Rowe to buy Storehouse
Article Abstract:
Rowe Furniture, a McLean, VA-based upholstery and case goods manufacturer, has signed a deal to invest in and ultimately acquire Atlanta, GA-based furniture retailer Storehouse. Rowe has consented to invest $2.5 million in Storehouse at once. Meanwhile, Rowe's acquisition of Storehouse is subject to certain closing provisions. The price to be received by shareholders will be determined according to the retailer's financial results in the 12 months ending Apr. 30, 1999. In addition, Rowe, which plans to finalize the deal not later than Jul. 31, 1999, is expected to acquire Storehouse for a sum that is at least $10 million.
Comment:
Signs a deal to invest in and ultimately acquire Atlanta, GA-based furniture retailer Storehouse
Publication Name: Furniture-Today
Subject: Home furnishings industry
ISSN: 0194-360X
Year: 1998
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Retailers pleased with Flexsteel program
Article Abstract:
Flexsteel, an upholstery manufacturer, has been successful with the addition of its Comfort Seating showrooms concept. Since launching the concept in 1996, seven retailers have become Comfort Seating dealers and three of these dealers have opted for setting up free-standing Flexsteel stores. Flexsteel's Comfort Seating program features a consumer-friendly approach to merchandising, effective lighting, easy-to-navigate traffic flow and complementary accessories. One retailer has reported an annual 20% increase in retail sales since joining the program.
Comment:
Has been successful w/ its concept Comfort Seating showrooms
Publication Name: Furniture-Today
Subject: Home furnishings industry
ISSN: 0194-360X
Year: 1998
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Rowe Furniture;s net income jumps 43%
Article Abstract:
Rowe Furniture posted a 43.5% hike in net income to $2.4 million in the fiscal second quarter of 1998, with a sales increase of 38.6% to $45.6 million from a year earlier. An after-tax gain of around 2 cents per share was also posted by the company in the quarter, about 11% of its total earnings per share of 19 cents, from the company's sale of a Levitz Furniture receivable, but was partially offset by other unusual charges including an increase in reserve for bad debts, write-down of investment property.
Comment:
Posts a 43.5% hike in net income to $2.4 mil in the fiscal second quarter of 1998, with a sales increase of 38.6% to $45.6 mil
Publication Name: Furniture-Today
Subject: Home furnishings industry
ISSN: 0194-360X
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
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