Waxman subsidiary sole hope to ease debt burden. (Waxman Industries Inc.; Barnett Inc.)

Crain's Cleveland Business, October, 1995 by Shingler, Dan

In a race against time, Waxman Industries Inc. has bet that a single subsidiary can develop broad enough shoulders to handle more than $190 million in debt obligations the company will face four years down the road. Waxman's pending sale of its cornerstone, do-it-yourself hardware supply business shifts the company's hefty debt burden to Barnett Inc., a commercial home remodeling supplier that reported sales of $109.1 million for fiscal 1995, which ended June 30.

Based upon current sales levels, Barnett likely will account for 70% of Waxman's sales after the pending divestiture of the consumer products operations, the company said. For Waxman's strategy to work, Barnett must continue to grow by about 15% a year, as it has for the past five years, said Neal...

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