Supply One to close Tahoe store
Lake Tahoe residents doing home improvement projects may face a hole in the community in the next two months.
Supply One has filed Chapter 11 in U.S. Federal Bankruptcy Court in Reno and plans to close all nine stores in eight to 10 weeks, Chief Operating Officer Nick Parino said from the Reno headquarters. This includes the Meyers store on Emerald Bay Road.
Signs are expected to go up in the hardware and construction supply store by the end of the week, Parino said. A liquidation team making the rounds to the stores in the Reno-Sparks area should make its way to Tahoe in a matter of weeks.
“We’re disappointed. The company has been around for 16 years. We have a loyal following (of customers) and loyal employees,” Parino said.
A skeleton crew of a dozen workers are taking care of business and closure in the South Shore store, while the Sparks location has whittled down to 19 employees. Supply One employs 300 workers in three states – California, Nevada and Oregon.
“My heart goes out to the employees,” he said.
Locally, some Supply One workers were picked up by Meeks The Builder’s Choice.
Supply One’s fiscal problems began with a significant computer enigma in 1999, Parino said, but that’s only half of it.
“In addition, there’s been a tremendous amount of competition,” he said. He listed Kmart and Wal-Mart as stores that also sell paint and tools.
When Supply One was losing too much money to maintain operations and make expenses, the builder’s center and its financial institutions failed to come to an agreement, he said.
Parino declined to divulge the amount of losses the privately held company has had.
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