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The news as of 6/19/2013
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Orchard Supply Warns Equity Holders of “Complete Loss of Investment”
"It is expected that the Company’s equity holders will experience a complete loss of their investment as a result of Orchard’s Chapter 11 bankruptcy proceedings."
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FBHS Names President for Security & Storage
Terry Horan, formerly president and chief executive officer of Robert Bosch Tool Corporation, replaces John Heppner who previously announced his plans to retire in 2013.
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Ace Elects Two New Directors
At the retailer-owned cooperative’s annual shareholders meeting June 11, Ace Hardware elected two new Member Directors: Stew Elliott Jr., of Elm Grove, WI, and Amy Kaplanis of Granby, CO.
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Orchard Supply Reaches Acquisition Agreement with Lowe’s as Part of Chapter 11 Filing
Orchard Supply Hardware Stores today announced that it has reached an agreement through which Lowe’s will acquire the majority of its assets for $205 million in cash, plus the assumption of payables owed to nearly all of Orchard’s supplier partners.
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Housing Starts +6.8%
Single-family housing starts in May were at a rate of 599,000; this is 0.3 percent above the revised April figure of 597,000.
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Builder Confidence Surging in June
Builder confidence in the market for newly-built single-family homes hit a significant milestone in June, surging eight points to a reading of 52 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released today. Any reading over 50 indicates that more builders view sales conditions as good than poor.
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Newell Rubbermaid Appoints E-Commerce VP
Newell Rubbermaid today announced the appointment of Jeremy Liebowitz to the newly created position of Vice President, Global E-Commerce.
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