RTO giants to unite
Article Abstract:
Renters Choice, a rent-to-own (RTO) furniture company, has agreed to acquire troubled Wichita, KS-based RTO Thorn Americas for $900 million in cash. The transaction, which will be completed in the following months, will increase Renters Choice's store base by threefold to 2,070 from 687. Yearly revenue would increase to over $1.2 billion, including over $360 million in furniture and home accents. Renters Choice chairman and CEO Ernie Talley said that the acquisition is a special chance for the company to create value by getting and improving the operating performance of a large base of stores.
Comment:
Has agreed to acquire troubled Wichita, KS-based rent-to-own furniture Thorn Americas for $900 million in cash
Publication Name: Furniture-Today
Subject: Home furnishings industry
ISSN: 0194-360X
Year: 1998
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Jury awards N.C. retailer $1.6 million
Article Abstract:
Tucker Furniture Cos. of Wilson, NC, has been awarded $1.6 million by a jury after it sued Tyler Retail Systems for fraud in the sale of a computer system. The company filed a lawsuit against Tyler Retail Systems in 1995, alleging fraud, breach of contract, breach of implied warranty and breach of third party beneficiary contract. Tucker claimed that because of Tyler, it lost substantial employee time doing accounting functions manually and trying to repair the computer system's deficiencies. The company also lost control of its inventory, increasing carrying costs that led to lost sales.
Comment:
Will pay $1.6 million to Tucker Furniture to settle fraud in the sale of a computer system
Publication Name: Furniture-Today
Subject: Home furnishings industry
ISSN: 0194-360X
Year: 1998
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High Point eyes 2 new buildings
Article Abstract:
A two-story, 13,000-sq-ft showroom building is being planned at 110 N. Wrenn St. in High Point, NJ. According to the building's developer, Henry Shavitz, a local Realtor and businessman, the building will be ready for occupancy in time for the April 1999 furniture market. The building may later expand with three more floors, increasing square footage to 32,500. The two-story building is expected to cost about $500,000 to build. Meanwhile, another showroom may open on what is now a city parking lot on Green Street, right behind Alexvale showroom at 320 E. Commerce Ave.
Publication Name: Furniture-Today
Subject: Home furnishings industry
ISSN: 0194-360X
Year: 1998
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