Kmart launches Martha Stewart bed, bath decor line
New York As part of a previously announced rebranding effort for Sears Holdings’ Kmart stores, the retailer introduced a new line of Martha Stewart bed and bath home decor items at a Manhattan store this week
The home goods area of the Astor Place Kmart store was roped off and labeled the “Bluelight District,” playing host to journalists and Sears Holdings representatives.
The day-long event highlighted a new line of higher quality Martha Stewart bed items, furnishings, decor, window treatments and other items.
A“Mr. Blue Light” mascot was on hand, further illustrating Kmart’s retro brand campaign to focus on its classic “Blue Light Special” in-store promotions. Additionally, the company introduced new house label “Abbey Hill” home decor items as part of the event.
Kmart is a wholly owned subsidiary of Sears Holdings, which operates 3,800 full-line and specialty retail stores in the United States and Canada.
Pro-Build purchases Alpine Lumber Supply
Pro-Build Holdings has announced the purchase of Alpine Lumber Supply, a pro dealer serving the Coeur d’Alene, Idaho, market from two locations, in Sandpoint and Post Falls. The terms of the deal have not been disclosed.
Founded in 1978, Alpine Lumber is a full-service lumberyard known for specialty wood products as well as decking, fencing, and siding. It operates a kitchen design center and millwork showroom. The company also installs windows, doors, stairways, tub and shower enclosures, mirrors, and closet systems.
Alpine Lumber will join Pro-Build’s existing operations in Coeur d’Alene and Spokane. “The addition of these teams will allow us to enhance our reach into the northern Idaho market as well as expand our installed services offerings,” said David Dittmer, president of the Pro-Build West region.
The largest pro dealer in the United States, Denver-based Pro-Build operates more than 520 locations in 40 states. Sales in 2006 were $5.1 billion.
KB Home records $35.6 million in losses
Los Angeles-based KB Home was hit with a tough third quarter, showing $35.6 million in net losses compared with earnings of $153 million in last year’s second quarter.
Sales dropped 32 percent to $1.54 billion from $2.28 billion in the year-ago period.
“Our third-quarter results reflect the seriously challenging market conditions that prevail for homebuilders across most of the nation,” said Jeffrey Mezger, president and CEO. Mezger said a combination of tough factors has made selling homes much more difficult — including an oversupply of unsold homes and resale homes, “downward pressure’” on home values, tightened lending standards, high foreclosure rates and greater buyer caution.
The company incurred $690.1 million in charges related to inventory and joint venture impairments and the abandonment of land option contracts.
“Despite the disappointing third-quarter loss, we are making steady progress on strengthening our balance sheet and aligning our operations and investment strategy with current market conditions and our longer-term expectations for the business,” Mezger said.
KB Home is one of country’s largest homebuilders, with operating divisions in 15 states.