Wisebuys

Started by AMERICAN_PSYCHO, September 23, 2007, 10:08:13 AM

Previous topic - Next topic

0 Members and 1 Guest are viewing this topic.

AMERICAN_PSYCHO

Talk of WiseBuys here: http://investorshub.advfn.com/boards/board.asp?board_id=2966

http://www.wisebuysstores.com/

From left to right: Dierdre "Dede" K. Scozzafava,  Joseph R. Ettore, Joseph G. LaChausse, Thomas W. Scozzafava



WiseBuys in Canton, NY:



http://www.geocities.com/zayre88/R_ames.html


greg8370

I'm sure Joe will drive this one into the ground as well!!

Ames#1171

QuoteOriginally posted by greg8370
I'm sure Joe will drive this one into the ground as well!!

I thought the same thing myself!
Ames" border="0

shakethis1234

i dont really like this merger for one thing hacketts sells brand name clothes nike timberland the north face and so on wisebuys is a lot like ames hacketts is like a old school department store idk but hackeets sold to wisebuys for one reason the hackets wants to expand the chain joe said to the hackets family that he has plans to expand to western NY would like to see the chain open 60 stores. hacketts wise buys merging is like sears kmart merging but wise buys are going to take on the hacketts name

shakethis1234

heres hacketts site it hasent been updated in a while they have about 5 stores only 3 on the site http://www.hackettsonline.com/about.html

AMERICAN_PSYCHO

QuoteOriginally posted by shakethis1234
i dont really like this merger for one thing hacketts sells brand name clothes nike timberland the north face and so on wisebuys is a lot like ames hacketts is like a old school department store idk but hackeets sold to wisebuys for one reason the hackets wants to expand the chain joe said to the hackets family that he has plans to expand to western NY would like to see the chain open 60 stores. hacketts wise buys merging is like sears kmart merging but wise buys are going to take on the hacketts name

WiseBuys is acquiring Hacketts - this isn't a merger.  Management is going to take the "best from both companies". Check out excerpt from the below PR:

WISEBUYS STORES, INC. EXECUTES AGREEMENT TO ACQUIRE HACKETTS

WiseBuys agrees to acquire one of nation's oldest retailers; the combined company will operate stores as "Hacketts"
NEW YORK, NY, July 20, 2007 – WiseBuys Stores, Inc. ("WiseBuys") announced today that it has executed an agreement with its owners to acquire 100% of the stock of Patrick Hackett Hardware Company ("Hacketts"). Hacketts, which is one of the nation‟s oldest retailers, currently has stores in New York State in the villages of Canton, Ogdensburg, Massena, Potsdam, and Watertown. WiseBuys current locations include Canton, Gouverneur, Hamilton, Pulaski, and Tupper Lake – all also in New York State.

"We are pleased to announce this agreement to acquire Hacketts," stated Thomas Scozzafava, a co-founder of WiseBuys and current CFO. "WiseBuys and Hacketts combining into one entity is strategic for a number of reasons, including the sharing of managerial resources, increasing purchasing power, leveraging current advertising spending, and diversifying the combined company‟s merchandise mix. We anticipate taking the best from both companies and combining those qualities under one roof under the store brand "Hacketts‟," Mr. Scozzafava added.

The acquisition, which calls for a $1.5 million payment at closing and additional payments of $4.5 million over eight years, includes management agreements for the retention of the founding family members as well as Hacketts current CEO.

About Hackett's:
Hackett‟s is one of the oldest retail establishments in New York State and the Nation. Its origins date back to 1830 when it was a ships chandlery, wholesale supplier and a traditional hardware store. During its evolution, it would also become a supplier of railroad equipment, builders and contractors‟ supplies, plumbing supplies, steam fitting, tinsmithing, and a large foundry manufacturing many lines of metal plumbing items that you still find in existence today. Over the years, the company has adapted to changing market conditions and evolved into a full line department store focused on premium clothing, footwear, and gift items and today consists of five (5) locations:

(i) Ogdensburg, NY (55,000 sq. ft.) - full line department store also featuring a coffee shop serving breakfast and lunch gourmet specialties called North Water Street Coffee Company;
(ii) Potsdam, NY (41,000 sq. ft.) – a recently-opened (2004) full line department store
(iii) Watertown, NY (56,000 sq. ft.) – newly-opened (4th Qtr ,,06) full line department store
(iv) Massena, NY (12,700 sq. ft) - Hackett‟s only mall location opened in late 1999 with a focused selection of premium clothing, footwear, and gifts;
(v) Canton, NY - a full line footwear department, apparel for men and women, and a sporting goods department; (this would be closed and the building sold or leased and operations moved to WiseBuys.)

