Enfield Home Hardware bought by Payzant, but not Scotian Homes
The sale of a bankrupt hardware store in Enfield may bode well for unemployed workers, but it won't help creditors or homeowners who lost thousands when its affiliate Scotian Homes went under last May.
Matthew Payzant, general manager of Payzant Home Hardware in Lower Sackville, confirms his business has acquired the Enfield location.
"We're excited that we were able to purchase the land and buildings out at the former Enfield Home Hardware site," he said.
"There were a few trucks and a little bit of leftover inventory, but that's essentially the extent of it and there's some store fixtures and what not inside."
Payzant won't reveal the purchase price. He hopes the deal will be finalized within the next few weeks, so the store can be ready to reopen by early 2016.
The sale does not include Scotian Homes, which went into receivership along with the Enfield Home Hardware Building Centre.
The award-winning home builder brought down dozens of creditors, including contractors such as Jeff Campbell who owns JDC Electric.
"We've heard nothing and we've still been told that we're not going to receive anything," said Campbell. "On my book, we were just over $40,000 owed, and I put close to $8,000 into lawyers to put liens on and hopefully recover some of that loss."
Homeowners on the hook
Campbell says he's glad to hear the store will open its doors again under new leadership; however, that doesn't help the electricians he laid off last spring as a result.
"We went from seven employed guys running three vans to three guys running one van. So it's cut us in half, if not a little bit more. There's four guys sitting at home unemployed because of it," he said.
Several homeowners who hired Scotian Homes are also absorbing a major financial loss.
"There's a few of them that are on the hook with liens on their homes who had already paid out a certain amount of money to Scotian Homes during the build and [they] have unfinished homes," said Campbell.
"They're renting places in order to live because they were supposed to be in their homes by now. And now they're juggling their finances, trying to find out where they're going to get the money to finish their homes."
Campbell has accepted the repercussions of Enfield Home Hardware's bankruptcy, even though it took a toll on his bottom line.
"I have to consider it gone and move on. I have a company to run. It didn't sink us, so I can be happy for that," he said.
