Obituary: CCA Global Partners co-founder Alan Greenberg
Alan Greenberg, co-founder, co-chairman and co-CEO of CCA Global Partners, died Aug. 28 at the age of 64. The cause of death was cancer.
“His love and commitment to CCA Global Partners, its associates and its members was beyond imagination,” said Howard Brodsky, CCA Global co-founder. “He believed strongly in our mission and cherished all of the relationships he formed. This is a great personal loss to me and to the industry.”
Greenberg earned his MBA from St. Louis University in 1968 and joined Tile Town/Carpet City as a minority stockholder. He helped grow the company into a $20 million enterprise and one of the region’s largest floor covering dealers.
In 1974, Greenberg started Sun Carpet, which he grew into a four-store chain.
Greenberg later joined with Brodsky in 1984 and led 11,000 independent floor covering retailers to participate in the industry’s first “Billion Dollar Carpet Sale,” which inspired the idea for Carpet One, now part of CCA Global Partners.
In addition to his work with CCA Global, Greenberg served as president and chairman of the board of the Retail Floorcovering Institute. In 1999, he was named Entrepreneur of the Year by Ernst & Young in the Wholesale/Distribution category for the St. Louis region. In 2002, he was inducted into the World Floor Covering Association Hall of Fame. Greenberg has been named to HFN’s “Power 100,” a list of the top executives who influence the home furnishings industry, for the last four years. He has been the vice chairman of the Floor Covering Industry Foundation and was awarded the FCIF Lifetime Achievement Award earlier this year. He helped establish the CCA Global Partners/FCIF Annual Charity Golf Tournament and has raised more than $500,000.
With $9.6 billion in sales in 2006, CCA Global ranked fifth on the HCN Top 500 Scoreboard of home channel retailers.
Canadian Tire to delve further into financial services
Canadian Tire has announced the launch of its “One-and-Only” combined checking, savings and mortgage account for homeowners. The new product will allow users to fold all three into one financial product, according to the company.
The goal is to allow consumers to pay off debts faster, the company said, while consumers who open the account also will be able to earn bonus Candian Tire “money” for purchase of goods at the home improvement and automotive products retailer.
“We know from our consumer and market research that as the size of the average mortgage continues to grow, so does every Canadian’s desire to pay off that debt as quickly as possible,” said Marco Marrone, president of Canadian Tire Financial Services.
Canadian Tire jointly launched the Web site mortgageinyourway.com, to show consumers where and how they can save money with the One-and-Only account. The site includes a tool to help see how consumers can pay off their mortgages quicker, called the “Mortgage-Free Faster Tool.”
Canadian Tire operates more than 1,100 stores and gas stations in Canada. The company offers other financial services, including its “Canadian Tire Options MasterCard” and the Canadian Tire Auto Club, which offers emergency roadside assistance services.
Home Depot completes tender offer
Home Depot has reported the preliminary results of its tender offer, which closed on Aug. 31 with the repurchase of 289.6 million shares at a price of $37 per share. Excluding fees and expenses, the stock buyback will cost approximately $10.7 billion.
Most of the money — about $8 billion — will come from the proceeds of the sale of HD Supply, according to spokeswoman Paula Drake. Another $2.7 billion will be paid in cash, she said.
Originally, Home Depot announced it wanted to spend $22.5 billion on its recapitalization plan, offering $39 to $44 per share. But the company cut its offer price in mid-August to $37 to $42.
Drake said the company will continue buying back shares but gave no specific timeline for doing so. The 290 million shares being repurchased in the tender offer represent approximately 14.6 percent of the company’s outstanding stock, according to a filing with the Securities and Exchange Commission.