Hackett‟s has an outstanding reputation within the industry as a customer service-focused organization selling premium products at a fair price – both of which differentiate it from "discount" big box retailers.

About WiseBuys:
WiseBuys Stores, Inc. ("WiseBuys") was formed and began operations in 2003 as a direct result of the closing of small-town retail staple, Ames Department Stores. Founded primarily by lifelong "north country" residents, WiseBuys initially focused its efforts on serving the "discount" retail needs of mostly rural communities throughout northern and central New York.

WiseBuys‟ strategy included an innovative approach whereby it partnered with established and successful specialty discounters to create a "mall without the walls" concept. This innovative approach made easier to expand rapidly (five stores in thirteen months) because less capital was required for inventory, and partnering with niche players made immediately competitive across certain product lines. That is, although WiseBuys has only five stores, its pricing reflected the established purchasing power of Payless, KB Toys, etc. And from the customers‟ perspective, WiseBuys had created a full line department store virtually over night. The concept was embraced by large, well-
established retailers and was heralded in the industry. The following in-store retail partnerships with both national and regional chains were established:  Payless ShoeSource, Inc. – "store-within-a-store" deal across chain KB Toys Inc. – exclusive license agreement "KB Toys at WiseBuys" branded department RadioShack – franchise acquisitions Card$mart, Inc. – franchise acquisitions Home Fashion Distributor, Inc. – consignment inventory deal for domestics Masters, Inc. – leased department deal for apparel (consignment inventory) Massey's Furniture Barn, Inc. – consignment inventory deal for furniture & mattresses

In addition, WiseBuys won such awards as the "New York State Small Business Development Center Excellence Award" (April ‟04) and the "Oswego County Job Creation Award" (June ‟04). WiseBuys current stores include the following:
(i) Canton, NY (40,000 sq. ft.) - full line department store;
(ii) Gouverneur, NY (53,000 sq. ft.) – full line department store;
(iii) Hamilton, NY (43,000 sq. ft.) – full line department store;
(iv) Pulaski, NY (59,000 sq. ft) - full line department store; and
(v) Tupper Lake, NY (34,000 sq. ft.) - full line department store.

The acquisition of Hacketts by WiseBuys is subject to financing arrangements by WiseBuys.

AMERICAN_PSYCHO

Seaway Capital, Inc. (private holding company) acquired GreenShift Corporation (GSCR), a public shell, from GreenShift Corporation, on July 1, 2007. Seaway Capital has since renamed GreenShift Corp to Seaway Valley Capital Corporation (SWVC). Therefore, Seaway Valley Capital Corp. serves as a subsidiary under Seaway Capital, Inc.

Right now SWVC is an empty shell - hence why it's trading at the low PPS of 0.03. The interesting part of this story will be the assets acquired by SWVC. The PRs tell the story well and the CEO (Tom Scozzafava) is as transparent and intrepid as they come. SWVC has finalized the terms to merge with 100% of WiseBuys Stores, Inc., a discount retail store chain in Northern New York. This chain contains five stores. WiseBuys has purchased 100% of Hacketts, another retail store chain in Northern New York containing five stores. Pending now are the filings detailing the transactions are complete. DD will lead to beautiful insight.

Early this week, I'm expecting an 8-K detailing the Seaway Valley Capital Corporation merger with WiseBuys, as well as the financials for WiseBuys.

AMERICAN_PSYCHO

WISEBUYS BREATHES LIFE INTO FORMER AMES STORES
From: HFN The Weekly Newspaper for the Home FurnishingNetwork Date: October 13, 2003 Author: Thau, Barbara
 
CANTON, N.Y.-Is WiseBuys the second coming of Ames?

A handful of Ames Department Stores, the regional discounter that liquidated its 327 stores last year, are being turned into WiseBuys, an off-price retailer founded by Joe Ettore, former chief executive officer of Ames.

The first WiseBuys store opened Sept. 27 in Canton, near the Canadian border.

The 40,000-square-foot unit includes general merchandise as well as a home furnishings assortment that accounts for a hefty 35 percent of the mix.

