Three new Ace stores open in Michigan
Oakland County, Mich., has three new Ace Hardware stores, offering a combined 40,000 square feet of retail selling space, according to mlive.com, a Michigan Web site.
Tri-City Ace Hardware in Clawson and Beverly Hills Ace Hardware in Beverly Hills celebrated grand openings Nov. 14 to 16, while Commerce Ace Hardware in Commerce is scheduled to hold its grand opening in April 2009.
Tri-City Ace was opened by Dan Klepp, a longtime Rochester resident who formerly worked in the automotive supply industry. Klepp looked at several entrepreneurial opportunities before zeroing in on an Ace store.
Beverly Hills Ace owner Bill Damman is the grandson of the founder of Damman Hardware, a 17-store Michigan chain that closed in 2004. The Beverly Hills location will employ 15 people.
Commerce Ace Hardware was opened by licensed contractor David Swartz, who previously managed a hardware store and will run the 10-person operation.
All three stores are approximately 13,500 square feet.
HCN Stock Index drops 6.5 percent
The Home Channel News Stock Index dropped 6.42 percent on Wednesday, to close at 557.69. That’s down 42.4 percent from Sept. 15, the day of the Lehman Brothers bankruptcy announcement.
The Dow Jones Industrial Average declined 5.1 percent on Wednesday, closing at 7,997.28.
Of the 20 companies on the HCN index, only Louisiana Pacific showed a gain. LP shares jumped 21 cents to close at $1.83. On Tuesday, the company announced cost cutting measures including 200 job cuts. Among home channel stocks, Home Depot dropped 4.6 percent, Lowe’s dropped 5.6 percent and The Stanley Works dropped 10.3 percent.
Texas hardware store to move after 98 years
Wallace-Thompson True Value — which has occupied the same spot in downtown Rusk, Texas, for 98 years — will move to a new location, according to the Cherokeean Herald, a Texas newspaper.
The business, started by W.H. Wallace in 1895, is still operated by the same family. They plan to move on Nov. 24 and will hold a grand opening in the spring along with the opening of a new garden center.
The new store will have a state of the art paint department featuring True Value Paints, a full line of lawn and garden items and expanded electrical, plumbing and builder’s hardware departments, the article said.