Early this year, as many of our readers probably know, Aco Hardware announced that it was joining hardware giant Ace Hardware and transitioning its current stores. Now the company, which started in Dearborn back in 1946 as Trasko Brothers Hardware Depot, says that three of its stores as well as a distribution center, will be closed rather than transitioned.
The stores that are closing are located in Dearborn, Saline and Tecumseh, Michigan. The distribution center is in Farmington Hills, where Aco is based. The closures will impact approximately 40 store employees and 33 distribution center employees. According to the president of Aco, which is being rebranded as Great Lakes Ace Hardware, these employees can apply for positions at their other locations.
Although the closures are not welcome news for these employees, it should be noted that last year, Aco closed 14 stores in Michigan. Now Aco is joining Ace’s 4,800-plus stores worldwide. All of these are owned and operated locally, according to Ace.
The first phase of the rebranding began in January. A dozen stores have been converted as of April 12. Twenty-three more are being transitioned in the next phase. All of the stores are expected to be under the new name by the middle of August. In all, the plan is to have 100 southeast Michigan Ace stores by year-end.
The good news for Michigan shoppers is that the transition means bargains. Aco is currently having sales at the 23 stores that are part of this second phase of conversion. They will then close for about six weeks this summer to finalize their transition to Ace.
All corporate transactions, whether mergers, acquisitions or sales of businesses, benefit from an experienced legal team that can help ensure that the company abides by all state, local and federal regulations. This can help prevent unnecessary delays and costly litigation, helping the owners focus on moving forward with the next chapter, whatever it is.
Source: Crain’s Detroit Business, “Aco Hardware to close 3 stores, moves forward with rebranding to Great Lakes Ace” Bridget Vis, Apr. 10, 2014