HomeClub Inc. Files for Public Stock Offering

HomeClub Inc. a rapidly growing chain of nine home-improvement stores based in Fullerton, said Friday that it has filed a registration statement with the Securities and Exchange Commission to make its first public stock offering with the aim of raising about $30 million in expansion capital.

HomeClub officials said that of the 2,245,077 shares of common stock to be offered for sale, 2 million shares will be sold by the company and 245,077 shares will be sold by existing private stockholders.

The net proceeds from the sale of common stock will be used to finance new warehouses that HomeClub plans to open in California and other Western states, the company said.

George Handgis, executive vice president of the 2-year-old firm, said in an earlier interview that by going public HomeClub hopes to fuel a growth plan that calls for establishing 30 new stores in the next two years.

HomeClub officials Friday wouldn’t give the company’s financial results for its first fiscal quarter, ended April 30. In the preceding year, the company lost $1.7 million on sales of $67 million.