House of Tools closing after more than 40 years



    CALGARY, June 18 /CNW/ - Pursuant to an order issued by an Alberta Court
today, House of Tools, a unique chain of stores specializing in tools,
woodworking and metalworking equipment, will be liquidating its inventory
effective immediately.
    House of Tools, which has been in business for more than 40 years and
operated stores in Alberta, British Columbia and Saskatchewan employed more
than 200 people, many of which had been with the company for 25 years or more.
    Notwithstanding its strong presence and reputation in the retail,
contracting and industrial sectors, the company noticed a sharp decline in
business last year. Competition from "big box" style stores, internet shopping
sites and the economy in general were all factors which forced the company to
initially seek creditor protection under the Companies Creditors Arrangement
Act. When it became apparent that the company would not be able to
restructure, it filed for bankruptcy. Subsequently, RSM Richter Inc. was
appointed the receiver.
    "This will leave a large void in the community", says Gary Geisbrecht,
who has worked for the company for more than 27 years. House of Tools offered
woodworking and welding courses, "how-to" demonstrations and carving classes.
It was a place for local business owners, their employees and keen hobbyists
to purchase the tools of their trade and exchange information and ideas.
    Richter received court approval today for Asset Engineering to conduct
the liquidation of all of the inventory of House of Tools.





For further information:

For further information: Robert Kofman at RSM Richter,
bkofman@rsmrichter.com; Jamie Dunbar at Asset Engineering,
jamie@assetengineering.com

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HOUSE OF TOOLS

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