Economy Lumber Co., founded in 1935, has purchased the Oakland Piedmont store and lumberyard, which is about the size of a city block and has seven employees, said John Bacon Jr., Economy Lumber's president.
Bacon said he approached Piedmont about buying the store. “This is the one that was available.”
He said the deal became effective March 22 following about three weeks of negotiations.
“We're very excited about it,” Bacon said. “It will work great for us.”
The store was purchased for cash and other considerations, but Economy Lumber officials would not disclose a purchase price.
Piedmont Lumber has several Bay Area stores as well as a store in Lakeport, located at 2465 S. Main St.
“The official word is that Piedmont continues to explore all of its options,” Piedmont spokesman James Simmons told Lake County News on Monday.
Over the past month and a half Piedmont has been hit by several challenges, including judicial foreclosures on its properties – including the Lakeport store – a federal lawsuit over benefits for union-represented employees, a fire that destroyed its Walnut Creek store on March 13 and the closure of its Calpella truss plant on March 31, as Lake County News has reported.
The inventory at the Calpella facility was moved to the Lakeport store, which Simmons said previously will remain in operation.
The Walnut Creek store also had been considered for purchase. Bacon said he went out to look at that property on March 12, the day before it burned. “That ended the conversations.”
Bacon said the Oakland store is a great, well-run operation, and will bring the total number of Economy Lumber stores to four, including the company's seven-acre facility on Interstate 880.
He said the entire staff will be retained, and the only thing that will change is the store's name.
Bacon said it was a pleasure dealing with Piedmont owner Bill Myer and Ed Smith, the company's chief financial officer.
“They've done what they said they were going to do,” Bacon said. “It was an easy transition.”
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