Handy Dan Explained

Handy Dan Home Improvement was an American home improvement store Amnon Barness, an Israeli immigrant. It went out of business in May, 1989.http://nl.newsbank.com/nl-search/we/Archives?p_product=SAEC&p_theme=saec&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EAFE7444964D657&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM

By 1972, the company operated 30 stores in California, Texas, Arizona and Oklahoma. It made an initial offering in November, which led to Daylin, Inc. owning 81% of Handy Dan.[1] Daylin filed for bankruptcy in February 1975, though it's subsidiaries we're not including in the Chapter 11 proceedings.[2] Handy Dan was one of the few assets the company didn't sell during this time.[3]

Bernard Marcus was CEO of Handy Dan in 1978 when he was fired along with company vice president Arthur Blank amid a corporate power struggle with Daylin CEO Sanford C. Sigoloff. Marcus and Blank went on to found Home Depot.[4] [5]

Daylin was purchased by W. R. Grace and Company in 1979.[6] In 1986, Grace's retail home improvement division, which included Handy Dan and Channel Home Centers, was sold to the division's executives through a leveraged buyout.[7]

Handy Dan played a major role in getting Texas's religion-based blue laws repealed in 1984 by opening on Sunday and using white price stickers for goods that could be sold seven days a week, and blue price stickers for items that could not be sold on Sunday.[8]

References

  1. News: 1972-11-22 . Equity Financing . 2024-07-27 . The New York Times . en-US . 0362-4331.
  2. News: 1975-02-28 . Daylin, Big West Coast Retailer, Files a Petition for Bankruptcy . 2024-07-27 . The New York Times . en-US . 0362-4331.
  3. News: Lindsey . Robert . 1978-06-11 . Up From Bankruptcy: How Daylin Bid for Dymo . 2024-07-27 . The New York Times . en-US . 0362-4331.
  4. News: Bernie Marcus & Arthur Blank . . October 10, 2008 . February 10, 2021.
  5. Web site: Loeb . Walter . The Story Of Ken Langone, The Visionary Behind Home Depot . 2024-07-27 . Forbes . en.
  6. News: Grace Completes Purchase of Daylin . . March 22, 1979 . February 10, 2021.
  7. News: Grace Will Sell Home Centers. . December 2, 1986 . December 29, 2009.
  8. News: Home Channel News. Readers Respond: Handy Dan, Home Depot and Lowe's. 2010-02-24.