Wolohan Lumber closes
Another Ironton business has closed its doors.
Saturday, July 21, 2001
Another Ironton business has closed its doors. As of Monday afternoon, Wolohan Lumber on South Third Street closed its shop in a move to consolidate resources, said the company’s district manager Dave McCormack.
The Ironton store was consolidated with the Ashland, Ky. site. The manager said the company periodically reviews its resources and assets and the company decided it could "penetrate the market with just one store." McCormack said "some" of the Ironton’s 12 employees were offered jobs at the Kentucky facility while others join the ranks of the unemployed.
The company, headquartered in Saginaw, Mich., did not fair well during the first quarter, according to a quarterly report on the company’s Web site.
According to the financial statement, the company – with 36 stores across the Midwest and East Coast – showed a loss of $615,000 during the first quarter which ended March 31. The company’s bulletin cited "seasonal influences" as reasons for the slumping revenue.
The store’s closing reflects what the company refers to as "asset redeployment."
"The company’s strategic direction continues to be revenue growth and operating improvement at existing stores through the advancement of services to our target customers and development of operating efficiencies…this may result in additional store closings or other asset redeployments," said James L. Wolohan, president and chief executive officer of the company.