Home Quarters Warehouse
| File:Home Quarters Warehouse HQ Logo.png | |
| Industry | Home improvement retail |
|---|---|
| Founded | 1984 |
| Defunct | September 1999 |
| Fate | Liquidation |
| Headquarters | Virginia Beach, Virginia, U.S. |
Home Quarters Warehouse (commonly abbreviated as HQ) was a U.S.-based chain of large-scale home improvement retail outlets, initially headquartered in Virginia Beach, Virginia. The venture was initiated in 1984 when chemical producer W.R. Grace & Co. decided to enter the home improvement market, appointing Bernard R. Kossar and Frank Doczi to lead the new enterprise.
History
The inaugural Home Quarters locations launched in February 1985 in Virginia Beach and Hampton, Virginia. In 1986, Grace divested HQ as a separate entity. By October 1987, HQ was preparing for an initial public offering (IPO); however, the stock market crash known as "Black Monday" caused the Securities and Exchange Commission to halt all IPOs temporarily until market conditions improved.
In December 1987, Hechinger agreed to acquire HQ for $66 million (~$Template:Format price adjusted for inflation). The acquisition was finalized by February 1988, with Frank Doczi continuing as head of the Home Quarters division. Meanwhile, Bernard Kossar departed to establish OW Office Warehouse, an office supply retailer featuring branding reminiscent of HQ’s style. Under Hechinger’s ownership, HQ expanded significantly across the United States, positioning itself as a strong rival to chains such as Home Depot, Lowe's, and Builders Square.
Merger
By 1995, Hechinger encountered financial difficulties and began downsizing its operations, which included relocating HQ’s headquarters from Virginia Beach to Hechinger’s central office in Landover, Maryland. In July 1997, the Hechinger family sold the company to Los Angeles-based investors Leonard Green & Partners for $507 million (~$Template:Format price adjusted for inflation). Under new ownership, management introduced smaller store formats named Better Spaces and Wye River Hardware & Home in an effort to capture specific market segments. Later that September, Hechinger/HQ merged with San Antonio, Texas-based Builders Square, which had previously been owned by Kmart.
Liquidation
Following multiple rounds of store closures, both Hechinger Co. and Home Quarters Warehouse filed for Chapter 11 bankruptcy protection on June 11, 1999. The restructuring efforts ultimately failed, leading to liquidation of Hechinger’s assets in September of that year, including the sale of its remaining 117 stores.
See also
References
- Golubovskis, George. "Hechinger is no longer our local store," Washington Business Journal, July 18, 1997
- "Post 200: Hechinger Co.," The Washington Post, April 28, 1997
- "100 JOBS CUT IN HECHINGER RESTRUCTURING," The Virginian-Pilot, August 24, 1995
External links
- Articles with short description
- Pages with broken file links
- 1984 establishments in Virginia
- Defunct companies based in Virginia
- Retail companies established in 1984
- American companies established in 1984
- Companies based in Virginia Beach, Virginia
- Home improvement retailers of the United States
- Defunct retail companies of the United States
- Companies that filed for Chapter 11 bankruptcy in 1999
- Retail companies disestablished in 1999
- 1999 disestablishments in Virginia