The Columbus Ledger-Enquirer reports that Natchez, Miss.-based Central Network Retail Group has finalized the purchase of the Columbus lumber company out of bankruptcy.
Bailey Gross, W.T. Harvey's former president and chief executive officer, announced the transaction on Thursday. Terms of the deal were not disclosed.
Gross will oversee the local operation, which will include its Columbus lumberyard on 15th Street and a store on Crawford Road in Phenix City, Ala. The Alabama store is being updated with plans for a grand reopening by mid-May.
Gross is the son of the late W.E. "Bubber" Gross Jr., former owner of the company.
"The opportunity for us to partner with CNRG came along at an important time for our customers and employees," Bailey Gross said in a statement. "We are excited to align ourselves with a company like CNRG that is both financially sound and possesses significant experience in our industry."
With the Harvey Lumber acquisition, CNRG will operate 41 home centers and hardware stores in Alabama, Georgia, Louisiana, Mississippi, North Carolina, Tennessee and Texas. The upstart company has been rapidly acquiring independent hardware retailers and lumberyards throughout the Southeast.
Information from: Columbus Ledger-Enquirer, http://ledger-enquirer.com
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