 In 1986, Channel's executives bought the company through a leveraged buyout.The purchase included a total of 202 retail locations in 20 states, including home centers under W.R. Grace located in the southeast, among them "Handy City" and Handy Dan.By 1990, the chain had grown to 89 Channel outlets in nine states, but in early 1991, the company filed for Chapter 11 bankruptcy protection, and announced a plan to close 34 of 86 stores, mostly in the Baltimore-Washington and New England markets.