Home Quarters Warehouse
Encyclopedia
Home Quarters Warehouse was a chain of "big-box" home improvement
stores, originally based in Virginia Beach, Virginia
.
In 1984, the chemical manufacturing company W.R. Grace & Co. announced its intentions to enter the home improvement retail
business, hiring Bernard R. Kossar and Frank Doczi to head the new chain. The first Home Quarters stores opened in February 1985 in Virginia Beach and Hampton, Virginia
. Grace spun off HQ in 1986, but the new company was to be hit by hard times from the October 1987 stock market crash. In December 1987, Hechinger
agreed to buy HQ for $66 million. The merger was completed in February 1988, with Frank Doczi left in charge of the Home Quarters division (Kossar moves on to found OW Office Warehouse, an office supply store that used a logo and branding similar to that of HQ.) Under Hechinger, HQ hit the prime of its life and expanded to much of the United States
as a viable competitor to Home Depot, Lowe's
, and Builders Square
.
However, by 1995 its parent company Hechinger had been hit with financial trouble and began to scale back its operations, including moving HQ's headquarters from Virginia Beach to Hechinger's main office in Landover, Maryland
. The Hechinger family sold the company to Los Angeles
investors Leonard Green & Partners for $507 million in July 1997, and the management launched new, smaller concept stores called Better Spaces and Wye River Hardware & Home searching for a niche. In September, Hechinger/HQ was merged with San Antonio, Texas
-based Builders Square
, formerly owned by Kmart.
After several rounds of store closings, Hechinger Co. and Home Quarters Warehouse filed for Chapter 11 bankruptcy
protection on June 11, 1999, but the reorganization failed. That September, Hechinger's assets were liquidated, including its 117 remaining stores.
Home improvement
Home improvement, home renovation or remodeling is the process of renovating or making additions to one's home.-Types of home improvement:...
stores, originally based in Virginia Beach, Virginia
Virginia Beach, Virginia
Virginia Beach is an independent city located in the Hampton Roads metropolitan area of Virginia, on the Atlantic Ocean at the mouth of the Chesapeake Bay...
.
In 1984, the chemical manufacturing company W.R. Grace & Co. announced its intentions to enter the home improvement retail
Retail
Retail consists of the sale of physical goods or merchandise from a fixed location, such as a department store, boutique or kiosk, or by mail, in small or individual lots for direct consumption by the purchaser. Retailing may include subordinated services, such as delivery. Purchasers may be...
business, hiring Bernard R. Kossar and Frank Doczi to head the new chain. The first Home Quarters stores opened in February 1985 in Virginia Beach and Hampton, Virginia
Hampton, Virginia
Hampton is an independent city that is not part of any county in Southeast Virginia. Its population is 137,436. As one of the seven major cities that compose the Hampton Roads metropolitan area, it is on the southeastern end of the Virginia Peninsula. Located on the Hampton Roads Beltway, it hosts...
. Grace spun off HQ in 1986, but the new company was to be hit by hard times from the October 1987 stock market crash. In December 1987, Hechinger
Hechinger
Hechinger, mistakenly called Hechinger's by many customers was a chain of home improvement retail stores headquartered in Landover, Maryland outside Washington, D.C., and an online retailer owned by Home Decor Products.John Hechinger, Sr...
agreed to buy HQ for $66 million. The merger was completed in February 1988, with Frank Doczi left in charge of the Home Quarters division (Kossar moves on to found OW Office Warehouse, an office supply store that used a logo and branding similar to that of HQ.) Under Hechinger, HQ hit the prime of its life and expanded to much of the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
as a viable competitor to Home Depot, Lowe's
Lowe's
Lowe's Companies, Inc. is a U.S.-based chain of retail home improvement and appliance stores. Founded in 1946 in North Wilkesboro, North Carolina, the chain now serves more than 14 million customers a week in its 1,710 stores in the United States and 20 in Canada. Expansion into Canada began in...
, and Builders Square
Builders Square
Builders Square was founded as a big-box home improvement retailer headquartered in San Antonio, Texas. A subsidiary of Kmart, its format was quite similar to Home Depot, Menards and Lowe's with floor space of about . Builder's Square.com, Inc. has its headquarters in Edison, New Jersey...
.
However, by 1995 its parent company Hechinger had been hit with financial trouble and began to scale back its operations, including moving HQ's headquarters from Virginia Beach to Hechinger's main office in Landover, Maryland
Landover, Maryland
Landover is an unincorporated community in Prince George's County, Maryland, United States, within the census-designated place of Greater Landover. The Prince Georges County Sports and Learning Complex is in Landover...
. The Hechinger family sold the company to Los Angeles
Los Ángeles
Los Ángeles is the capital of the province of Biobío, in the commune of the same name, in Region VIII , in the center-south of Chile. It is located between the Laja and Biobío rivers. The population is 123,445 inhabitants...
investors Leonard Green & Partners for $507 million in July 1997, and the management launched new, smaller concept stores called Better Spaces and Wye River Hardware & Home searching for a niche. In September, Hechinger/HQ was merged with San Antonio, Texas
San Antonio, Texas
San Antonio is the seventh-largest city in the United States of America and the second-largest city within the state of Texas, with a population of 1.33 million. Located in the American Southwest and the south–central part of Texas, the city serves as the seat of Bexar County. In 2011,...
-based Builders Square
Builders Square
Builders Square was founded as a big-box home improvement retailer headquartered in San Antonio, Texas. A subsidiary of Kmart, its format was quite similar to Home Depot, Menards and Lowe's with floor space of about . Builder's Square.com, Inc. has its headquarters in Edison, New Jersey...
, formerly owned by Kmart.
After several rounds of store closings, Hechinger Co. and Home Quarters Warehouse filed for Chapter 11 bankruptcy
Bankruptcy
Bankruptcy is a legal status of an insolvent person or an organisation, that is, one that cannot repay the debts owed to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor....
protection on June 11, 1999, but the reorganization failed. That September, Hechinger's assets were liquidated, including its 117 remaining stores.