Ettore, who is serving as founder and chairman of the chain, hopes to open about six or seven WiseBuys units between this year and 2004 in upstate New York on former Ames sites. A second store is slated to open in Gouverneur, N.Y., this month.

The stores will be located in small towns and rural areas closer to shoppers' homes than their nearest mall.

"It's much like an Ames, but with a lot of refinement," Ettore told HFN.

The day-to-day operations of the everyday-low-price-retailer are in the hands of CEO Joe Lachausse, a former executive at warehouse club BJ's Wholesale. Former Ames store managers have also come on board, said Ettore.

While WiseBuys' home mix includes everything from housewares to domestics to ready-to-assemble furniture -- "using a lot of the national suppliers that Kmart, Wal-Mart and Ames carried," said Ettore -- the store offers a layer of discounted designer goods such as Ralph Lauren down comforters.

By contrast, Ames was a high-low retailer.

WiseBuys also includes apparel, toys and convenience foods, several of which are leased businesses. However, for the exception of a Payless Shoe Source shop, the store's look is "seamless," said Ettore.

Ettore is also serving as CEO of Paws and Claws, a mall-based, nine-unit chain at which consumers build their own customized stuffed animals.

NJxxJon

..........its a NY state alone ames. They need digital registers and take debit cards. . . . .and locate in more than ONE state.
JN

greg8370

Joe's a loser anyway you slice it:  Hills, Jamesway, Zayres/Ames and now this thing.

AMERICAN_PSYCHO

HACKETTS' DAY-AFTER-THANKSGIVING SALES RESULTS EXCEED EXPECTIATIONS 11-26-07
http://biz.yahoo.com/bw/071126/20071126005502.html?.v=1

SEAWAY VALLEY CAPITAL CORPORATION TO POSITION HACKETTS FOR GROWTH AND LOOK TO ACQUIRE ADDITIONAL ASSETS 11-19-07
http://biz.yahoo.com/bw/071119/20071119006079.html?.v=1&printer=1

JOE ETTORE AGREES TO JOIN HACKETTS BOARD OF DIRECTORS 11-16-07
http://biz.yahoo.com/bw/071116/20071116005360.html?.v=1&printer=1

WISEBUYS COMPLETES HACKETTS ACQUISITION 11-9-07
http://biz.yahoo.com/bw/071109/20071109005408.html?.v=1&printer=1

HACKETT'S, WISEBUYS MERGE 11-8-07
http://www.wisebuysstores.com/news/The_Journal_11-08-07.pdf

HACKETTS, WISEBUYS MERGER IS FINALIZED 11-8-07
http://www.wisebuysstores.com/news/Watertown_Daily_11-08-07.pdf

WISEBUYS LOOKS TOWARDS HACKETTS ACQUISITION 10-26-07
http://www.wisebuysstores.com/news/News_Release_10-26-07.pdf

WISEBUYS BUYS HACKETT'S, ADOPTS NAME FOR STORES 7-21-07
http://www.wisebuysstores.com/news/Adirondack_Daily_07-21-07.pdf

WISEBUYS BUYING HACKETTS 7-21-07
http://www.wisebuysstores.com/news/Daily_Courier_07-21-07.pdf

STORES AGREE ON SALE; HACKETTS SELLS: WISEBUYS TURNS TABLES, WILL ACQUIRE ITS FORMER SUITOR 7-21-07
http://www.wisebuysstores.com/news/Watertown_Daily_07-21-07.pdf

HACKETTS DEPARTMENT STORES PURCHASED BY WISEBUYS 7-20-07
http://www.wisebuysstores.com/news/7_News_07-20-07.pdf

WISEBUYS STORES, INC. EXECUTES AGREEMENT TO ACQUIRE HACKETTS 7-20-07
http://www.wisebuysstores.com/news/News_Release_07-20-07.pdf

WISEBUYS STORES, INC. REPAYS NEW YORK BUSINESS DEVELOPMENT CORPORATION LOAN 7-17-07
http://www.wisebuysstores.com/news/News_Release_07-17-07.pdf

LAWSUIT AGAINST HACKETTS, RENT-TO-OWN RESOLVED 6-16-07
http://investorshub.advfn.com/boards/read_msg.asp?message_id=23284013

