Costco to close its Costco Home stores
Issaquah, Wash.-based Costco Wholesale Corporation will shutter its two Costco Home stores on July 3, the company announced. The two stores are located in Kirkland, Wash.; and Tempe, Ariz.
Costco CEO Jim Sinegal called the two stores a valuable experiment that taught the retailer a great deal about home furnishings. But it was time for a change.
“The current economic slowdown and resulting weakness in the home furnishings business in particular have led us to conclude that the single-format Costco Home concept does not fit into our long-term expansion plans,” he added. “As the current lease obligations near an end, it makes sense for us to make this difficult decision now.”
Costco isn’t planning any other closings, and the company expects no layoffs as employees will be offered jobs at other local Costco stores. Sinegal added the two closings will have “no significant impact on the operations or financial results of the company.”
Costco currently operates 554 warehouses, including 407 in the United States and Puerto Rico.
A.C. Houston acquires Sandlin Lumber
Las Vegas-based A.C. Houston Lumber purchased the assets of Sandlin Lumber. A.C. Houston Lumber will operate out of both its current and its newly purchased Las Vegas locations.
On the 2008 Home Channel News Top 350 Pro Dealer Scoreboard, A.C. Houston ranked 73rd with $115 million in sales. Sandlin had been operating as a single-location family-run dealer since 1981.
“This expansion reaffirms A.C. Houston Lumber’s commitment to the Southern Nevada market in which we have had the pleasure of providing quality service and products since 1948,” said president Ron Mason. “We look forward to continuing the exceptional service Sandlin Lumber Co. has provided the Las Vegas Valley during their 28 years of operation.”
A.C. Houston Lumber has been a major supplier of building materials, lumber, trusses and engineered wood products to the professional builder since 1884. A.C. Houston Lumber currently operates lumber and truss manufacturing facilities in Nevada, California and Idaho.
Huttig loses CFO
Kenneth Young, the CFO at Huttig Building Products, has resigned effective April 10, according to a filing with the Securities and Exchange Commission. No reason was given for his departure.
The St. Louis-based distributor named Young as vp and chief financial officer effective Jan. 27. Young had served as interim CFO since Oct. 17, 2008. He was hired as company treasurer in January 2006.
Prior to joining Huttig, the 57-year-old executive worked as the finance director of Insituform Technologies, a publicly held company that provides trenchless sewer rehabilitation, tunneling and industrial pipe linings. Young was also employed for 16 years at MEMC Electronic Materials, a silicon-wafer manufacturer and a publicly traded company, where he served as treasurer. Other positions include the Farm Credit Banks of St. Louis, an agricultural lending institution, where Young held the position of VP finance.