HBSDealer Stock Watch: Another tumble
|Most hardware and building supply stocks finished lower on Wednesday.|
|BLDR (Builders FS)||13.48||-0.15%|
|BMCH (BMC Stock)||17.71||-0.73%|
|CENT (Central Garden)||34.41||-2.22%|
|DE (Deere & Co.)||147.46||-1.99%|
|HD (Home Depot)||193.70||-1.05%|
|LL (Lumber Liquidators)||13.88||+1.17%|
|SMG (Scotts Miracle-Gro)||75.62||-2.75%|
|TSCO (Tractor Supply)||84.82||-4.74%|
|UFPI (Universal Forest)||34.11||-0.58%|
Allied Solar partners with CertainTeed
The Beacon Roofing subsidiary will distribute Solstice Solar System.
Allied Solar Products, a subsidiary of Beacon Roofing Supply and one of the nation’s largest distributors of photovoltaic panels and solar accessories, has partnered with CertainTeed to expand the distribution of the manufacturer’s Solstice Solar System.
The move will allow Allied Solar Products to build on its roofing and solar opportunities, according to Dave Jenkins, national vice president of solar for Allied Solar Products, who describes the partnership as “a win for both companies and their contractor customers.”
“Allied Solar always looks for ways to improve its supply chains so we can deliver popular products to as many customers as possible as quickly as possible,” said Jenkins. “The move allows us to leverage our logistics, just-in-time delivery, and dedicated solar sales teams to deliver Solstice.”
CertainTeed’s Solstice system combines components including modules, inverters, mounting and flashing with a single-source warranty. In addition, when installed by one of CertainTeed’s Credentialed or Master Solar Installers, CertainTeed warrants the installation workmanship on the system for up to 25 years.
Solstice systems are designed to maximize roof space and can be configured to best suit the needs of the client, according to CertainTeed.
Mark Stancroff, director of CertainTeed Solar, said the Allied Solar Division’s sales know-how and logistical presence will complement CertainTeed’s strong brand recognition and installer base.
“Allied Solar’s team has strong product knowledge and solar industry expertise,” said Stancroff. “In addition, their parent company Beacon can deliver roofing material for solar jobs that require reroofs. All of this is supported by Beacon’s Pro+ e-commerce platform that allows customers to order 24 hours a day, seven days a week.
“Solar and roofing contractors value these solutions which enable them to stand out in the marketplace,” Stancroff added. “Allied’s logistical capabilities and service platform allow them to provide a steady supply of product to contractors, making their work more efficient. They are a natural fit for the distribution of CertainTeed’s value-added solar solutions.”
Beacon Roofing Supply, based in Herndon, Va., operates more than 550 branches throughout all 50 states and six provinces in Canada. The company distributes
At the start of 2018, Beacon completed its acquisition of Allied Building Products Corp. in a $2.62 billion cash deal.
Sears on brink of bankruptcy
Sears Holdings could file for Chapter 11 as early as Friday.
Sears Holdings Corp. is inching closer to filing for Chapter 11 bankruptcy protection.
The embattled, 125-year-old department store has hired M-III Partners LLC, a boutique advisory firm, to prepare a bankruptcy filing, the Wall Street Journal reported. The filing could occur as early as this week. The report comes on the heels of Sears adding restructuring expert Alan J. Carr to its board of directors. It also comes as Sears approaches a $134 million debt payment, due on Oct. 15, which the cash-strapped retailer previously warned it may not meet.
In September, ESL Investments, the hedge fund run by Sears chairman and CEO Eddie Lampert, proposed a plan that would essentially translate into a wholesale financial restructuring of the company but without a Chapter 11 filing. It includes selling off many of Sears’ remaining stores and asking lenders to exchange their loans for equity stakes in the retailer. (Some of the stores would be leased back to Sears.) It also includes an offer to buy Sears’ signature Kenmore appliances brand for $400 million. A special committee of the board is currently evaluating the proposal.
“There is a slim chance that Sears may avoid the latest bankruptcy threat, especially if lenders and stakeholders quickly agree to the restructuring program put forward by Eddie Lampert,” commented Neil Saunders, managing director of GlobalData Retail. “However, in our view, this is not a long-term solution; it is simply a way to prolong the life of a company that has long since lost the will to live.”
As of its latest quarter, Sears was operating some 900 stores (Sears and Kmart) down from 4,000 plus in 2005.