Lumber Liquidators makes strategic supplier acquisition
Toano, Va. — Flooring retailer Lumber Liquidators said Friday it will acquire certain assets of Sequoia Floorings in order to strengthen its mill-direct relationships and shore up its long-term sourcing strategies.
Sequoia, a trading company, had provided product quality and development services on approximately 40% of Lumber Liquidators’ 2010 merchandise purchases, primarily those in Asia.
As part of the transaction, the company will be opening a representative office in Shanghai upon approval of its application to the Chinese government, expected to occur in October.
Terms of the transaction include $5 million in cash, plus other considerations totaling an $8 million deal
Lumber Liquidators’ 2011 outlook has been revised from 40 to 44 planned new store locations for the fiscal year to 40 to 42 new locations.
Books-A-Million names general counsel
Birmingham, Ala. — Books-A-Million said Thursday it has appointed Tyler Novak as general counsel.
Novak will be responsible for overseeing all the company’s legal affairs, including general corporate legal matters, intellectual property and corporate compliance, and will report to Clyde B. Anderson, chairman and CEO.
New Stop & Shop to pursue LEED certification
Quincy. Mass. — Stop & Shop Supermarket Co. on Saturday will open its third location in Cranston, R.I. The new store will pursue LEED (Leadership in Energy and Environmental Design) certification in the coming months.
The new Stop & Shop was built with a range of energy-efficient features, including a fabric duct ventilation system (from DuctSox). The application, designed to provide more uniform airflow is first of its kind use for Stop & Shop.
Other energy-saving features include:
- ECM motors in the refrigerated fixtures and walk-in coolers;
- Low-mercury energy efficient T5 HO fluorescent light fixtures with occupancy sensors in the storage areas and offices;
- LED lights for accent lighting (also in the refrigerated display cases and interior/exterior signage);
- An energy management system that monitors the performance of the lighting, refrigeration, and HVAC systems; and
- Low-flow fixtures in the bathrooms and prep areas to reduce water consumption.
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