CNRG rolls out BlueTarp Financial
The Central Network Retail Group (CNRG), operators of 43 home centers, lumberyards and hardware stores, signed a deal with BlueTarp Financial, a provider of in-house trade credit programs for the building supply industry.
Under the deal, Protland, Maine-based BlueTarp will manage all aspects of the CNRG credit program — credit extension, customer service, billing and collections.
According to BlueTarp, the service provides each CNRG location improved cash flow, protection from credit risk, and an enhanced credit program experience for their contractors.
CNRG, headquartered in Memphis, operates 43 lumberyards, hardware stores, and home centers throughout the southeast under brands like Morrison Terrebonne Lumber Center (Louisiana), Habersham Hardware (Georgia), Elliott’s Hardware (Texas) and Town & Country Hardware (North Carolina).
The origin of the relationship began with Alabama’s NFL Building Supply, where BlueTarp managed NFL’s credit program since 2008. CNRG acquired NFL in 2011.
“Our growth plans are aggressive and we believe that BlueTarp can keep pace and help us realize this future growth,” said Boyden Moore, president of CNRG.
The announcement of the partnership with CNRG comes on the heels of BlueTarp’s $15 million equity increase to support their own rapid growth rate. “BlueTarp is proud to add CNRG to our growing network of dealers,” said Scott Simpson, BlueTarp’s CEO. “Boyden is an innovative retail leader thinking ahead of the curve on how our industry is evolving.
It’s final: Lowe’s completes OSH deal
Mooresville, N.C.-based Lowe’s completed its acquisition of 72 Orchard Supply Hardware stores for some $205 million in cash.
Lowe’s also assumes payables owed to nearly all of Orchards’ supplier partners.
“We look forward to a smooth transition and to continuing the successful repositioning strategy already underway to take full advantage of Orchard’s growth potential,” said Richard D. Maltsbarger, Lowe’s business development executive and recently named president of Orchard. “Orchard is well-positioned within the California marketplace, with a strong brand, loyal customers and significant opportunity to benefit from the economic recovery. We are confident Orchard has a bright future as part of Lowe’s.”
Orchard Supply will continue to operate as a separate, standalone business, maintaining its headquarters in San Jose, Calif. The Orchard Supply stores typically measure about 36,000 square feet.
Washington hardware store launches harvest swap
Kittitas County Hardware, located in Downtown Kittitas, Wash., is launching a first-time harvest swap for local gardeners, the Daily Record reports.
The "leave some, take some" food exchange will run through the end of September and provide gardeners with an opportunity to make the most of their excess harvest.
The swap is taking place in a small greenhouse next to the store and is open from 8 a.m to 6 p.m. Monday through Saturday, as well as 9 a.m. to 4 p.m. on Sundays.
With some success, the store plans to extend the program through October and bring it back the following year.