One year later, Torrance OSH store closes its doors
The store was one of 17 Orchard stores that was passed over by Lowe’s in its recent buy-out deal. The Torrance store, as well as 16 other low-performing Orchard locations in California, are in the process of liquidating their inventories.
“Orchard is closing these locations as part of its Chapter 11 (bankruptcy) filing process,” spokeswoman Leigh Parrish told the news source. “They looked at the performance of the (Torrance) store even over a short time period. It did not fit within their repositioning and growth strategy.”
The 50,000-sq.-ft. store initially opened Sept. 1 last year with a redesigned look and a race-track configuration that streamlined traffic flow, as well as an expanded customer service area and a large paint and nursery section. According to the Daily Breeze, Torrance Mayor Frank Scotto referenced the store opening as a promising sign of economic growth in his yearly State of the City Speech last May.
“We believe our formula will enable Orchard to ‘own’ the neighborhood market for home repair and maintenance, painting and especially backyard living," said president and CEO Mark Baker in an announcement of the store opening last fall.
The Daily Breeze reports that many people, including store employees, were unaware of the decision until very recently.
The store began its going-out-of-business sale Wednesday.
CORRECTION: Orchard Supply has issued a notice that its Hawthorne Blvd. location will remain open, while its Pacific Coast Highway store in Torrance will close.
House-Hasson’s Moore-Handley deal takes final step
It’s official: The House-Hasson Hardware acquisition of Moore-Handley is in the books.
The final asset disposition remaining from the 2009 deal that brought the former hardware distributor Moore-Handley into the House-Hasson fold has been completed.
Summer Classics furniture has bought the former Moore-Handley building in Pelham, Ala. Summer Classics have said plans call for consolidating the company’s manufacturing and product storage operations in the building, as well as adding a new 10,000-sq.-ft. showroom.
The 428,000-sq.-ft. building and adjoining 18 acres came under House-Hasson’s ownership in October 2009 when it acquired Moore-Handley following that company’s bankruptcy.
On July 25, 2013, House-Hasson sold the building to the city of Pelham, and it was then sold to Summer Classics for $3.275 million.
“We’re very glad that the building will be used in a way that benefits the people of Pelham,” said Don Hasson, House-Hasson Hardware’s president.
House-Hasson Hardware serves some 2,000 independent hardware stores and lumberyards in 17 states and the Caribbean.
Tractor Supply sees double-digit sales gain
Tractor Supply celebrated its 21st consecutive quarter of year-over-year same-store transaction count increases on its way to a double-digit sales gain for the three-months ended June 29.
The Brentwood, Tenn.-based farm and ranch giant posted second-quarter sales of $1.46 billion, up 12.7% from $1.29 billion a year ago. Net income for the quarter rose 15.9% to $123.6 million, up from $106.6 million.
Same-store sales across the chain increased 7.2%, compared with a 3.2% increase in the same quarter last year. The gains came across the company’s key products, described as CUE — consumable, usable and edible.
Tractor Supply opened 48 new stores so far this year, a slighly slower pace than the first half of 2012.
"Our performance in the first half of 2013 again demonstrated the continued strength of our core businesses, as well as our ability to manage through seasonal variances," said CEO Greg Sandfort.
As of June 29, the company operated 1,223 stores in 45 states.