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Hechinger

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BUSINESS
August 23, 1991
7/8 TC This Landover-based chain of do-it-yourself home centers reported that sales were up 17.7 percent and earnings rose 28.1 percent in its second fiscal quarter, compared with the same period a year ago. Comparable-store sales were up 1 percent.While revenues and earnings for the first half of the year were higher as well, comparable-store sales were flat.Hechinger President John Hechinger Jr. called the period "one of the most successful quarters we have experienced in some time, reflecting improved customer demand and a gradual improvement in the health of our regional economy."
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NEWS
April 24, 2005
John Ronald McGrath, a former home-improvement store executive and liquor store owner, died Wednesday at Anne Arundel Medical Center of a heart attack. He was 71. Known as "Jack," Mr. McGrath was born and raised in Burlington, Vt. He worked for Hechinger Co. for 27 years, retiring as a vice president. He helped open the first store of the chain in the Annapolis area in 1973, said his son, Kevin McGrath of Stevensonville. Mr. McGrath, who lived on Weems Creek in Annapolis, opened and operated Muddy Creek Liquors in Edgewater for 10 years, before retiring again about three years ago, his son said.
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BUSINESS
By Jay Hancock and Jay Hancock,Sun Staff Writer | May 18, 1995
Hechinger Co. joined other home-improvement retailers in posting disappointing first-quarter profits and blaming the weather.The Landover-based chain earned just $1.2 million during the 13 weeks that ended April 29, down 75 percent from what it earned in the same period last year and less than half what many financial analysts had predicted.As recently as two weeks ago, analysts had expected Hechinger to make roughly 13 cents a share for the quarter. After the company cautioned that it would miss that target, analysts downgraded their predictions to the range of 8 cents.
NEWS
January 21, 2004
John W. Hechinger Sr., whose family created a home-improvement store empire after World War II and who served as chairman of the first District of Columbia City Council, died of respiratory failure at his Washington home Sunday -- his 84th birthday. Mr. Hechinger led the family business, Hechinger Co., from 1958 to 1996. During his tenure, the company grew to a multibillion-dollar enterprise with more than 100 stores in the East and the Midwest. The company filed for bankruptcy in 1999, unable to compete with discount home industry giants like Home Depot and Lowe's.
BUSINESS
By Cindy Harper-Evans | March 8, 1991
Using feedback from 3,500 customers, Landover-based Hechinger Co. said yesterday it is redesigning all of its home-improvement stores, starting with the renovation of its Glen Burnie store at 6704 Ritchie Highway."
BUSINESS
By Alec Matthew Klein and Alec Matthew Klein,Sun Staff Writer | September 1, 1995
Hechinger Co., unable to halt its financial tailspin in August, reported yesterday a fifth consecutive month of sales declines.Overall sales for the Landover-based home improvement chain dropped 15 percent, to $159.7 million, compared with $187 million in August 1994.August sales in stores that have been open at least a year -- a key indicator of retail performance because it factors out new stores -- fell 13 percent, after declines of 6 percent in July, 7 percent in June, 8 percent in May and 10 percent in April.
BUSINESS
By Alec Matthew Klein and Alec Matthew Klein,Sun Staff Writer | August 24, 1995
Mired in a four-month slump, Hechinger Co. announced yesterday sweeping changes in operations and top management, cutbacks in personnel and a retrenchment in store openings.The Landover-based chain of home improvement stores is merging its two subsidiaries -- Hechinger Stores and Home Quarters Warehouse -- under one management team, which the company projects will result in a $20 million to $25 million pretax charge, but will ultimately mean about $20 million in annual pretax savings once the merger is completed by late next year.
BUSINESS
By Jay Hancock and Jay Hancock,Sun Staff Writer | August 18, 1994
Hechinger Co., the Landover-based home-center chain that has been growing across the East by a dozen warehouse-style stores a year, disclosed yesterday that it will make a geographic and cultural leap by opening four stores in Mexico City next year.The move offers huge opportunities but also risks. The Mexican market for do-it-yourself home goods is enormous, although nobody seems to have gauged it precisely. Hechinger won't disclose its own measurement.Mexican homeowners are numerous. They typically don't have mortgages, so often they aren't as cash-strapped as their U.S. counterparts.
BUSINESS
By Ross Hetrick and Ross Hetrick,Sun Staff Writer | September 8, 1995
No stranger lately to bad news, Hechinger Co. was told yesterday that $338 million of its debt was further downgraded by Standard & Poor's Corp., with the rating agency saying the Landover-based home improvement chain can't effectively fight its competition."
