Hardware Retailing magazine is the pre-eminent how-to management magazine for small business owners and managers in the home improvement retailing industry.
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HARDWARE RETAILING | April 2017 76 Newsmakers J.C. Penney to Close 140 Stores, Offer Early Retirement to 6K Workers J.C. Penney will close 130 to 140 stores and two distribution centers. The company will also offer early retirement packages to about 6,000 employees. TheRedT.com/jcpenney-closures Amid Employee Layoffs, Lowe's Reports Profits Fourth-quarter earnings increased for Lowe's, following the company's announcement of additional layoffs at its corporate headquarters and two support facilities. TheRedT.com/layoffs-profits Banks, Retailers Spar Over Credit Card Swipe Fees Financial institutions and retailers are revisiting a disagreement on credit card swipe fees, which were regulated by the Dodd-Frank Act in 2010. TheRedT.com/swipe-fees Sales Down, Losses Up for Lumber Liquidators Lumber Liquidators reported a boost in net sales during the fourth quarter of 2016, but the full year's financial performance reflected woes that began in 2015. TheRedT.com/losses-up Ace Hardware Reports Solid Growth, Despite 'Challenging Year' Ace Hardware Corp. reported financial growth in its fourth quarter and for fiscal 2016, which the co-op's top executive called a "challenging year." TheRedT.com/ace-q4-2016 Home Depot Reports Continued Growth in 2016 While retailers in other sectors have been struggling, The Home Depot's fourth quarter 2016 financial results marked overall growth for the company. TheRedT.com/depot-q4-2016 Retailers Celebrate Independence at True Value Spring Reunion Home improvement retailers came from around the globe to discover new products, attend educational seminars and network with other business owners at the True Value Spring Reunion. TheRedT.com/truevalue-sp2017 Plenty to See and Do at Orgill Spring Dealer Market Retailers gathered at the Orgill Spring Dealer Market to hunt for good deals, see new products and get ideas for improving their businesses. TheRedT.com/orgill-sp2017 Ace Hardware Expanding Distribution Facility for Imported Products Ace Hardware Corp. plans to expand its Virginia facility that serves as the co-op's central location for receiving imported products on the East Coast. TheRedT.com/ace-redistribution Home Depot Recognized for 'Bold E-Commerce Strategy' The Home Depot has been recognized this year for its "bold e-commerce strategy" by Fast Company, which called the home improvement giant one of the most innovative retailers worldwide. TheRedT.com/hd-bold Best Buy Outlet Stores Sell Discounted Appliances Electronics retailer Best Buy is testing outlet stores in four states as an alternative way to sell clearance and open-box merchandise. TheRedT.com/best-buy-outlet Sears Planning $1B in Cost Cuts Sears Holdings is cutting its costs by $1 billion in 2017 as a way to become profitable again, the company recently announced. TheRedT.com/sears-billion CANADA Lowe's Moving Ace Canada Office to Toronto Lowe's Canada recently announced that it will bring the management and support of the Ace program into the Lowe's Canada regional service center in Toronto and will move distribution for Ace to Lowe's existing distribution centers in Quebec and Alberta. Orgill Expects Faster Delivery With New Distribution Center Orgill has launched operations at its new Post Falls, Idaho, distribution center, shipping to customers in regions of British Columbia. The company originally planned to service just British Columbia and Alberta from the facility, but has since expanded coverage to Saskatchewan. TIMBER MART Kicks Off 50th Anniversary With Convention and Trade Show TIMBER MART kicked off its 50th anniversary celebrations at its annual convention at the Grand Velas Riviera Nayarit resort in Mexico. The event had record attendance of more than 460 dealers, vendors and staff. Conversion of RONA Stores to Lowe's Begins With Edmonton Store Lowe's Canada announced that its Namao RONA Home & Garden store in Edmonton, Alberta, will be the first RONA location to convert to Lowe's branding. Quebec Association Raises Funds, Honors Members AQMAT, the Quebec hardware and building supply association, held its Gala of Recognition in mid-February, honoring industry greats and raising more than $13,000 for Montreal's Hôpital Sainte-Anne foundation. For the full story of each of these briefs, visit hardlines.ca/hardwareretailing.