Pay 'N Pak
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Pay 'N Pak is a defunct home improvement chain that was based out of Kent, Washington. Pay 'N Pak began in 1962 and was founded by Stan Thurman, a Longview, Washington electric and plumbing supply retailer. In 1969 Pay 'N Pak merged with Eagle Electric & Plumbing, a company run by Thurman protege David Heerensperger. Shortly thereafter, Stan Thurmon was voted out and David Heerensperger became the chairman of the company until 1989 when he left to form Eagle Hardware & Garden. At the time of a hostile corporate raid attempt in 1987, Pay 'N Pak has 112 stores in the Western United States. Pay 'N Pak was also a sponsor of a unlimited hydroplane racing team from the late 1960s to the early 1980s and won the points championship from 1973-1975.
[edit] History
- 1962 Stan Thurman establishes Pay 'N Pak
- 1969 Pay 'N Pak merges with Eagle Electric & Plumbing and goes public
- 1969 Stan Thurman voted out and David Heerensperger voted in as chairman
- 1988 Pay 'N Pak goes private for $226 million after a corporate raid attempt
- 1989 David Heerensperger leaves as chairman
- 1991 Pay 'N Pak files for Chapter 11 bankruptcy
- 1992 Pay 'N Pak liquidates its remaining stores and four of the former Pay 'N Pak stores were bought by Thurmon Industries and operated under the name Thurman Pay 'N Pak
[edit] External links
- Eagle Hardware & Garden Inc.
- Thurman the first do-it-yourselfer
- History of Pay 'N Pak Racing
- Pride of Pay 'N Pak
[edit] Sources
- Robert LaFranco. "Comeuppance?" Forbes, Dec 4, 1995 v156 n13 p74(3)
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