Tool manufacturers Stanley and Black & Decker have agreed to a merger. The companies have been discussing such a move for decades, and recent economic trends made the deal a reality. Stanley, which manufactures hand tools and construction equipment, is buying Black & Decker, whose focus is on power tools; the merger was friendly and well thought out. Consumers will see little difference in products as the two companies' lines are not directly competitive.
Recently in construction Category
Tool supplier Western Tool filed for Chapter 11 bankruptcy last week to deal with a cash crunch. The company, which had as many as 61 stores across 13 states, is down to just over half that number. Western Tool plans on using the bankruptcy filing to "stabilize operations" and continue in business.
What does all this timely demising and store shuttering and bankrupty look like in the real world of strip-malled avenues? Northeast Ohio's retail spaces now have a 10.3% vacancy rate, an all-time high—and very little of that is due to new construction:
"There is no retail demand from large tenants who want new locations, and developers have problems getting loans for new projects," [CBRE broker Thomas] Flynn said. "Both the demand and supply side (of retail development) are stalled."
Few prospective tenants are around to eat into the vacant space. Only a handful of value-oriented stores, such as Family Dollar and Dollar General, as well as auto parts retailers, are expanding, CB said in its report.
Limited connectivity, so one post:
Bloomberg report: holiday slump to force closings and bankruptcies; expect a lot of activity in February
Lincoln Logs, an upstate New York home manufacturer (not the toy), to be sold at auction following a failed reorganization
DHP Holdings, parent of Desa Heating, filed chapter 11, plans to wind down operations
Responding to the housing downturn, 84 Lumber is closing 20 more stores this week, bringing its 2008 store reductions to 80 in all. The company is also pursuing light construction assignments as an additional revenue generator.
84 Lumber canceled its golf event sponsorship back in 2006.