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Lowe’s opens DFC in Tennessee

The Direct Fulfillment Center measures 1.1 million sq. ft.

BY HBSDealer Staff

A Lowe’s distribution center described as one of the most technologically sophisticated facilities in the company’s network officially opened Thursday in Coopertown, Tenn.

The center ships parcel packages directly to Lowe’s customers. At 1.1 million sq. ft., the direct fulfillment center, or DFC, is large enough to hold 22 football fields. It’s 4,100 tons of steel is the equivalent of 1,345 pick up trucks. And in another example of its size and sophistication, its 3,900 light fixtures using 100% LED lighting will yield $55,000 in energy savings per year.

Lowe’s broke ground on the Coopertown facility back in August of 2016.

In an interview with the Charlotte Business Journal, Lowe’s CEO Marvin Ellison said “This is one of the most automated distribution centers in the U.S.”

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A record-setting AA battery

Energizer Ultimate Lithium battery is recognized by Guinness World Records.

BY HBSDealer Staff

Energizer announced its Ultimate Lithium AA batteries have been certified by Guiness World Records as the longest-lasting AA battery.

According to the announcement, Energizer Ultimate Lithium AA batteries outlasted the competition across the board to secure the Guiness World Records title.

“Energizer batteries have powered many amazing moments in history, and we’re not stopping now,” said Lori Shambro, VP, global marketing at Energizer Holdings, Inc. “We’re delighted to add a Guiness World Records title to our legacy, which will be as long-lasting as our AA batteries.”

The company says its AA batteries deliver peak performance—or consistently high power—over an extended period of time. Energizer Ultimate Lithium AA batteries also hold power for up to 20 years in storage, the company claims, perform in extreme temperatures from -40° F to 140°F, weigh 33 percent less than alkaline AA batteries, and are guaranteed leak-proof under standard use.

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Lampert submits offer for Sears

Chairman Eddie Lampert bids $4.5 billion to purchase Sears' remaining locations.

BY HBSDealer Staff

The drawn-out saga of embattled Sears Holdings Corp. may have entered its final chapter.

In a move to save the bankrupt retailer, ESL Investments, the hedge fund run by Sears chairman Eddie Lampert, submitted a $4.6 billion bid on Thursday to purchase its remaining stores, which total about 500, headquarters, distribution locations, as well as Sears brands Kenmore and DieHard. Sears filed for bankruptcy in October and Lapert resigned as CEO of the retailer.

The acquisition would be via a newly-formed company, called Newco. The offer includes up to $950 million in cash through an asset-based loan facility, a credit bid of about $1.8 billion, $500 million in Newco notes, cash, and/or waiver or assignment of deficiency claims, rollover of about $271 million in cash collateral from the LC Facility. It also includes the assumption of about $1.1 billion in assumed liabilities that include gift cards and points from Sears’ loyalty program.

ESL submitted its bid in a letter to Lazard Frères & Co., the investment banker for Sears debtors. In the letter, ESL wrote that its proposed business plan “envisages significant strategic initiatives and investments in a right-sized network of large format and small retail stores, digital assets and interdependent operating businesses.”

“ESL believes that a future for Sears as a going concern is the only way to preserve tens of thousands of jobs and bring continued economic benefits to the many communities across the United States that are touched by Sears and Kmart stores,” ESL stated. “We are prepared to move as quickly as possible,”

The bid assumes that about 50,000 employees would continue working for the company and a reinstatement of the severance program. Sears filed for bankruptcy in October.

“As always, we remain enthusiastic about the continuation of Sears as a going concern and its future potential,” ESL wrote.

CNBC reported that a “stalking horse bidder” will be named on Dec. 15 in bankruptcy court. That bidder will set the floor for other potential offers.

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