Hackett's Hardware expects to have its bank loan fully paid off within two weeks and is eyeing a new store in Warren County.
Parent company Seaway Valley Capital Corporation issued a press release saying the repayment represents well over $5 million in debt repayed in 2009 alone.
The company is working to keep its Ogdensburg, Tupper Lake, Sackets Harbor and Potsdam stores open and is also looking to open a new store at the Queensbury Plaza in Queensbury, NY, the statement said.
"We have been aggressively promoting our merchandise to our customers, and this has generated significant sales and cash flows," said new Hackett's COO and Vice President Herbert Becker.
Becker said he plans to add product in the stores "that better reflects the needs of the communities in which we are located.
He also intends to launch an e-commerce division for Hackett's products.
Recent financial problems have forced the chain to close stores in Massena, Gouverneur, Canton, Watertown and Pulaski.