HACKETTS CAN AGAIN SELL FURNITURE, JUDGE RULES 12-24-06
http://investorshub.advfn.com/boards/read_msg.asp?message_id=23284000

DEVELOPERS WAGE LEGAL WAR OVER HACKETTS LEASE 12-13-06
http://investorshub.advfn.com/boards/read_msg.asp?message_id=23284023

NEXTGEN SOLD FOR $21.3 MILLION 11-8-06
http://investorshub.advfn.com/boards/read_msg.asp?message_id=23283902

HACKETTS HOSTS RIBBON-CUTTING AT WATERTOWN STORE FRIDAY 10-26-06
http://investorshub.advfn.com/boards/read_msg.asp?message_id=23284029

HACKETTS SCAM HASSLE FINALLY ENDS AFTER MONTH 7-19-06
http://investorshub.advfn.com/boards/read_msg.asp?message_id=23284057

HACKETTS WILL OPEN CITY STORE 7-15-06
http://investorshub.advfn.com/boards/read_msg.asp?message_id=23283994

HACKETTS WILL SELL KAWASAKI 6-3-06
http://investorshub.advfn.com/boards/read_msg.asp?message_id=23286985

RETAILER EYES NEW LOCATION 5-26-06
http://investorshub.advfn.com/boards/read_msg.asp?message_id=23284077

THOMAS SCOZZAFAVA CONFIRMED TO BOARD OF POWER AUTHORITY 3-1-06
http://investorshub.advfn.com/boards/read_msg.asp?message_id=23283845

PANEL RECOMMENDS SCOZZAFAVA FOR NYPA 2-28-06
http://investorshub.advfn.com/boards/read_msg.asp?message_id=23283837

ENTREPRENEUR SCOZZAFAVA SELECTED TO SERVE ON NYPA BOARD 2-18-06
http://investorshub.advfn.com/boards/read_msg.asp?message_id=23283849

OPPOSITION TO 'JAIL' TAX IS GROWING 10-6-05
http://investorshub.advfn.com/boards/read_msg.asp?message_id=23283858

MASSEY'S HAS DEAL TO PROVIDE FURNITURE, MATTRESSES TO WISEBUYS 9-13-05
http://investorshub.advfn.com/boards/read_msg.asp?message_id=23283765

CREATING MALLS WITHOUT WALLS; WISEBUYS MOVES INTO SMALL-TOWN STORES VACATED BY AMES 8-7-05
http://investorshub.advfn.com/boards/read_msg.asp?message_id=23283758

CANTON WISEBUYS TO HAVE CARDSMART SHOP 5-5-05
http://investorshub.advfn.com/boards/read_msg.asp?message_id=23283809

WISEBUYS PLAYS WELL WITH OTHERS, ADDS KB TOYS 10-1-04
http://investorshub.advfn.com/boards/read_msg.asp?message_id=23283797

WISEBUYS STORES AND KB TOYS ANNOUNCE STRATEGIC ALLIANCE 9-29-04
http://www.wisebuysstores.com/news/News_Release_09-29-04.pdf

WISEBUYS TO FILL VOID LEFT BY AMES; DISCOUNT RETAILER WILL OPEN ITS FIFTH UPSTATE STORE IN HAMILTON IN NOVEMBER 9-24-04
http://investorshub.advfn.com/boards/read_msg.asp?message_id=23284356

WISEBUYS RETAIL CHAIN FORGES AHEAD WITH PLANS TO OPEN HAMILTON, N.Y., STORE 9-9-04
http://investorshub.advfn.com/boards/read_msg.asp?message_id=23283773

WISE BUYS TO FILL FORMER AMES SITE; DEPARTMENT AND GROCERY STORE IS TO OPEN IN OCTOBER, HAMILTON MAYOR SAYS 6-28-04
http://investorshub.advfn.com/boards/read_msg.asp?message_id=23284365

WISEBUYS LOOKING TO REINVENT THE REGIONAL DISCOUNT CHAIN 4-19-04
http://www.wisebuysstores.com/news/HFN_04-19-04.pdf

DISCOUNT STORE'S OPENING IN POTSDAM, N.Y., TO BENEFIT KIWANIS CLUB 4-15-04
http://investorshub.advfn.com/boards/read_msg.asp?message_id=23284086

WISEBUYS OPENS IN PULASKI; BARGAIN SHOPPERS FLOOD STORE'S GRAND OPENING SATURDAY 4-4-04
http://investorshub.advfn.com/boards/read_msg.asp?message_id=23283783

