Founder of Bradco Supply to retire
Barry Segal, CEO of Bradco Supply, has officially announced his retirement from the company he founded in 1966.
Segal left a position with H. Verby & Co. in Long Island, N.Y., that year to begin his own roofing supply business in central New Jersey. The company has since grown into one of the nation’s largest suppliers of building materials.
Ted Boylan, founder of Admiral Supply, will succeed Barry Segal as CEO.
Much of the day-to-day operations of the business will stay in the Segal family. Barry’s oldest son Brad Segal, will be named chief operating officer in addition to his current role as company president. Barry’s youngest son, Martin Segal, now serves as company vice president.
Bradco Supply serves both the commercial and residential builders with 155 locations in 30 states. The company stocks a wide variety of products including roofing, siding, windows, skylights, decking, doors and tools. Some locations also offer kitchen cabinets and countertops.
Bradco supply was ranked eighth on the HCN Top 350 Pro Dealers Scoreboard, with 2006 sales of $1.9 billion, up 9.5 percent from the previous year.
Ace lays off 20 corporate employees
Ace Hardware confirmed Feb. 19 that it has laid off 20 corporate employees from various support areas of the company, effective immediately.
“This action was taken to help bring corporate expenditures in line with Ace’s revised bottom line operating expenses, which is compounded by the continued slowdown of both wholesale and retail sales due to the current soft economy and lackluster housing market,” the Oak Brook, Ill.-based company said in a statement to Home Channel News.
“While we regret that these few select positions were eliminated, it will not impact our ability as a company to service our Ace retailers and, in turn, their customers,” the statement said. Although Ace did not specify which positions had been affected, HCN has learned that some of those laid off were field representatives.
One of the former employees who was informed of his termination on Monday said he was told the cuts were related to the company’s effort to return equity to $320 million, the co-op’s equity level before its $152 million accounting error. Speaking on condition of anonymity, the source said various field representative positions were among the cuts.
The announcement comes six months after Ace discovered the shortfall in its accounting books, which the company recently confirmed was the result of discrepancies between its general ledger and inventory records. Ace made no comment about whether the layoffs were related to the shortfall.
Standard Lumber opens ‘green’ yard
Standard Supply and Lumber, a 12-unit chain of lumberyards and showrooms in western Michigan, has announced the opening of a location devoted exclusively to FSC-certified wood products and eco-friendly kitchen and bath products. Located in Grand Valley/Standale, the combination lumberyard/showroom will provide a place where architects, builders, homeowners and others interested in green building projects can source all their products in a single place.
In addition to low-VOC adhesives, composite decking and cabinets and flooring made from sustainable resources, Standard Lumber and Lumber’s “Eco-Connections” will feature Energy Star windows and appliances.
“We are committing our company to the goals of the LEED green building rating system,” said Tim Rottschafer, president of Standard Lumber and grandson of the company founder.
Headquartered in Grand Rapids, Mich., the 104-year-old company also manufactures trusses, constructs post frame buildings, and installs windows, roofing and siding in the residential market.