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ProBuild makes Forbes List

BY HBSDEALER Staff

ProBuild Holdings, the industry’s largest LBM chain, held the 117th spot on Forbes annual list of “America’s Largest Private Companies.”

The Denver-based company was ranked No. 84 in last year’s survey. The list is based on Forbes’ estimates of each company’s fiscal-year 2009 revenues. ProBuild reported its 2009 revenues last year as $3.2 billion.

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Lowe’s closes two SoCal stores

BY HBSDEALER Staff

Lowe’s has closed two underperforming stores in California’s Inland Empire, according to an article in the San Bernardino County Sun.

The North Carolina retailer, which operates more than 1,725 home improvement retail outlets in the United States, Canada and Mexico, cited inadequate past sales and bleak projections as its reasons for shuttering stores in Apple Valley and San Bernardino. The units are located in the southeastern portion of the state, which has been particularly hard hit by the recession, foreclosures and the building slowdown.

Aspokeswoman for Lowe’s said there would be no closeout sale at either store. Merchandise will be returned to a distribution center or moved to other locations, she said.

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MDC announces CFO departure

BY HBSDEALER Staff

Denver-based home builder MDC Holdings announced SVP and CFO Christopher Anderson has concluded his employment, effective Nov. 5.

The company, which builds homes under the name Richmond American Homes, said Anderson will provide consulting services to the company for 90 days.

The company did not announce a replacement.

“For the past two and a half years, Chris has been an integral part of our team,” said Larry Mizel, MDC’s chairman and CEO. “As a leader in the company, Chris’ ability to identify and solve key business issues has led to long-lasting improvements to our operations. As the leader of the finance organization, he has been an excellent steward of our investment grade balance sheet and has consistently demonstrated strong financial integrity. We regret seeing him go and wish him well.”

“I am honored to have had the opportunity to spend the past few years with MDC,” Anderson said. “I am grateful to senior management, the board of directors and the investment community for their support during my tenure, and I will do all that I can to ensure a smooth transition of my responsibilities over the next several months.”

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