McCoy’s Building Supply to Sell 4 Stores to Central Network Retail GroupJuly 22nd, 2022 by Travis Rains
San Marcos, Texas-headquartered McCoy’s Building Supply will sell four store locations, three in Mississippi and one in Arkansas, to Central Network Retail Group (CNRG) as they are outside of the former’s distribution network. McCoy’s and CNRG expect to finalize the transaction on Aug. 1, 2022.
The Mississippi stores are located in Greenville, Vicksburg, and Laurel, while the Arkansas store is located in the Searcy. Upon finalization of the transaction, CNRG will operate the stores under the brand Home Hardware Center. CNRG operates 140 hardware stores, home centers and lumberyards in 16 states in the U.S. McCoy’s Building Supply will now operate 85 stores, three distribution centers, and two millwork facilities in three states.
“We have learned in recent years the importance of managing our own distribution for core products, and we have made big investments in growing our distribution capabilities to serve as many stores as possible,” says president and CEO Meagan McCoy Jones. “These four stores are outside the reach of our distribution network, and as we plan our growth, Mississippi and Arkansas are not in our target geography. The best opportunity for these stores is with an owner who is investing in this geography and in whom we trust to operate and lead well. We have trust and confidence in the CNRG team, and I’m thankful for their work and sensitivity as we’ve planned this transaction.”
John Sieggreen, president of CNRG, is “honored” that his company was chosen by McCoy’s.
“We are excited to have the opportunity to add four McCoy’s stores to Home Hardware Center,” he says. “HHC was our first CNRG brand and these stores will fit nicely into their current footprint. McCoy’s has a long-standing reputation for quality customer service and solid operating disciplines; we are honored that the McCoy’s team felt that CNRG would be a good fit for these stores.”
McCoy’s announced in the same news release that it will close its Corsicana, Texas location as the result of an expansion of a Texas Department of Transportation highway project. The company says its surrounding locations will continue to serve the Corsicana market and that all Corsicana employees were offered jobs at other locations.
“McCoy’s has no plans to close or sell any other stores or facilities. We have absolutely no plans to sell the company,” McCoy continues. “I’m proud of our company, I’m proud of our team, and I will do all I can to help us succeed and serve customers who count on us every day.”