Hackett’s announces two store closings
Hackett’s Stores Inc., the 10-store department store/hardware chain based in Ogdensburg, N.Y., is in the process of closing two of its locations, parent company Seaway Valley Capital Corporation reported.
Hackett’s closed its store in Pulaski, N.Y., March 28, and is liquidating merchandise at a 56,000-square-foot Watertown, N.Y., site in anticipation of a June closure.
The decision — motivated primarily by Hackett’s need to accelerate the repayment of its senior line of credit — was also influenced by the weaker economy and the desire to focus operations, the company said.
Hackett’s CEO Thomas Scozzafava said that closing the stores will allow his company to devote more time and capital to Hackett’s remaining operations and to possible new stores in more strategic locations. “Hackett’s will still work to open new stores, with a particular focus on Lake Placid and Queensbury, but we absolutely must deal with the situation in front of us first,” he said.
The company operates eight other Hackett’s department stores, most of which include large True Value Hardware departments.
Hackett’s signed a lease for a Lake Placid location in September, which is good through February 2016. In the summer of 2008, Hackett’s opened stores in Gouverneur, N.Y., and Canton, N.Y. Hackett’s, one of the nation’s oldest retailers, has been operating since 1830.
California hardware owner buys fourth store
California hardware store owner Larry Hassett recently added to his portfolio of stores by purchasing Wisnom’s Hardware of San Mateo from Dick and Suzi Nelson, the Coastsider reported.
Hassett and his sons, Richard and Eric, also own Ocean Shore Hardware in Half Moon Bay, Palo Alto Hardware in Palo Alto, and Willow Glen Hardware in San Jose.
Hassett, who has been in the hardware business since 1957, carries a full line of hardware and building materials, an extensive selection of housewares, garden tools, pet supplies, giftware and a fireplace shop in his stores. He will extend Wisnom’s store hours and open his doors on Sundays, the article said.
B&Q retreats in China
In reaction to the slowdown in China’s housing market, the country’s largest home improvement retailer, British-owned B&Q, will reduce its store count from 63 to 41 units.
B&Q opened its first store in China in 1999, modeling itself after Home Depot’s large format, gray warehouse racking and orange color scheme. Based in Shanghai, B&Q set its sights on China’s growing middle class and expanded to Beijing in the north, Shenzhen in the south, and Wuhan in Central China.
In 2005, B&Q bought one of its competitors when OBI, a German-owned DIY chain, decided to pull out of China. At the time, OBI operated 13 stores on the mainland with five more openings planned.
Home Depot now owns 12 stores in China, which it purchased from the Home Way retail chain in August 2007. At an analysts’ conference earlier this month, CEO Frank Blake cited the difficulties of operating in the Chinese market, adding that the Atlanta retailer has no plans to expand there “[until] we figure it out.”