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A final word.

A Final Word

A group of three Fort Smith investors recently purchased Midwest Lumber & Supply Co. at Fort Smith after General Properties announced its closure to creditors.

The 46-year-old lumber company was purchased by Darrel Cunningham, general manager of KHBS-TV, Channel 40, at Fort Smith; Russ Waggoner, general manager of Midwest; and John Thomas, a financial officer for Sigma Properties at Fort Smith.

Merchants National Bank of Fort Smith took possession of Midwest's assets earlier this summer. The trio purchased the company July 16.

"The basic problem was that the Matthews family [which owns General Properties] could not put any capital into it," Waggoner says.

Cunningham says the new owners have reduced expenses and will improve the look of the store. An outside salesman has been hired to work with contractors.

Midwest has 16 employees.
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Title Annotation:purchase of Midwest Lumber & Supply Co. by 3 investors
Publication:Arkansas Business
Date:Sep 9, 1991
Previous Article:Whose side are you on?
Next Article:Arbitron speaks.

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