Yard Lumber & Fence Supply to close
Modesto, Calif.-based Yard Lumber & Fence Supply, a one-unit building materials dealer with a niche in fencing and masonry wall products, is set to close, according to a report in the Modesto Bee.
The 33-year-old-business scaled back from 70 employees about a year and a half ago to 20 employees currently, according to the report.
Owner Gary Robinson said the business still was viable, but a combination of wanting to go in another direction and the downturn in the housing market led to the decision to close.
Robinson also told the newspaper that several other lumberyards in the Northern San Joaquin Valley region had closed in recent years, primarily because of competition from big-box retailers as well as a difficult construction market.
Oregon home builder files for bankruptcy
One of Oregon’s larges home builders, Legend Homes, has filed for Chapter 11 bankruptcy.
Under the name Legend Homes/Matrix Development, the builder filed for bankruptcy protection at the Portland, Ore., United States District Court yesterday, following a drop-off in home sales and a poor return on land investments in the region.
The primary reason for the filing, according to a statement from the company, was to protect the company’s home building operations from margin calls on land holdings by lenders. Margin calls result when properties drop in value, pushing loan ratios beyond the terms of the original loan.
“Because of recent issues related to the national credit crisis, we understand the need of our financial partners to stay viable and also stay within federal mandates. Yet we had to make this necessary move to protect our interests,” said Legend Homes’ president Jim Chapman in a statement.
The company has yet to receive court approval of its bankruptcy plan, but the builder expects to emerge from bankruptcy “by year end.”
National Hardware Show has new director
Dean Russo has left Reed Exhibitions, where he oversaw the National Hardware Show, Lawn & Garden World and the Homewares show.
Russo had served as group vp-Reed, taking over the day-to-day business and financial operations of the National Hardware Show in January. He attended the 2008 show in Las Vegas May 6 to 8, (click here for video) which had seen an attendance increase over the 2007 show in Orlando, according to organizers.
Russo has been replaced by Ed Several, who was promoted to group vp-Reed in early June. In addition to overseeing the National Hardware Show, Several will continue to be responsible for other Reed properties — the PGA Merchandise Show, the PGA Fall Expo and the Outdoor Sports Show.
The company has not made an official statement on the departure of Russo but said it was preparing an announcement to be released in coming days.