Content about Company Reorganization

Lynn Bradley, senior director, retail development, is out at Handy Hardware Wholesale, a cost-cutting move according to the Houston-based co-op.

Handy Hardware Wholesale, which filed for bankruptcy protection in January, eliminated the position of “senior director, retail development,” as part of a cost-reduction plan, according to Morrie Aaron, president of MCA Financial Group. MCA is Handy’s financial advisory firm that specializes in restructuring.

Houston-based hardlines co-op Handy Hardware Wholesale submitted papers for their much-anticipated plan of reorganization March 6.

The 1,300-member regional co-op filed for Chapter 11 bankruptcy in January. Whether Handy can return to its place as a meaningful and profitable player in the hardware business remains to be seen. This much is certain: What was once $27 million in member equity in Class A and Class B shares has vanished.

In addition to an extensive structural makeover, dubbed "Project Renewal,"  Newell Rubbermaid president and CEO Mike Polk announced a new leadership team that includes outside appointments to several executive positions.

ProBuild Holdings, the nation’s largest pro dealer, has announced a restructuring that will eliminate several high level management positions, lay off a number of people, and institute a hiring freeze at its Denver headquarters. 

In an internal memo obtained by Home Channel News, ProBuild’s CEO Rob Marchbank outlined the new leadership and reporting structure of the Denver-based company. The executive VP operations layer of management will be eliminated, and all senior VPs of operations will report directly to Marchbank.

ProBuild Holdings has confirmed that it is leaving the Chicago market, where it waged a battle with labor union members a year ago. A spokeswoman for the Denver-based pro dealer, the largest in the industry, told Home Channel News that the company would close its Yorkville, Ill., and Westmont, Ill., facilities by Dec. 16.

Lowe's has announced a restructuring in both in-store operations and merchandising organizations that will thin the ranks of its management and consolidate both its regions and divisions.

Lowe's merchants have been reorganized into two product divisions, each led by a senior VP/general merchandising manager. Both will report to executive VP merchandising Robert Gfeller Jr. 

Building Industry Partners (BIP), a private equity investment and mergers & acquisitions advisory firm specializing in the middle-market U.S. building industry, has announced the formation of its Debt Advisory & Placement Practice, which will leverage its relationships with the lender community to advise building products companies in restructuring and/or refinancing existing loans, as well as sourcing and optimizing terms on new senior, mezzanine and/or other debt capital.

For the first time since 2005, The Home Depot and Lowe’s Cos. both delivered positive comparable-store sales in all four quarters of 2010. Last year was also the first year both companies showed an increase in full-year sales since 2005. 


These trends are strong evidence that the worst of the economic cycle has passed for the two home improvement retail giants.


According to an article in Knoxvillebiz.com, Schaad Lumber of Knoxville, Tenn., will close its doors after 87 years in business.

Owner John Schaad III is quoted in the article: "After several decades of running Schaad Lumber Co., I have decided to retire and close the business. Schaad Lumber has always been a family business, and there is no family member who is interested in taking over."