Hechinger Liquidating All 117 Stores

Hcchinger Co., thc nation's fburth largest homc intprovenrent rctail chain, is liquidating its asscts to hclp pay ol'f clcclitor.s.

Rceling fionr losses of arouncl $2100 rnillion since January 199t3, the firru filed lirr Chaptcr I I bankruptcy pfotcctlon in June. In addition to closing 89 unpl'of itablc stores, tlte reorganizatlon agrccl-ncnt includcd court approval ol a $700 nrillion l<lan 1l-orrr BankBoston.

Ultiniatcly, <tverconting thc 80year-olcl conrpany's dirc liscal conditiott rvus i nstrlrn,'untuhle. rrect'ssi trrt i n:: the lrrluidation and closurc of'thc renraininc I l7 I-Icchingcr's, Builclels

Scluarc and Honie units hy the cnd ol

Foundcd in l9l9 by Siclncy Hcchingcr-. thc rctail chain boastcd 28,000 enrplovees in 1998. but its 1996 mcrge r wltl) Kntart's f l o u n cl e r in g Buildcrs Squarc nncl thc rapid cxpansion ol' larger conrpetitors its dentise. lcd to

Qualtcrs Warchousc the year.

"Ten year.s ago, retailers saicl you.just couldn't l'ind good people. Norv. returler-s arc saying they just can't Iintl pcople."

- Bill Shurp, i rt rl us t ry' cotrs uIkml, Sulc$Tet'h SoluIiotts

Depot Sells Noxious Weed

Honrc Dcpot storcs have unknor.vin-ely sold a noxious weccl as a pond plant in irs lnany as 35 stalcs fl-clrn AIaska to Gcorgiu.

Accolilins to Icderal planr inspcctors, about 4.200 bur rccd plants (s7;rrrIletltunt ertctLurt) werc inadvcrtently allowcd into the country I'ive rrionths iigo in an cxotic plant shiprnent fiom Holland.

"You can say oltr folks on this sicle were kind ol lullcd into this." saicl Randy Wcstbrooks, cooldinator of thc Agriculture Dcpartmcnt's noxictus weed program. "Thcy didn't look at all thc papcrrvurk."

Tltc 6-l't., ycllow fltlverccl, green rvcccl, rvhich had not prcviously cxisted in thc Unitcd Stiitcs. cun chokc anci shut clown waterways without its natural prcdolors.

Honrc Dcpot sl.lokcsman Jcrry Shiclds said the cornpany is coopcrating with inspectOrs to recover the plants.

"We buy Cedar fencing materials in different grades, in widths ranging from3 1l2" to 12", and lengths from 4' to 8'. Adams is the only source for some of that matenal. They're prompt, ship on our schedule, are consistent in grade, ald allow us to mix tmckloads of different sizes and grades Thev take care of us. no matter what."

Fox-Gal Buys Brookhart's

Foxworth-Calbraith Lumber Co. has signed a letter of intent to purchase privately-owned Brookhart's Building Centers, Colorado Springs, Co.

Dallas, Tx.-based FoxworthGalbraith will acquire Brookhart's yards in Colorado Springs, Canon City, Grand Junction, Montrose, Monument, Pueblo, Rocky Ford and Woodland Park, Co., truss plants in Pueblo and Colorado Spring, Co., and a distribution center.

"We've been looking for expansion opportunities in the Southwest for some time," said James Galbraith, Foxworth-Galbraith's chief executive oU'icer. "Our two companies are very compatible."

After noting that he and Brookhart's president, Tom Watt, have been liiends fbr 30 years, Galbraith said both nren are confident the Colorado operations will continue without much disruption fbr customers or employees.

Upon completion of the sale, Brookhart's will operate under its own name as a division of FoxworthGalbraith. Ken Black, Fox-Gal's current Southwest Division manager, will oversee the division ofTices in

Colorado Springs. Mike Watt, Brookhart's vice president of operations, and Rob Watt, vice president of sales, will remain with F-G in their current positions.

Brookhart's was founded by Kenneth Brookhart when he opened his first store in Colorado Springs in 1949. Alier his death in 1962, his sonin-law, Tom Watt, oversaw the expansion of the business into l0 stores across the state.

The acquisition will give Foxworth-Galbraith a total of 80 locations across Texas, New Mexico, Arizona and Colorado.

The company, which was founded 98 ycars ago, expects the sale to close in November.

Tynan Lumber Folds

Tynan Lumber Co., Salinas, Ca., reportedly Monterey County's first lurnber business, has closed after 87 years.

Founded by Jan Tynan in 1912, the firm made a name fbr itself by servicing Central Coast construction pros, conceding the d-i-y market to larger competitors.

Gradually, the company closcd yards in Oakland, San Jose, Paso Robles, Monterey and King City. The liquidation of the Salinas location was the final nail in the board.

Jan Tynan's son, L. Michael, succeeded him as operator of the firm. In turn, Patricia Chapman, L. Michael's daughter, took over the business in 1988 after his death.

L-P Completes Forex Buy

Louisiana Pacific Corp. has completed its acquisition of Canadian OSB manufacturer Le Groupe Forex lbr approximately $5 l2 million.

The sale includes two sawmills and three Quebec-based OSB plants, slated to become a wholly owned subsidiary of L-P Canada, Ltd., managed by fbrmer Forex president and coo Andre Lascelle.

L-P's initial offer of roughly $408 rnillion was approved by Forex's directors in June, only to be outbid by nearly ZOVo several weeks later by Boise Cascade. After L-P responded with an oft'er of $475 million, Boise Cascade countered with what would be its final bid of $500 million (see Sept., p.2l).

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