DIFFERENT NAME, SAME AIM; WISEBUYS SOON WILL OPEN IN OLD AMES STORE IN PULASKI 3-14-04
http://investorshub.advfn.com/boards/read_msg.asp?message_id=23284278

WISEBUYS SIGNS LEASE TO OPEN STORE IN FORMER AMES SITE AT TUPPER LAKE 2-13-04
http://www.wisebuysstores.com/news/Watertown_Daily_02-13-04.pdf

NEW REGIONAL CHAIN TO SERVE UPDATE NY 10-20-03
http://investorshub.advfn.com/boards/read_msg.asp?message_id=23283826

WISEBUYS BREATHES LIFE INTO FORMER AMES STORES 10-13-2003
http://investorshub.advfn.com/boards/read_msg.asp?message_id=23283671

WISEBUYS TO OPEN IN FORMER AMES SPOT; DEPARTMENT STORE TO OPEN IN PULASKI BY SPRING; STORE WILL CREATE 55 JOBS, COUNTY SAYS 10-8-03
http://investorshub.advfn.com/boards/read_msg.asp?message_id=23283803

NORTHERN NEW YORK RESIDENTS FLOCK TO NEW WISEBUYS STORE IN CANTON 9-30-07
http://www.wisebuysstores.com/news/Watertown_Daily_09-30-03.pdf

CANTON WELCOMES WISEBUYS 9-27-03
http://www.wisebuysstores.com/news/Watertown_Daily_09-27-03.pdf

WISEBUYS TO OPEN IN CANTON SEPT. 27 9-19-03
http://www.wisebuysstores.com/news/Watertown_Daily_09-19-03.pdf

WISEBUYS ANNOUNCES PAYLESS LEASE AGREEMENTS 8-1-03
http://www.wisebuysstores.com/news/News_Release_08-01-03.pdf

beachgal26

Where do I remember Joe Latorre's name from???  Even though I live in the South and we have none of these chains here, I have to agree that it seems like an acquisition just for the sake of acquiring another chain and no one (except maybe the owners) winning anything.

:huh:

beachgal26

OK, I read on and now remember where I know Joe from.  Too bad that he's got another chain to run out of business.  

Is it really true that he's placing stores in prior Ames locations in NY?  (Please keep me posted since I live in TN.)

:huh::huh:

C. Fontaine


beachgal26

Funny thought, but do you know if they will re re-using any Ames carts?  Since Joe was in it from the start, you would think that he probably has a stash of them in some storage facility.

Does anyone think that this idea will work and I wonder why he did not think to use some variation of a name with "ames" in it that would bring the nostalgic group in as shoppers??

:huh::huh::huh:

beachgal26

Chris, this doesn't look like the one I shopped in that was located in Kissimmee.  It was a converted Zayre that changed over sometime in the 1985-1987 timeframe since I remember the old Zayre logo outside.  It was located in an L-shaped shopping center with the Ames at the far left-hand side as you viewed it from the parking lot.

Did I ever mention the funny story about the security company I worked for that had one of their guys arrested for ripping off TVs as they were being delivered?

:insane:

C. Fontaine

Alright, I'll keep looking.  Yeah, lol, I remember the story, I laugh everytime I'm in that thread!

AMERICAN_PSYCHO

Awesome day for SWVC!

http://img85.imageshack.us/img85/1399/swvcoct18mj7.png">

http://investorshub.advfn.com/boards/board.asp?board_id=2966

AMERICAN_PSYCHO


AMERICAN_PSYCHO

http://www.fotothing.com/photos/us/3782.jpg">

http://www.fotothing.com/photos/us/3774.jpg">

http://www.fotothing.com/photos/us/3775.jpg">

http://www.fotothing.com/photos/us/3776.jpg">

http://www.fotothing.com/photos/us/3777.jpg">

http://www.fotothing.com/photos/us/3778.jpg">

http://www.fotothing.com/photos/us/3780.jpg">

http://www.fotothing.com/photos/us/3781.jpg">

AMERICAN_PSYCHO

I made a phone call to a PE friend who invests in retail, as I don't. I know squart about retail as my focus is only in Biotech/Drugs etc. After a 45 mins conversation, I was pleased to hear what he had to say about Wisebuys, Hackett and the retail business in general Here are some points if its of any value

1) The market that Wisebuys/Hacketts serves is under-served now and there is plenty of opportunities in those markets.

