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Midwest's Lyman Lumber Files Bankruptcy, Finds Buyer

Lyman Lumber Co., Excelsior, Mn., filed for Chapter 11 bankruptcy and agreed to sell its Midwest operations to SP Asset Management LLC, an affiliate of N.Y.-based Steel Partners Holdings L.P.

"We are very excited about the prospect of working with a strong and credible financial partner," said c.e.o. Jim Hurd. "The sale would allow Lyman to continue to provide market leading service to our customers."

f ohn K. Smith, CPCU President and Chief Executive Officer

Formed in 1897, Lyman operates Lyman and Woodinville Lumber retail yards, installer Carpentry Contractors Corp., and component producers Automated Building Components and Tri-County Truss. In late June, it closed its wholesale division, Mid America Cedar. It plans to use the Chapter l l process to restructure debt obligations and shed non-performing assets such as its land holdings and construction-lending portfolio.

Weiss Do it Best Lumber,

Perryville, Ar., suffered extensive damage to its lumberyard in an Aug. 6 fire.

Lezzer Lumber Co. remodeled its showroom in Lancaster, Pa., creat ing separate areas for kitchen & bath and windows & doors.

Ace Hardwoto, Caldwell, N.J., is looking for a "shop mate" to share its 17,000-sq. ft. location.

Geneva Hardware closed Aug. 1, six months after relocating from Geneva, ll., to St. Charles, ll.

Homefolks Hardware & Gifts, HenOerson, Ky., held an Aug. 27 going-out-of-business auction to sell remaining inventory, store fixtures, and seven parcels of real estate.

Norfleet's Hardware, warrenton, N.C., has closed after 60 years.

Smart's True Value HardWEIO, Lincoln, Me., added a 3,400-sq. ft. annex down the street from its 4,400-sq. ft. store.

Habitat for Humanity renovat ed its ReStor€ discount LBM outlet in Chattanooga, Tn.