The Lumber Yard sells two locations
John H. Myers and Sons, a five-unit pro dealer in South Central Pennsylvania, will acquire the assets of The Lumber Yard locations in York, Pa., and Hagerstown, Md., by Dec. 31, 2008. These operations will be combined with existing Myers facilities in the towns of York and Chambersburg.
Terms of the deal were not disclosed.
Myers also operates lumberyards in Dallastown, Hanover and Camp Hill. The 92-year-old lumberyard ranked in 142nd place in the Home Channel News Top 350 Pro Dealer Scoreboard, with sales of $60 million for 2007.
All 73 employees who worked at The Lumber Yard locations in York and Hagerstown will be offered positions at John H. Myers, according to a company statement. “The continuity of employment for employees and source of supply for our customers were top priorities throughout our discussions,” said Bob Myers III, president of John H. Myers and a fourth generation owner.
Wolf Organization, parent company of The Lumber Yard, is engaged in negotiations to sell the chain’s two remaining locations in Downingtown and Whitehall, Pa. The LBM dealer once served five Mid-Atlantic states with 18 units, but a downsizing in late 2007 cut that number in half. Additional units were closed this year, bringing the number to four.
In a prepared statement, Wolf Organization said it wants to focus its resources on its wholesale business, which distributes cabinets, decking, siding and other building products.
HCN Stock Index drops 6.5 percent
The Home Channel News Stock Index dropped 6.42 percent on Wednesday, to close at 557.69. That’s down 42.4 percent from Sept. 15, the day of the Lehman Brothers bankruptcy announcement.
The Dow Jones Industrial Average declined 5.1 percent on Wednesday, closing at 7,997.28.
Of the 20 companies on the HCN index, only Louisiana Pacific showed a gain. LP shares jumped 21 cents to close at $1.83. On Tuesday, the company announced cost cutting measures including 200 job cuts. Among home channel stocks, Home Depot dropped 4.6 percent, Lowe’s dropped 5.6 percent and The Stanley Works dropped 10.3 percent.
Texas hardware store to move after 98 years
Wallace-Thompson True Value — which has occupied the same spot in downtown Rusk, Texas, for 98 years — will move to a new location, according to the Cherokeean Herald, a Texas newspaper.
The business, started by W.H. Wallace in 1895, is still operated by the same family. They plan to move on Nov. 24 and will hold a grand opening in the spring along with the opening of a new garden center.
The new store will have a state of the art paint department featuring True Value Paints, a full line of lawn and garden items and expanded electrical, plumbing and builder’s hardware departments, the article said.