National Home Centers To Close Three Stores
by January 25, 2010 12:00 am 102 views
National Home Centers Inc. of Springdale plans to close three of its stores by the end of March, according to paperwork filed with the U.S. Bankruptcy Court on Jan. 18.
The home improvement and building supplier filed for Chapter 11 bankruptcy on Dec. 8.
Stores in Bentonville, Clarksville and Little Rock were mentioned in the filing.
“The Debtor has determined that the best way in which to maximize the value of its business and certain of its inventory for the benefit of its creditors, is to close its Bentonville, Clarksville and Little Rock (Chenal), Arkansas, stores over the next several months,” the paperwork states.
NHC closed a separate store in Little Rock in November. The company employs about 514 people and currently operates 10 stores.
The company plans to hire Great American Group LLC to consult and help close its stores.
Dwain Newman, founder and CEO of NHC, was unavailable for comment.
NHC was ranked as No. 11 on the Northwest Arkansas Business Journal’s largest private companies list and No. 56 on Arkansas Business’ most recent list of the largest private companies in the state. The company reported $144.6 million in revenue for the fiscal year that ended on Jan. 31, down almost 25 percent from the previous year.