Content about Bankruptcy

December 15, 2014

Armstrong World Industries is breaking it off with its European flooring business as well as discontinue funding for its DLW subsidiary, which filed for insolvency in Germany as a result.

"Our difficult, but necessary, decision to exit the European flooring business and discontinue funding our DLW subsidiary in Germany was the culmination of a comprehensive evaluation of strategic alternatives following years of disappointing results, multiple restructuring initiatives and significant financial investments," said Armstrong CEO Matthew Espe.

October 23, 2014

A report in Seeking Alpha Thursday revealed that Sears Holdings was planning on laying off at least 5,457 workers before the holidays, as well as closing more than 100 stores.

Sears spokesman Howard Riefs did not respond to Seeking Alpha's request for comment, though his name was on the bottom of the liquidation sale notices obtained by local media.

September 4, 2014

Though LDR Industries, a Chicago-based plumbing products company, filed for Chapter 11 bankruptcy on Thursday, its owners expressed optimism over its prospects for a sale.

"LDR is a strong viable business," said Bill Underwood, president and CEO. "It is currently involved in a dispute with U.S. Customs, and this is the best way to resolve that dispute."

August 25, 2014

Craig Cowart will succeed Doug Miller as president of Houston-based hardware distributor Handy Hardware, effective Oct. 1. 

Cowart will lead Handy as it distances itself from its tumultuous recent period and builds on its “ProfitPlus” value proposition, the company said.

June 30, 2014

Three former executives of Edgenet have acquired the assets of the tech firm that helped companies in the home improvement space and beyond track and organize digital data.

EdgeAQ completed the purchase from Edgenet Inc. on June 16 as part of a Chapter 11 363 sale. The company will continue to do business as Edgenet.

March 3, 2014

An industry veteran and former top merchandising executive at Handy Hardware, Mickey Schulte resigned last week to take a position outside the hardware industry.

Schulte had been a key figure at the Houston-based distributor and served during the company’s growth years, its bankruptcy and its subsequent reorganization. 

January 8, 2014

After a volatile 2013, Handy Hardware is entering the new year with new ownership, new structure and a new emphasis on customer profits.

The Houston-based hardware distributor launched an initiative called “Profit Plus, the New face of Handy,” which encompasses business improvements and dealer programs.

“The Handy team and I want to thank our customers who stood buy us in 2013, and want them to know Handy’s ability to service our dealers has never been stronger,” said Doug Miller, CEO.

October 18, 2013

During a recent Goldman Sachs investor conference, analyst Matt Fassler described Tractor Supply as “one of the most unique differentiated growth stories in retail.”

That was the cue for CEO Greg Sandfort to share some of the Brentwood, Tenn.-based company’s insights into its large and growing brand of farm-and-ranch retailing. And he shredded a few myths of rural retailing in the process.

October 18, 2013

When HCN first visited Millington, Tenn.-based Cole’s Home Solutions with a cover story in our August 2009 issue, we cautioned: “Now for something completely different.”

When we first talked to co-owner Charles Cole, he expressed admirable ambition: “We knew we had to remodel the store, because Lowe’s was kicking our butts,” Cole said. “And we don’t want to be just another big box.”

August 22, 2013

Mooresville, N.C.-based Lowe's CEO Robert Niblock added some color to the company's plans to acquire 72 Orchard Supply Hardware stores. 

Earlier this week, the federal antitrust review and bankruptcy court approved Lowe's $205 million bid. In comments to investors Wednesday, Niblock said he expected the deal to close at the end of August.

August 20, 2013

Masonite International Corporation has filed to become a U.S. reporting company on the New York Stock Exchange, with plans to withdraw its previous Form S-1 registration statement after a proposed $150 million initial public offering in February.

Additionally, the company applied for the listing of its common shares under the "DOOR" ticker symbol.

August 19, 2013

San Antonio -- Handy Hardware Wholesale has returned to normalcy -- or pretty close -- after a post-bankruptcy transition from a hardware co-operative to a for-profit wholesale distributor. 

