Mooresville, NC, Nov. 21--Lowe's Companies announced today it has entered into an agreement with The Strober Organization, based in Brooklyn, NY, to sell 26 commodity-focused locations operating under The Contractor Yard banner.
"The sale of these locations is the final step in our transformation to a national large store home improvement chain from a commodity-focused lumber and building materials retailer, catering to tract builders," said Robert L. Tillman, Lowe's chairman and CEO. "The result will be a sharpened focus on our Commercial Business Customer (CBC) initiative--repair/remodel contractors, specialty trades people and property maintenance professionals."
Lowe's currently expects the transaction to be completed during the fourth quarter 2003.
