Wolf Organization sells retail business
The housing downturn claimed another pro dealer last month when The Lumber Yard, an LBM chain headquartered in York, Pa., sold a pair of locations to a competitor and entered into negotiations with separate buyers for its remaining two units. Wolf Organization, parent company of The Lumber Yard, said it wanted to concentrate on its more successful distribution business, which handles kitchen cabinets, siding, composite decking and other building materials.
John H. Myers & Son, a five-unit pro dealer in South Central Pennsylvania, has acquired the assets of The Lumber Yard locations in York, Pa., and Hagerstown, Md. The Lumber Yard’s last two locations, in Downingtown and Whitehall, Pa., will also be sold to existing lumberyards, according to Jim Groff, the senior vp-marketing for Wolf Organization.
“We’re looking to have the exact same disposition, but with two other regional independents,” Groff told Home Channel News. “We’re very, very close on one [deal].”
John H. Myers, also headquartered in York, will transfer equipment and inventory from the two purchased yards to its own locations. In addition to the York facility, the 92-year-old company operates branches in Chambersburg, Dallastown, Hanover and Camp Hill, Pa. All 73 employees of the two Lumber Yard locations will be offered job s at John H. Myers, which listed $60 million in sales for 2007 on the HCN Pro Dealer Top 350 Scoreboard.
“We’re hiring everybody upfront,” said company president Bob Myers III in an interview with Home Channel News. “They’ve got some long-time, knowledgeable people.”
A fourth generation owner, Myers has already witnessed an 84 Lumber and Stock Building Supply close in his market since the housing downturn. By purchasing the two Lumber Yard locations, Myers hopes “to keep a good chunk of their business without a lot of infrastructure costs,” he said.
The Lumber Yard, which started 2007 with 18 units in five Mid-Atlantic states, went through a major restructuring late last year. Half of the chain’s locations were closed, and five regional “super yards” were created with additional inventory, equipment and