August 16, 2013

A new Orchard Supply Hardware store in Torrance, Calif., will remain open, while a Torrance store on Pacific Coast Highway will close.

Previously, HCN reported that the Orchard Supply store located on Hawthorne Boulevard, which opened last year, will be liquidating its inventory as part of OSH's bankruptcy filing.

August 12, 2013

It’s official: The House-Hasson Hardware acquisition of Moore-Handley is in the books.

The final asset disposition remaining from the 2009 deal that brought the former hardware distributor Moore-Handley into the House-Hasson fold has been completed.

August 6, 2013

Littlejohn & Co., LLC has wrapped up the acquisition and recapitalization of Handy Hardware Wholesale, which filed for Chapter 11 bankruptcy last January and was sold in April.

Littlejohn, a private investment firm based in Greenwich, Connecticut, has a stake in wholesale distribution as well as hardware.

July 26, 2013

Greenwhich, Conn.-based Littlejohn & Co. received court approval to acquire Houston-based Handy Hardware Wholesale out of bankruptcy.

Doug Miller, former president of Jensen Distribution, will take over as interim CEO of Handy Hardware. 

"This is an important milestone for the future growth of Handy Hardware and I am pleased to lead this organization, which has enjoyed outstanding support and loyalty from its members and industry partners," Miller said.

July 16, 2013

Bloomberg is reporting that Orchard Supply Hardware Stores Corp. received bankruptcy court approval for $176.3 million in financing. 

The debtor-in-possession loan will fund operations at some 60 Orchard Supply Stores, as the California chain awaits finalization of an acquisition offer put forth by Mooresville, N.C.-based Lowe’s. 

July 3, 2013

Great American Group is handling liquidation sales at eight Orchard Supply Hardware locations.

The eight stores, located in Citrus Heights, Fairfield, Huntington Beach, Lone Tree, Long Beach, Midtown, Newark and Vacaville, were approved for liquidation as part of the company's First Day Motions after it filed for Chapter 11 bankruptcy and was acquired by Lowe's as part of an initial stalking-horse bid.

Great American Group won the bidding process to manage the store closing sales and has been managing the eight locations since June 29.

June 27, 2013

The Orchard Supply Hardware brand will carry on as a division of Lowe’s, but the ticker symbol will not.

The NASDAQ Stock Market removed Orchard’s class A common stock from listing on the market Wednesday, marking the end of a brief era for the OSH ticker symbol.

June 19, 2013

Following its asset acquisition deal with Lowe's, Orchard Supply Hardware is moving forward with its effort to close underperforming stores and has won approval to seek bids from liquidators to hold going-out-of-business sales.

June 18, 2013

Following a bullish day overall, Orchard Supply was up by 12.23% Monday after an asset acquisition deal with Lowe’s saved the company from Chapter 11 bankruptcy.

June 17, 2013

As part of Orchard Supply Hardware's filing for Chapter 11 bankruptcy, the company has reached an agreement for Lowe’s to purchase the majority of its assets for $205 million in cash, plus the assumption of payables owed to nearly all of Orchard’s supplier partners. Under the terms of the agreement, Lowe’s, serving as “stalking horse bidder,” would acquire no less than 60 of Orchard’s stores, based on further due diligence on the store locations.

June 10, 2013

Orchard Supply Hardware, the historic California brand that has strived to strike a happy medium between big-box home center and friendly neighborhood hardware store, is considering a bankruptcy option, according to a report in Bloomberg News.

The report also says the California hardware chain is continuing talks with lenders over its $261 million debt and lease obligations. 

May 14, 2013

Handy Hardware Wholesale said it welcomed the bankruptcy court approval of its debtor in possession (DIP) financing loan modification that brings funding from Littlejohn Management Holdings. 

Littlejohn, which agreed to acquire Handy and shed its co-op structure as it emerges from bankruptcy, will provide a $4 million DIP loan, funding that will commence this week. 

May 6, 2013

<!--[if gte mso 9]>

Normal.dotm
0
0
1
500
2852
LF
23
5
3502
12.0




<![endif]--><!--[if gte mso 9]>