Big Box Bulletin
Lowe’s to Sponsor No. 5 Busch Series Team
Mooresville, N.C.-based Lowe’s and Hendrick Motorsports recently announced a multi-year agreement that will feature Lowe’s as primary sponsor of the No. 5 Chevrolet driven by Kyle Busch in the 2004 NASCAR Busch Series. In addition, four Lowe’s vendor partners, including Shop-Vac®, Gladiator™ GarageWorks, Briggs and Stratton® and Pella®, will rotate associate sponsorship of the No. 5 Chevrolet throughout the season.
|Offering High-Quality Products
How does Architectural Carpentry Materials of Dallas compete with the big boxes?
“We carry a higher quality [of products]. We try to stay above them, put the customer first … Offer better quality and service. I’ve never been inside [some] of those stores.”
– Ben Calvary, President
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“The success of Team Lowe’s Racing, with Jimmie Johnson and the talented 48 team led by Chad Knaus, has resulted in an unprecedented level of interest and excitement from our customers, our employees and our vendor partners,” said Dale Pond, Lowe’s senior executive vice president of merchandising/marketing. “We’re honored that our vendor partners view the Team Lowe’s Racing program as an effective way to raise awareness of their products.
“As a young driver, I just couldn’t ask for a better situation,” said Busch. “With a sponsor like Lowe’s and the resources at Hendrick Motorsports behind me, I know this is a special opportunity to learn and develop on and off the race track.”
Wickes Stays Afloat
Wickes Inc., headquartered in Vernon Hills, Ill., recently reported that it has made progress in its reorganization, including receiving interim court approval for a $100 million debtor-in-possession (DIP) credit facility to fund its operations. The company also received approval of a number of important motions from the U.S. Bankruptcy Court for the Northern District of Illinois.
On January 20, 2004, Wickes filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Since then, the bankruptcy court has approved a number of the company’s motions that are intended to support the company’s employees, customers and vendors and provide other forms of operational and financial support as Wickes proceeds with its reorganization. With respect to employees, orders entered by the bankruptcy court authorize payment of pre-petition and continuation of post-petition compensation and benefits.
The court granted interim approval on January 21, 2004, for a $100 million debtor-in-possession (DIP) credit facility which is being provided by a group of banks led by Merrill Lynch Capital. The DIP financing is expected to provide the company with liquidity to continue operations, pay employees and purchase goods and services. A hearing for final approval of the DIP facility was scheduled for February 12, 2004.
The Home Depot Buys Turnkey Design Center
Atlanta-based The Home Depot has announced the completion of its purchase of San Diego’s Creative Touch Interiors (CTI), a turnkey design center for homebuilders in Southern California and Las Vegas. As a result of the buy-out, CTI has become part of The Home Depot Supply’s Builder Solutions.
“The acquisition of CTI extends the Builder Solutions Group’s reach from coast to coast by adding the Las Vegas and Southern California markets,” said Jim Stoddardt, division president of The Home Depot Supply. “CTI brings strong leadership, quality service and excellent customer relationships, including some of the largest homebuilders in the country.”
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