Hackett's Hardware stores will become a stand-alone, publicly traded company, under a move by its parent company, Seaway Valley Capital Corporation.
The move aims to raise money for investment and operations, according to company officials.
"With its growing sales and assets we fell that bringing Hackett's out as a stand-alone entity will help both unlock the value of Hackett's to Seaway's shareholders and also make it easier for Hackett's to directly access the capital markets for growth and financial stability," said Thomas Scozzafava, President of Seaway Valley Capital Corporation.
SVCC recently acquired a majority of the voting securities of Florida-based The Americas Learning Centers, then transferred its shares of Hackett's into the company.
As part of that transaction, SVCC filed with the State of Florida and NASD to change the name of the newly acquired company to Hackett's Stores, Inc.
Hackett's, founded in Ogdensburg, has roots going back to 1830 and has full-line department stores, with ten locations.
