Like most members of the Detroit Metropolitan Area community, or communities -- for those whom have owned property in multiple cities -- the thriving times of the growing environment in and around Detroit brought a lot of business and community members to get involved in providing and purchasing services and / or products in the area. For the hardware store industry, competition was growing fierce well into the mid-2000s. This holds true for even the most fundamental staples of names in the region; more particularly, Damman Hardware.
In a desperate act to reserve lasting existence and correct once questioned leadership decisions in where to take the direction of the company, a selling of several stores to competitor -- ACE Hardware -- was a strategy that some may have perceived as a desperation for additional funds in which to recover and progress, regardless of the direction of the company. While there could be assumed that inconclusive evidence suggests the nature of the downfall, Damman Hardware ended up closing their doors more than approximately 10 years ago from this month (to-date).
There were questions raised early in the process of closing its doors, which especially started in their spotlight of high business profiling when a motion was filed under The Bankruptcy Court in Detroit (of The United States of America) in August of one of the years surrounding the fall of the agreement. Accusations regarding the agreements of the partnerships could have been included in case studies by college students and/or university professors as a reference for why partnerships tend to possess a tracking record with statistics incorporating rates of high failure. Alas, there was suggestion that the partnership wasn't entirely adhered to, with a lack of funds provided for additional merchandising and inventory purchasing credit, nor for the actual in-store assistance support which was expressly discussed.
Damman's selling of several stores to ACE Hardware was something that the ruling judge declared a higher delegation of authority and enforceability since the new transaction of high value also carried with it specific and deliberate terms as well.
Therefore, there might have been the concluded assumption that, while Damman Hardware may have refuted counter-allegations of the conflict, ACE Hardware evidently still accused Damman Hardware that the entity's agreements had not been lived up to and that such was sound logic and fair grounds by which to refuse providing agreed upon support for the remaining additional stores which were still owned by Damman Hardware itself.
After filing for bankruptcy in January of 2004, and reviving in July of that same year due to an agreement with their competitor, ACE Hardware, an Illinois-based and headquartered creditor for the Southfield, Michigan-based Damman Hardware, additional agreements were probably associated with nearly all agreements and orchestrated deals in order to accommodate and facilitate the attempted progress made on, and by, both parties, with what appears to have been for the sake of Damman Hardware keeping their doors open and ACE Hardware's notional ability to gain profit.
Yelp!, a platform by which other organizations can be listed, and hopefully, collect additional referrals for a hopeful increase in revenue -- be it short-term or long-term -- continues, to-date, to list no less than fourteen locations for Damman Hardware, in and around the Detroit Metro Area.
Upon initial inspection, one could assume that the company is still going strong, even though there are several years difference from the declared bankruptcy filing petition for disorganization and failure to adhere to disagreements.
Today, there are several options of large-chain hardware stores which provide similar products for cheaper prices than small companies, probably, ever could due to a variety of factors which might include, though are certainly not limited to, bulk shipment and bulk purchase discounts, corporate agreements, and much, much more.