and lumberyard. Moore’s features a broad assortment of lumber, building materials, millwork, hardware, paint, electrical, and plumbing products. Lamar Ricketts, Moore’s former owner and manager, has agreed to stay and consult with CNRG.
“Moore’s Hardware is an exciting addition to our Georgia stores,” said Jim my R. Smith, chairman of CNRG. “We now operate five stores in our Georgia market, which we started earlier this year.” Boyden Moore, president of CNRG, added, “ Lamar and Bernice Ricketts built a great store in Dahlonega over the past 20 years that they’ve owned and operated the store . We are proud to have the opportunity to add Moore’s t o our portfolio of stores and carry forward their commitment to serving the lumber and building material needs of Dahlonega and Lumpkin County.”
Moore’s Hardware also has remote family ties to CNRG. The store’s former owner Robert Moore was related to the family of Boyden Moore, the president of CNRG, he said. The connection had no impact on the transaction, according to Boyden Moore, whose great grandfather was a resident of Dahlonega at one time.
“CNRG was a good fit for us,” said Lamar. “After 20 years of running this business, it was important to us to choose a good owner for the future. CNRG understands our business and they are committed to investing in it for the future. We think this is a win for us, a win for CNRG and a win for Dahlonega."
CNRG currently operates 44 home center and hardware stores in Mississippi, Louisiana, Alabama, Tennessee, Texas, North Carolina, and Georgia under nine separate brands.
Orchard Supply receives DIP financing
Bloomberg is reporting that Orchard Supply Hardware Stores Corp. received bankruptcy court approval for $176.3 million in financing.
The debtor-in-possession loan will fund operations at some 60 Orchard Supply Stores, as the California chain awaits finalization of an acquisition offer put forth by Mooresville, N.C.-based Lowe’s.
“I believe the aggregate facility is necessary for the company” and gives suppliers confidence the company will have adequate liquidity to continue going forward, Chris Newman, Orchard Supply’s chief financial officer, told the judge, according to Bloomberg.
Orchard says it will operate as a separate, standalone business at the completion of the sale process, retaining its brand, management team and associates. The chain was spun off a standalone business from Sears in 2011. It filed for bankruptcy last month.
Western Insulation opens Bakersfield location
Western Insulation is expanding to the Bakersfield, Calif. area with a new store location that will service local homeowners and contractors. The California-based company will bring its insulation installation expertise to the area, in addition to services such as fireplace, garage door and gutter installation.
"We look forward to offering our products and services to both the homeowner and contractor alike," said division and regional manager Bill Spencer. "Our trained Installed Product Specialists are ready to install any of our quality building products, from fiberglass insulation to gutters and garage doors."
The Bakersfield store will mark the seventh California location for Western Insulation, which also has a presence in Ceres, Riverside, Atascadero, Sacramento, Livermore and Fresno.
Western Insulation is part of the Masco Contractor Services group, which are all subsidiaries of Masco Corporation.