HD Supply Takes Hit from Litemor Branch Closings
Reacting to the tight first quarter in 2014 and slowing activity in the later part of 2013, HD Supply announced in late March it would take between an $11 million and $25 million charge to its 2014 results due to the closing of its 11 branches under the HD Litemor banner. The HD branded Litemor branches were in Calgary, Edmonton, Saskatoon, Vancouver, Winnipeg, Dartmouth, London, Ottawa, Toronto, Gatineau and Montreal. Industry research estimates these branches collectively represented between $75 million and $85 million in sales. Unconfirmed reports say the consolidated results showed a $4 million dollar loss. Competitors such as Brite Lite and Amre have already begun promotions to attract business from the respective closings. Litemor acquired by HD had a unique niche business focusing on lighting in the commercial, institution segments.
