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Article: Home Depot Won't Buy Quebec Chain.(Originated from The Atlanta Journal and Constitution)
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- March 11, 1997
- Author:
CopyrightCOPYRIGHT 1997 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Mar. 11--Home Depot Inc. declined Monday to exercise an option on 11 home improvement stores in Quebec, giving a French-based do-it-yourself chain its first toehold in North America.
The Quebec company, Reno-Depot Inc., is being bought by Castorama Dubois Investissements S.A. for $107 million. Castorama, which dominates the French home improvement market and has plans to expand into other countries such as Poland and Brazil, is seen as a future global competitor for Home Depot.
The Reno-Depot stores didn't "fit our investment criteria" for the Canada division, said Arthur Blank, president of the Atlanta-based retail chain. Home Depot had the ...