McCoy’s Building Supply To Sell Four Stores To Central Network Retail Group
McCoy’s Building Supply recently announced their plans to sell four store locations to Central Network Retail Group (“CNRG”). The Mississippi locations in Greenville, Vicksburg, and Laurel, and the Searcy, Arkansas location will be operated by CNRG under the brand Home Hardware Center. The companies expect to finalize the transaction on August 1, 2022.
In a statement to McCoy’s employees, Meagan McCoy Jones, McCoy’s President & CEO, said:
“We have learned in recent years the importance of managing our own distribution for core products, and we have made big investments in growing our distribution capabilities to serve as many stores as possible. These four stores are outside the reach of our distribution network, and as we plan our growth, Mississippi and Arkansas are not in our target geography. The best opportunity for these stores is with an owner who is investing in this geography and in whom we trust to operate and lead well. We have trust and confidence in the CNRG team, and I’m thankful for their work and sensitivity as we’ve planned this transaction.”
In the same statement, the company also announced that it will be forced to close its Corsicana, Texas location due to an expansion of a highway project by the Texas Department of Transportation. The Corsicana market will continue to be served by surrounding McCoy’s locations, and all employees in Corsicana have been offered jobs in other locations.
Jones continued, “McCoy’s has no plans to close or sell any other stores or facilities. We have absolutely no plans to sell the company. I’m proud of our company, I’m proud of our team, and I will do all I can to help us succeed and serve customers who count on us every day.”
John Sieggreen, president of CNRG, commented, “We are excited to have the opportunity to add four McCoy’s stores to Home Hardware Center. HHC was our first CNRG brand and these stores will fit nicely into their current footprint. McCoy’s has a long-standing reputation for quality customer service and solid operating disciplines; we are honored that the McCoy’s team felt that CNRG would be a good fit for these stores.”
McCoy’s Building Supply is Headquartered in San Marcos, Texas. With this announcement, the company will operate 85 stores, 3 distribution centers, and 2 millwork facilities in 3 states.
Central Network Retail Group (“CNRG”), a wholly owned subsidiary of Orgill, is a multi-format,multi-brand retailer operating 140 hardware stores, home centers, and lumberyards throughout 16 states across the U.S.
Source: McCoy Corporation