Lowe’s begins rebuilding in tornado-wrecked Sanford, N.C.
Lowe’s will break ground today on a new Sanford, N.C., store to replace the one destroyed by a tornado more than a month ago, according to press reports.
The 103,000- sq.-ft. store is expected to be completed by September.
The store was hit by one of more than 200 tornadoes that struck 13 states in three days in April. For his quick-thinking during the storm, the store’s manager received a call from President Obama.
National Hardware Show reports increased attendance
Organizers of the recently completed 2011 National Hardware Show in Las Vegas said a second straight year of increased attendance gives the 2012 show a head start.
The 66th Annual National Hardware Show, which concluded May 12 at the Las Vegas Convention Center, saw an increase in attendance of 4%, according to organizers. Last year’s show saw an increase of 20%. Organizers said they were encouraged by exhibitor bookings for 2012 that are already up 16% from a year ago.
"The increased attendance and increased buying on the Show floor creates a strong foundation for 2012," said Ed Several, senior VP and general manager of the National Hardware Show.
The 2011 National Hardware Show also marked the debut of Independents’ Day — an entire day devoted to independent retailers and their contributions to the home improvement industry. Hardware store owners and other attendees took a break from the action on the show floor to gather around the North American Retail Hardware Association (NRHA) Village stage and share ideas about promoting their businesses in the community.
Sears Holdings CFO calls it quits
Sears Holdings has named William Phelan as acting CFO, replacing Michael Collins, currently SVP and CFO, who resigned last week to pursue another opportunity, the company reported in an SEC filing.
Collins will remain with the company until June 10 in order to ensure a smooth transition, Sears noted in the filing.
Phelan was elected SVP and controller of the company in September 2007. From December 2007 until December 2008, he also served as the company’s treasurer. From the consummation of the merger involving Kmart Holding Corp. and Sears, Roebuck and Co. in March 2005 until September 2007, Phelan served as VP and controller. Prior to the consummation of the merger, he served in a variety of finance positions with Sears, Roebuck and Co., which he joined in 1992.
Phelan will have his work cut out for him. In its most recent quarter, Sears Holdings reported a first-quarter net loss of $170 million, or $1.58 per diluted share, compared with net income of $16 million, or 14 cents per diluted share, in 2010.