Auction looms for Hinckley’s hardware

The building supply concern is owed over $1 million by customers.

3
H.N. Hinkley's hardware store is facing auction, though a manager at the store says it's business as usual. –Barry Stringfellow

Longstanding Island business H.N. Hinckley & Son’s, a.k.a. Hinckley’s, is scheduled for auction on Wednesday, Feb. 7, at 12 noon, according to auctioneers Paul Saperstein and Co.

Four detached buildings totaling 70,000 square feet of commercial space, and the 1.6-acre plot at 61 Beach Road in Tisbury, are scheduled to go on the block.

According to the Dukes County Registry of Deeds, the total assessed value of the land and buildings is $2.4 million. The property last changed hands in April 1924.

“They’re working on resolving the issues, and we’re hoping it won’t come to that,” hardware store co-owner manager Liz Cosgrove told The Times. “We’re restocking. We’re putting a lot of paint and plumbing stock into the hardware store, and it should be completely packed in a couple of weeks. We’re moving forward.”

Co-owner Wayne Guyther shared Ms. Cosgrove’s assessment. “I’m optimistic we’ll work something out,” he said. “The hardware store is doing very well. We’ve stocked it up quite a bit, and there will be more stock coming in. The lumberyard we’re still working on. It’s a complicated situation.”

The major complication is that Hinckley’s is carrying over $1 million in accounts receivable.

“A lot of customers owe us money,” Mr. Guyther said. “Not being able to collect what is owed us is what led to our cash crunch. We’ve always carried a lot of receivables, but there’s been a bunch of situations where we didn’t get paid, particularly with the lumberyard. We’re trying to work things out. I’m trying to come up with some money that will address the immediate problem. Negotiations between the attorneys and the bank are still ongoing.”