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Scotty's Acquires 17 Hardware Stores From Florida Do It Best Hardware.

Business Editors

WINTER HAVEN, Fla.--(BUSINESS WIRE)--June 3, 2002

Tom Morris, President and CEO of Scotty' s, Inc. announced today that Scotty's Do It Best Hardware is acquiring 17 Do It Best hardware stores from Florida Do It Best Hardware of Orlando. The purchase price and terms of the agreement were not disclosed.

"We are excited about acquiring the Florida Do It Best Hardware stores," Morris said. "We have been reducing the number of big stores in metropolitan areas for a few years now with the plan to increase and grow the successful Do It Best small hardware store format across Florida."

"I chose to exit the hardware store business so I could concentrate once again on my core business, ACCENT Marketing, which is a national marketing company," said Tom Hansen, owner of the 17 Florida Do It Best Hardware stores.

The 17 stores are located in Bradenton, Ft. Pierce, Clewiston, Winter Park, Kissimmee, Hobe Sound, Jacksonville, MacClenny, Port St. John, Starke, Daytona Beach, Melbourne Beach, St. Petersburg, Indian Harbor Beach, Titusville, and two in St. Cloud.

According to Morris, it will take a few days to complete all legal and financial documents but Scotty's has already assumed all day-to-day operations of the Florida Do It Best Hardware business. Morris said the name will remain Florida Do It Best Hardware in those 17 locations but the stores would be owned and operated by Scotty's.

Scotty's, headquartered in Winter Haven, already owns and operates 57 Scotty's Do It Best Hardware stores in Florida. This acquisition will increase Scotty's store count in Florida to 74. The company also operates stores in Waycross and Savannah, Georgia bringing the company total store count to 76 stores.

"Scotty's has operated stores in over half of the 17 markets before so we have a pretty good feel for the opportunities that exist," Morris said. "Scotty's Do It Best Hardware stores in small towns and local neighborhoods have been very successful, and the addition of these 17 stores will significantly enhance our market position in the state of Florida where we have operated in one format or another since 1924," Morris added.
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Publication:Business Wire
Date:Jun 3, 2002
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