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Mythic Paint names Sherwin-Williams, Ace veteran as vp

BY HBSDEALER Staff

Mythic Paint, the Hattiesburg, Miss.-based no-VOC paint company, has announced Bud Moses will serve as vp-sales and marketing and will help spearhead a planned television and print advertising campaign.

Moses has served in the coatings industry for 20 years, most recently with Ace Hardware, where he served as a senior district sales representative. Prior to that, he spent 10 years with Sherwin-Williams as a sales representative. He also has worked as a retail development specialist for Do it Best.

Moses will be responsible for national and international retail and trade sales for Mythic. He also will be heavily involved with what the company called an “extensive marketing campaign,” scheduled to launch in July for the company’s line of zero-VOC paint, which features a 1,232-color palette.

“Bud brings with him a unique blend of experience in ‘real world’ store management, direct and international sales and marketing not easily found in our industry,” said Rocky Prior, president of Mythic Paint.

Mythic Paint, a subsidiary of Southern Diversified Products (SDP), was developed in cooperation with the University of Southern Mississippi.

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Pier 1 makes bid for Cost Plus

BY HBSDEALER Staff

Cost Plus, the parent of home decor retailer World Market, has rejected an unsolicited takeover offer by Ft. Worth, Texas-based home decor chain Pier 1 Imports.

In a statement, Cost Plus executives called the Pier 1 proposal “highly conditional” and “not in the best interests of Cost Plus and its shareholders.”

Pier 1 offered about $88 million for the company, which sells casual home furnishings, decor, housewares and other home items similar to the assortment found in Pier 1 stores.

“We believe that the combination of Pier 1 Imports and Cost Plus is extremely compelling and would create significant value for the stakeholders of both companies,” said Alex Smith, president and CEO of Pier 1. “Given our similar customer bases and broadly similar business models, but distinct market positions, we believe Cost Plus is an excellent fit with Pier 1 Imports.”

Pier 1 saw several quarters of losses, but swung back to profitability in the first quarter. Cost Plus recorded losses of $32 million in the first quarter.

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Correction: Tractor Supply Comps

BY HBSDEALER Staff

A June 12 article in breaking news incorrectly described Tractor Supply’s comparable-store sales. The company posted a 3.4 percent increase in 2007 and a 6.5 percent decline in the first quarter of the current year.

Click here for the story.

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