BSNS WIRE) Hackett's Annual Sales Rise 12.5% in 2007
Hackett's Annual Sales Rise 12.5% in 2007
Business Editors
OGDENSBURG, N.Y.--(BUSINESS WIRE)----
Seaway Valley Capital Corporation (OTC Bulletin Board: SWVC)
("Seaway Valley") is pleased to announce that its wholly owned
subsidiary, Patrick Hackett Hardware Company ("Hackett's"), reported
that its annual sales increased 12.5% in 2007 versus the prior year on
particularly strong apparel and footwear sales.
Hackett's reported sales of approximately $14.9 million versus
prior year sales of $12.4 million. Norm Garrelts, CEO of Hackett's,
stated, "Apparel and footwear surged almost 30% with strong, double
digit growth across all stores in these categories." Mr. Garrelts
added, "Apparel and footwear now represent approximately 42% of the
company's total sales and its fastest growing category for this once
hardware-focused company."
Hackett's, which in 2007 operated approximately 138,000 square
feet of retail sales floor, averaged sales per square foot of
approximately $108.18 for the year. After taking over the WiseBuys
stores in 2008, Hackett's will operate nine locations with total sales
floor square footage of 321,700 square feet. Hackett's, which was
recently acquired by WiseBuys Stores, Inc., will be the surviving
entity with all of the WiseBuys stores to be converted to and operated
under the "Hackett's" brand.
About Patrick Hackett Hardware Company
Hackett's, one of the nation's oldest retailers with roots dating
back to 1830, is a full line department store specializing in name
brand merchandise and full service hardware. Hackett's, now with nine
locations, features brand name clothing for men, women, and children,
and a large selection of athletic, casual, and work footwear.
Hackett's also carries domestics, home decor, gifts, seasonal
merchandise and sporting goods. Hackett's full service hardware
department features traditional hardware, tool, plumbing, paint and
electrical departments.
About Seaway Valley Capital Corporation
Seaway Valley Capital Corporation and makes equity,
equity-related, and debt investments in companies that require
expansion capital and in companies pursuing acquisition strategies.
Seaway also seeks investments in leveraged buyouts and restructurings.
Seaway will consider investment opportunities in a number of different
industries, including retail, restaurants, media, business services,
and manufacturing, and Seaway will also consider select technology
investments.
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