BUSINESS
By Jay Hancock and Jay Hancock,Sun Staff Writer | June 15, 1994
WASHINGTON -- Hechinger Co.'s sales have improved this month after a disappointing May, when bad weather kept fertilizer and lawn mower buyers away, company President and Chief Executive John W. Hechinger Jr. told investors yesterday."
BUSINESS
By M. William Salganik and M. William Salganik,SUN STAFF | February 15, 2000
Klaff Realty LP said yesterday that it had closed on a $5.9 million deal to acquire 11 sites from Hechinger Co., the bankrupt home improvement retailer. At seven of the sites, Klaff will assume Hechinger leases. At the other four -- including a 0.6-acre parcel on Security Boulevard in Woodlawn -- Klaff is acquiring vacant land. The sites were among more than 100 locations put up for sale last fall, after Hechinger Co. ended efforts to reorganize in bankruptcy and ceased operations, Matthew Feldman, a New York lawyer representing Hechinger, said yesterday.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,SUN STAFF | December 3, 1999
Hechinger Co., the bankrupt home improvement retailer that is going out of business, has sold the leases for seven of its Baltimore area stores, including three that will be operated by Home Depot Inc., Kohl's Department Stores Inc. and the owner of Value City and Value City Furniture. The Maryland-based chain, which announced in September that it would shut down rather than continue to restructure under Chapter 11, said yesterday that it has approved bids for 46 leases offered in an auction Tuesday in New York.
NEWS
By John J. Snyder and John J. Snyder,SPECIAL TO THE SUN | September 28, 1999
ON SUNDAY, the early birds flocked to Hechinger's to catch bargains. By 8: 30 a.m., when many folks are getting up on a Sunday, the big parking lot at the Snowden Square shopping center was half full of sedans, pickup trucks and minivans. Not unusual for the "world's most unusual lumberyard" -- as the company's logo once read. But now, all sales at the big-box hardware store are final, and the Hechinger Co. will be reduced to a notation in bankruptcy court records. Company executives expect to close the chain by mid-December.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,SUN STAFF | September 11, 1999
Rowena Allen doesn't know where she'll buy her paint, tools, flowers and light fixtures after the end of the year when the Hechinger at North Plaza shuts its doors for good. Maybe Sears."I'm very upset. It's been my store," Allen said yesterday while shopping for earplugs at Hechinger, reacting to news of the home-grown Maryland chain closing all 117 stores by year's end. "Home Depot doesn't do it for me."Like Allen, other shoppers lamented the loss of the warehouse-style hardware and home-improvement stores they've become familiar with, a chain that sprouted from a single store in Washington in 1919.
BUSINESS
By Mark Ribbing and Mark Ribbing,SUN STAFF | September 10, 1999
Hechinger Co.'s announcement that it will close its remaining stores begs a basic question: who's going to occupy all that space left behind by one of the Baltimore area's oldest and most entrenched retail chains?It's a question that is likely to intrigue the commercial real estate community for some time to come.Susan B. Anderson, vice president of H & R Retail Inc. in Timonium, called the liquidation and dispersion of the Hechinger properties "a big deal."She said the sheer diversity of the chain's holdings makes it impossible to generalize about what will become of the properties.
NEWS
By Shanon D. Murray and Shanon D. Murray,SUN STAFF | September 10, 1999
Hechinger Co., once the standard by which home-improvement chains were measured, will close its doors for good by the end of the year.Just three months after filing for Chapter 11 bankruptcy protection, officials of the 88-year-old Largo-based chain said yesterday that its remaining 117 stores would be closed and its assets liquidated to pay off creditors.The company employed more than 12,000 people.Hechinger said it will dispose of its inventory through a going-out-of-business sale at its Hechinger, Home Quarters and Builders Square stores, which will begin immediately.
BUSINESS
By Jay Hancock and Jay Hancock,Sun Staff Writer | December 2, 1994
Hechinger Co. reported lackluster sales comparisons for November yesterday, but the company took comfort in the fact that the results were up against a strong month from last year.Hindered by continued intense competition in the home-improvement industry, sales in established Hechinger Co. stores fell by 1 percent last month compared with sales in November 1993. But the year-ago figures were up 9 percent from November 1992.Hechinger, based in Landover, operates 72 Hechinger stores and 61 Home Quarters Warehouse stores in 23 states and the District of Columbia.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,SUN STAFF | August 31, 1999
A U.S. bankruptcy judge has approved Hechinger Co.'s plan to spend $6.3 million to retain more than 12,000 employees, the Largo-based home improvement retailer said yesterday.The troubled chain, which filed for Chapter 11 bankruptcy protection June 11, said its plan covers all employees -- except senior managers -- who work at its remaining 117 stores, the headquarters in Largo and a support services building in Virginia Beach, Va.Under the plan, employees will receive retention bonuses and sales achievement incentives.
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