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Sears joins partnership to aid veterans

BY HBSDEALER Staff

Sears Holdings has joined the program Rebuilding Together San Antonio in a bid to help veterans and military families complete home improvement projects.

According to a report in the San Antonio Business Journal, volunteers will help equip homes with features like wheelchair accessible bedrooms and bathrooms.

Rebuilding Together also will be able to accept donations from Sears and Kmart retail stores and online.

“Rebuilding Together San Antonio is excited to partner with Sears and Kmart stores to provide low-income military families and veterans with home repairs and modifications they need,” said Joan Headley, San Antonio Rebuilding Together chapter executive director.

Hoffman Estates, Ill.-based Sears Holdings operates 3,800 full-line and specialty retail stores in the United States and Canada.

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Housing starts inch up in California

BY HBSDEALER Staff

California builders pulled permits for 7,164 single-family homes in May, a 2.5 percent decrease from April, according to the Construction Industry Research Board. But in the multi-family housing market, the number of starts totaled 3,574, a 14 percent rise over April.

The net gain was a 2 percent overall rise in residential building activity.

Yearly comparisons were still grim, with single-family housing permits in May dropping 40 percent compared to May 2006. Permits for condos and apartments were down 29 percent in May 2007 compared to the previous year.

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Home Depot will issue sales view update next week

BY HBSDEALER Staff

In light of the sale of HD Supply, Home Depot will offer a revised view of its sales outlook for the year.

On July 10, the company will hold a conference call from 9 a.m. to 10:30 a.m. to update its fiscal 2007 sales and earnings guidance. A webcast of the update will be available on the company’s investor relations Web site.

Home Depot announced the sale of its HD Supply division for $10.3 billion on June 21. The new owners of Home Depot’s pro-oriented division are Bain Capital Partners, the Carlyle Group and Clayton Dubilier & Rice.

Joe DeAngelo, the CEO of HD Supply, will stay with the business, and the deal is expected to close in the third fiscal quarter. HD Supply has made a short-term transaction services agreement with its new owners to help with the transition.

At least one HD Supply subsidiary, Crown Bolt, will remain as a long-term supplier to Home Depot, company officials said, referencing a seven-year contract.

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