Personnel Update:

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

Lowe’s expects to complete its acquisition of 72 Orchard Supply Hardware stores by the end of August. When that happens, current Orchard CEO Mark Baker will be replaced as the head of operations by Lowe’s executive Richard D. Maltsbarger.  Baker, a former Home Depot executive, became the Orchard Supply CEO in March of 2011. According to the press release announcing the move, Baker “informed Lowe’s of his decision to accept a position as president and CEO of the Aircraft Owners and Pilots association following the closing.”

PRO Group has promoted Stephanie Pedersen to Associate Buyer. Pedersen has been with PRO Group since 2004 and was previously merchandising and marketing coordinator.

Weyerhaeuser’s board of directors has elected Devin Stockfish as their new corporate secretary.

 

Mergers and Acquisitions:

Central Network Retail Group acquired Moore’s Hardware of Dahlonega, Ga.

Handy Hardware Wholesale’s acqui8sition by Littlejohn & Co. has been completed and is finalized.  Handy Hardware Wholesale received court approval to be acquired by Littlejohn & Co. out of bankruptcy.

 

Industry Insight:

Art Van Furniture plans to convert 31 Mattress World locations in Michigan and Indianapolis to its signature Art Van PureSleep brand, which is known for its diagnostic system that determines the exact mattress and pillow best suited for each individual’s comfort.  The conversion, which began August 1st, will be completed by the end of 2013, and will result in a total of 76 Art Van PureSleep stores.

Stock Building Supply announced details for its Initial Public Offering.  The pro dealer, will be traded on the Nasdaq Global Select Market and is looking to raise roughly $150 million through an offering of approximately 8.8 million shares. The company’s ticker symbol will be “STCK.”