Deepens leadership team under CEO Chris Homewood with appointment of new Chief Human Resources Officer
New funding led by KKR to build infrastructure and increase buying power
Waco, TX, Jan. 26, 2022 — Channel Control Merchants (“CCM” or the “Company”), an extreme value retailer of secondary market inventories, today announced senior leadership appointments and a new investment from KKR and other existing investors, both of which will strengthen the Company’s role as the go-to sustainability partner for customers and create opportunities for long-term growth.
CCM offers a vertically-integrated solution to the growing issue of managing excess inventory and returns, helping support zero-waste initiatives of manufacturers’ and retailers’ by keeping products out of landfills. The Company’s network of retail stores gives products from leading retailers and manufacturers a second chance, selling them quickly and directly to real everyday people. Using inventory-tracking technology, CCM provides its sourcing partners with a clear line-of-sight on their inventories all the way to the final sale, making CCM’s approach a true extension of their sustainability efforts.
Last year, CCM appointed Chris Homewood as CEO, succeeding Rob Lynch who continues to serve as an advisor and member of the Company’s Board. Mr. Homewood is a highly experienced executive with more than two decades in leadership roles in the retail industry, most recently serving as a President at TriMark USA’s Retail West division and before that as Vice President of Store Operations at Ross Stores. Mr. Homewood began his career as a Marine Corps Artillery Officer.
CCM further strengthened its senior leadership team with the appointment of Vicki Winston in November to the newly created role of Chief Human Resources Officer. She brings over 20 years of HR experience in Retail, Hospitality, Manufacturing and Supply Chain, serving as Vice President, Human Resources at Aaron’s LLC, as well as in other leadership roles at Icahn Automotive Group, Belk, and Advance Auto Parts.
CCM also announced the receipt of a follow on investment from KKR and other existing shareholders. The funding will be used to strengthen the Company’s balance sheet and position CCM to build infrastructure and invest behind new retailer and vendor partnerships. CCM is strengthening its commitment to serving as a trusted partner for retailers and manufacturers, helping them advance their sustainability goals, at a time when a growing number of retailers are recognizing the environmental and social benefits of reducing waste through recommerce.
“We are pleased to see CCM building momentum as a mission-oriented organization under Chris’ leadership,” said William Cornog, Chairman of the Board at CCM and Partner at KKR. “CCM is entering 2022 with a strong focus on delivering its solution to the growing number of retailers and consumer brands who recognize the sustainability benefits of reselling returned and unsold inventory. KKR is investing additional capital to strengthen CCM’s ability to partner with retailers to eliminate waste and deliver quality goods to the diverse group customers who benefit from more affordable options.”
Unlike web-based or warehouse-only intermediaries, CCM utilizes scan-based stock-keeping unit (SKU) technology to sell products at extreme value through its network of Dirt Cheap and Treasure Hunt physical stores located across the United States and Canada with a focus on rural markets in the Southeast and Texas that are under served by traditional retail chains. CCM’s platform gives brands full transparency and control of their returns and excess inventory through the entire re-commerce cycle, all the way to the end consumer.
“Changing consumer habits are driving an increasing volume of returns and CCM provides a practical business model that not only addresses this new challenge to inventory management but also does so in a fully transparent way that enhances the sustainability efforts for retailers of any size,” said Homewood. “Our mission is not just to process returns and unsold inventory, but to also improve the lives of people and communities in a sustainable way. The new investment from KKR is further endorsement of our team, mission and our progress to date.”
In 2021, CCM’s solutions kept approximately 90 million items out of the landfill, representing products with more than $3 billion in retail value. This includes:
- 0 million toys going to kids instead of the back of a garbage truck
- 6 million food items enjoyed instead of going to a landfill
- 1 million home improvement products used in homes instead of a hole
- 5 million pieces of clothing and pairs of footwear worn by families
- 2 million housewares, electronics, school supplies and other hard goods put to use
About Channel Control Merchants
Channel Control Merchants, LLC is an extreme value retailer and exporter of brand sensitive secondary market inventories through physical retail and wholesale channels. Its mission is to improve lives and communities in a sustainable way. The Company sources inventories from major retailers and manufacturers and processes the merchandise through its reverse logistics facilities, keeping over 90 million items out of landfills each year. The Company meets its suppliers’ specific geographic distribution requirements for resale by selling through its more than 4 million square feet of retail space. The Company’s retail division has three banners: Dirt Cheap, Treasure Hunt and Dirt Cheap Building Supplies across 100+ stores located in Alabama, Arkansas, Florida, Louisiana, Mississippi, Tennessee, Texas and Ontario, Canada. The stores provide a unique “treasure hunting” shopping experience by offering a wide variety of brand-name merchandise across multiple categories under one roof at extreme savings.
About KKR
KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
Media Contacts
For CCM:
Marco Pescara
757-634-7111
For KKR:
Cara Major or Miles Radcliffe-Trenner
212-750-8300