Growth-minded Marvin’s secures $20 million credit facility
Leeds, Ala.-based Marvin’s Building Materials and Home Centers closed a five-year, $20 million revolving secured credit facility. The financing was provided by Wells Fargo Bank.
“Marvin’s was looking for a financial partner to provide stability and guidance in our banking matters,” said Gregg Denny, Marvin’s CFO. “The Wells Fargo team was very knowledgeable regarding the retail industry and offered Marvin’s an asset-based credit facility, which met our long-term strategic objectives.”
During September, Marvin’s announced a new store in Fayetteville, Tenn., that will be the first of at least two new stores planned for Marvin’s in 2012. It will also be the first new-store format in Tennessee. The company opened two new stores in Monroeville, Ala., in May and a third opened in Eufaula, Ala., on Oct. 14.
Marvin’s is a family-owned business founded in 1945 by Marvin Cohn in Gadsden, Ala. It is now actively operated by Mike and Dan Cohn, the third generation of the family. Marvin’s currently operates 27 stores in Alabama, Mississippi and Georgia and was named the 2010 Retailer of the Year by Home Channel News.
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U.S. backs Whirlpool in anti-dumping case
Appliance maker Whirlpool prevailed in a preliminary finding by the U.S. Commerce Department that foreign producers in South Korea and Mexico — including Samsung Electronics and LG Electronics — violated United States and International trade laws by “dumping” bottom-mount refrigerators in the United States.
The Oct. 27 ruling found company-specific dumping margins for four Mexican producers: Samsung at 36.65%, LG at 16.44%, Mabe at 36.21% and Electrolux at 19.80%. In Korea, manufacturer Samsung was hit with a 32.2% anti-dumping duty, and LG received a 4.09% penalty.
As a result of the Commerce Department’s action, affected importers will be required to post bonds as security for possible future payment of anti-dumping duties if United States’ wholesale sales prices on bottom-mount refrigerators are not raised to fair value.
Manufacturer Samsung released a statement after the ruling saying it is in compliance with U.S. trade laws and expects to ultimately prevail.
“The Department of Commerce took exception to the manner in which Samsung provided certain information and, as a result, made adverse assumptions in its calculations of the anti-dumping margins. However, the Department of Commerce has requested that Samsung provide the needed information in a different form, which it has agreed to consider before issuing its final determinations. We intend to present factual data and information to that end during the full investigation.”
The Commerce Department said it is halfway through its investigation, and will seek further information from the companies being investigated and conduct a full audit before the final determination. These results are expected in March 2012. On the successful completion of this case, the United States government may assess duties against United States imports from South Korea and Mexico of bottom-mount refrigerators.
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Jury recommends death sentence in slaying of HD manager
The trial of a man accused of killing a Home Depot store manager in a 2007 robbery attempt ended in a guilty verdict with a recommended death sentence, according to an article in the Los Angeles Times.
Jason Richardson, 40, entered a Tustin store in Southern California disguised as a painter and shot store manager Thomas Egan in the stomach after Egan tried to discourage him from hurting anyone, the Orange County district attorney’s office said. Richardson fled with $500, but investigators identified him through a DNA match on a sock full of ammunition he left behind.
Egan was the father of twin daughters under the age of five when he was killed.
When arrested in Oceanside, Calif., Richardson was on parole for a 2002 spousal abuse conviction. He had a string of convictions that included rape, sexual assault on a child, grand theft burglary, narcotics and possession of stolen property, police said.
Two previous juries this year and last year were unable to reach a verdict regarding the death penalty, according to the newspaper. Richardson is scheduled to be formally sentenced Nov. 18 at the Central Justice Center in Santa Ana.
Not that killing this scum
Not that killing this scum will provide any solice to the overall situation, and there will be appeal after appeal, but the right decision was made.