Buchanan new CFO at Nationwide
By Furniture Today Staff -- Furniture Today, December 9, 2001
NORCROSS, Ga. — Nationwide Warehouse & Storage has promoted Morris Buchanan to chief financial officer of the promotional Top 100 chain, which is looking to revive itself under Chapter 11 bankruptcy protection.
Buchanan, who joined the company recently as controller, replaces Bob Wilson, who also came on board recently as part of a turnaround team headed by Chief Executive Officer Rick Meiser.
Wilson left to become chief operating officer of St. Louis-based CCA Global Partners, a holding company for Carpet One, Lighting One, Flooring America and other brands.
Replacing Buchanan as controller is Jim Fitzpatrick, who most recently was controller at a home improvement operation in Kansas City.
Meiser said Wilson did a good job for Nationwide, but "got a great job offer" from CCA.
"We're pleased to have Morris and Jim here with us with their many years of experience," Meiser said.
Nationwide's parent company, NWS Holdings, filed for Chapter 11 bankruptcy protection in October. The retailer is closing 46 underperforming stores with plans to emerge in the spring with about 115 stores doing an estimated $165 million in annual sales. It also has secured $7.5 million in debtor-in-possession financing from its venture capital company owner, Quad C.
"We're moving ahead. We've made a lot of progress in a short amount of time," Meiser said. "We've had great cooperation from our vendors, and we're pleased with the way things are going."
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