Home Depot Holds Pricing
Atlanta, Despite the soaring costs of building materials in the wake of Hurricane Katrina, The Home Depot is so far holding prices steady, thanks to its policy of locking in prices for months at a time and of freezing prices that its stores charge following disasters.
Lowe’s has raised prices slightly since the hurricane. “But they are still lower than they were last year,” said company spokesperson Karen Cobb. Nationwide, builders and consumers are paying from 10% to 50% more for certain types of lumber.
Experts are attributing most of the current price increases to speculation and panic buying.
TJX President Resigns
Framingham, Mass., Edmond (Ted) English announced his resignation Tuesday as president and CEO of TJX Cos., effective immediately. English, who has been with TJX for 23 years, has served as CEO since 2000. Bernard Cammarata, the chairman and former CEO of TJX, was named acting president. English will advise the company while it searches for a permanent replacement.
“While sales and segment profit at Marmaxx, our largest business, have experienced strong growth, our other businesses have not met expectations over the past year, despite actions taken to improve their performance,” English said in a statement. “These businesses would benefit from a fresh perspective at the top.”
Safeway Partners With EPA to Buy “Green” Energy
Pleasanton, Calif., Safeway announced it will purchase renewable energy to power its 270 fuel stations, 15 stores in San Francisco and corporate campuses in Pleasanton and Walnut Creek, Calif. The deal, arranged through with the Environmental Protection Agency, makes Safeway one of the largest buyers of green energy in the United States. The supermarket retailer has agreed to purchase 78 million kilowatt hours of electricity generated from wind energy.