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McCoy’s Building Supply has agreed to sell its four stores in Mississippi and Arkansas to Central Network Retail Group (CNRG).
CNRG is a multi-format, multi-brand retailer currently operating 140 hardware stores, home centers, and lumberyards in 16 states, including locations in both Mississippi and Arkansas. The McCoy’s locations—in Greenville, Vicksburg and Laurel, Ms., and Searcy, Ar.—will be operated by CNRG under the brand Home Hardware Center.
McCoy’s president and CEO Meagan McCoy Jones explained, “We have learned in recent years the importance of managing our own distribution for core products, and we have made big investments in growing our distribution capabilities to serve as many stores as possible. These four stores are outside the reach of our distribution network, and as we plan our growth, Mississippi and Arkansas are not in our target geography.”
Separately, McCoy’s announced it will be forced to close its Corsicana, Tx., location due to an expansion of a highway project by the Texas Department of Transportation. The Corsicana market will continue to be served by surrounding McCoy’s locations.
After deal closes on Aug. 2, McCoy’s will operate 85 stores, three distribution centers, and two millwork plants in three states.