Vernon Hills, IL-- June 28---Wickes Inc. reported that it has entered into separate agreements with three strategic buyers who intend to acquire substantially all of the operating assets at 50 of the 59 locations where Wickes conducts business.
The Lanoga Corporation will acquire 27 locations in the Midwest, primarily in Indiana, Illinois and Michigan. Bradco Supply Corporation will acquire 12 locations in the Northeast. Hope Lumber and Supply Company will acquire 11 locations, primarily in the South and Colorado.
"We are pleased with the progress in marketing the company and the level of interest the employees and the assets have generated. These proposed transactions will ensure that customers buying from Wickes will continue to receive the same high level of service and supply that they have traditionally enjoyed," said Jim O'Grady, President and Chief Executive Officer. "We will continue the efforts to market the assets not included in these transactions."
These transactions are subject to competitive bidding and Bankruptcy Court approval. If approved, the parties expect to close the transactions in late July 2004.