2) Just on the top of his head he said there is opportunity to identify 200-300 such geographic location that can be served by such store

3) This business model is very different from your Wallmart, or Taget model. Each store has some common retailsection but most importantly each store has goods/sub-store to serve the geographic needs. For example, some store may have a section for all hardware and plumbing tools if the locals are involved in that business. A store near a oceanside may have a section for everything you need at the beach or in fishing, boating etc.

4) That is great because it allows the store to have a lot higher margin on such products that the locals need the most.

5) Although he gave a disclaimer that he doesn't know the inside margins of Wisebuys/Hacketts, he suspect that its more than industry average because of the nich they serve.

6) He emphasized that the guy at the helm of affair is an ex- BJ's executive and he knows his chit, otherwise he wouldn't risk his career working here. Importantly, if the profit margin was not good enough they wouldn't plan to expand rapidly.

7) His opinion was that there are still many ex-Ames stores available for grab and these folks may have already cut a deal to buy those or have done the DD enough that they can have it. These are the only ppl in town to buy the Ames properties. No one else will have much interest.

8) if Tom can show the profit margins and prove his competative advantage there seems to be too many big PE folks more than happy to write a check to buy these stores.

9) One big negative he pointed out that, if Tom can't buy existing infrastructure at cheap, that would be an issue. Building new infrastructure is a lot more costly and takes time to get local govt approval, paper works and after all to build the damn building.

Basically, you have to have faith that Tom can pull this thing nicely and you can retire in next 2-3 years with this investment. No one can gurantee that he will succeed and thats why its trading where its trading now.

From an investment prospective, my own analysis is the downside risk is almost zero at this point. The stock is so undervalued that one can start thinking about valutaion after it has gone to may be 20-50 cents. It all depends what we hear in the coming weeks.

btw- The Wisebuys/Hackett is all that we know so far. However, this is an investment company and will have various investments under their portfolio. There have been some mention of GS agri brought under the umbrella as well but at this point its all rumor. Will wait to see as Tom makes his intention public and the valuation will go up accordingly.

As I've mentioned it many times before, I think Tom's intention is to take this stock to $1-$5 range and move it to a higher exchange. So that he can use the stcok as a currency for M&A activities.

You can invest long term or trade short-term whatever works for you.

Best of luck.

beachgal26

Well, I must say that the store looks pretty different from any Wal-Mart or Ames style of store that I've ever seen.  It manages to look more middle-of-the-road and not like it's geared toward any one class of shopper.

I know nothing of the other stores that they are preparing to buy, but I do hope that Joe and Co. have learned something and can make a go at their new store.  Please keep us posted.

:yup:

NJxxJon

Basically its a Kohls. Simple. The floors look k-mart and the signs seem wallomart. CELL PHONE PICS! WE NEED MORE RUN DOWN cell phone pics. :roll:
JN

captjack

Noticed the True Value Logo on the Lawn and Garden Banner. Co branding? Leasing?Cheer,jack

NJxxJon

QuoteOriginally posted by captjack
Noticed the True Value Logo on the Lawn and Garden Banner. Co branding? Leasing?Cheer,jack

Could be! Welcome to our boards.
JN

CTAmeshopper

It definately looks like the they're selling True Value products, probably have a deal with them. Nice pictures of Hackeets.

jmcnamara96

Any new news on this and how many stores had Joe Ettore owned?

beachgal26

I had a thought and wondered what if they had the employees own a stake in Ames when the stores were still profitable?  Chrysler did this and it really turned the company around since it gives you an actual stake in the company and makes everyone want to make it a success.

I wonder if Joe and staff ever gave this a thought????

:huh::cool:  

mikey7290

QuoteOriginally posted by NJxxJon
QuoteOriginally posted by captjack
Noticed the True Value Logo on the Lawn and Garden Banner. Co branding? Leasing?Cheer,jack

Could be! Welcome to our boards.

Hackett's has been a True Value dealer since the late 1970's.  Unfortunately, due to their financial situation, they have gotten behind in their payments to True Value.  This has caused True Value to force Hackett's to remove all True Value signs from their stores and circulars.  They are also no longer allowed to sell True Value products.  No word on if this has been resolved or not.