REPORT: Meek’s Lumber downsizing in Missouri
Following its purchase in September, Meek’s is closing 6 locations.
Meek’s Lumber, a division of American Construction Source, is closing 6 locations in Missouri.
Less than 2 months ago, Meek’s was the flagship pro dealer acquired by the newly formed American Construction Source (ACS) – an LBM holding company formed by the private investment firms of Angeles Equity Partners and Clearwater Capital Group.
A week later, ACS acquired Edwards Building Center and Breckenridge Building Center – both based in Colorado.
But in what is being called a consolidation move, Meek’s will shutter locations in Springfield, Poplar Bluff, Doniphan, St. Robert, Mountain Grove, and Greenfield, according to a report by the Springfield News-Leader. The closings are expected to take place as early as Nov. 12.
In a statement issued by ACS, the company said the decision to close the stores was “a data-driven business decision after careful analysis and consultation with the Meek family.”
Prior to the closings, Meek’s operated more than 50 locations in Missouri, California, Arkansas, and Nevada. The pro dealer will continue to operate 24 locations in Missouri with the locations scheduled for closing already pulled from a store list on Meek’s website.
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Home Depot Foundation increases veterans funding
The foundation is dedicating another $250 million to veterans causes.
The Home Depot Foundation announced that it is increasing its commitment to veteran causes to $500 million by 2025.
The retailer has provided $250 million in funding in recent years and now plans to double its commitment over the next several years.
The expanded commitment to veterans comes as company volunteers, known as Team Depot, completed more than 100,000 volunteer hours during the Foundation’s seven-week Celebration of Service campaign, the company said. As an added tribute to veterans, volunteer associates traded in the iconic Home Depot orange and wore military green at hundreds of projects during this year’s campaign.
“The Home Depot Foundation has been supporting veteran causes since 2011 and recently completed its commitment to invest $250 million, but we’re not stopping there,” said Home Depot chairman, CEO and president Craig Menear. “We’re committing another $250 million by 2025 bringing our total investment to half a billion.”
Through partnerships with national and local nonprofits, the foundation completed its quarter billion- dollar commitment two years early, resulting in improvements to more than 40,000 veterans’ homes and facilities since the original pledge was made. The organization will continue to work with nonprofits including Volunteers of America, Semper Fi Fund and Gary Sinise Foundation and many others, to end veteran homelessness, perform critical home repairs for senior veterans and serve critically wounded veterans.
“Giving back to our nation’s heroes is a part of our DNA at The Home Depot,” said Shannon Gerber, executive director at The Home Depot Foundation. “We’re proud to partner with the best nonprofits in the nation to solve veteran issues and serve our servicemen and women who dedicated their lives to our country and sacrificed so much.”
As the foundation wraps its eighth annual Celebration of Service campaign on Veterans Day weekend, the organization is inviting the community to wear military green and join together to serve veterans. On Nov. 8 and 9, volunteers can serve with Team Depot at projects across the country.
HBSDealer Stock Watch: Thursday’s Ticker
|Here’s how hardware and building supply stocks performed on Wall Street Thursday.|
|BLDR (Builders FS)||13.06||-4.04%|
|BMCH (BMC Stock)||17.26||-2.43%|
|CENT (Central Garden)||31.99||-1.14%|
|DE (Deere & Co.)||146.67||-1.19%|
|HD (Home Depot)||188.00||+0.41%|
|LL (Lumber Liquidators)||12.16||-1.46%|
|SMG (Scotts Miracle-Gro)||78.20||+3.21%|
|TSCO (Tractor Supply)||96.62||+0.91%|
|UFPI (Universal Forest)||28.71||-1.14%|
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