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WiseBuys Stores, Inc. Executes Agreement to Acquire Hacketts 9:38a ET July 20, 2007 (Business Wire) WiseBuys Stores, Inc. ("WiseBuys") announced today that it has executed an agreement with its owners to acquire 100% of the stock of Patrick Hackett Hardware Company ("Hacketts"). Hacketts, which is one of the nation's oldest retailers, currently has stores in New York State in the villages of Canton, Ogdensburg, Massena, Potsdam, and Watertown. WiseBuys current locations include Canton, Gouverneur, Hamilton, Pulaski, and Tupper Lake - all also in New York State.
"We are pleased to announce this agreement to acquire Hacketts," stated Thomas Scozzafava, a co-founder of WiseBuys and current CFO. "WiseBuys and Hacketts combining into one entity is strategic for a number of reasons, including the sharing of managerial resources, increasing purchasing power, leveraging current advertising spending, and diversifying the combined company's merchandise mix. We anticipate taking the best from both companies and combining those qualities under one roof under the store brand 'Hacketts'," Mr. Scozzafava added.
The acquisition, which calls for a $1.5 million payment at closing and additional payments of $4.5 million over eight years, includes management agreements for the retention of the founding family members as well as Hacketts current CEO.
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