ATLANTA \u00e2\u20ac\u201d Leath Furniture\u00e2\u20ac\u2122s top managers have joined with SB Capital Group and certain senior managers of Planned Furniture Promotions to acquire the Top 100 chain from owner Mack Robinson, the company said today.
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\nThe retailer will continue to operate all 20 of its Leath stores in five Midwestern states, and all seven Modernage stores in Florida. Ron Phillips will remain CEO.<\/p>\n
Phillips joined with Barbara Snow, chief financial officer, and Jolene Takemura, vice president of merchandising, to lead the buyout, backed by the financial partners. As part of the transaction, the company will enter into a working capital agreement with CIT Group\/Business Credit.<\/p>\n
Other financial details weren\u00e2\u20ac\u2122t immediately disclosed.<\/p>\n
Leath\/Modernage ranked 66th on Furniture\/Today\u00e2\u20ac\u2122s latest listing of Top 100 U.S. furniture stores, with estimated 2012 sales of $106.8 million, up 3.4% from the previous year.<\/p>\n
SB Capital Group is an affiliate of Schottenstein Stores, owner of Columbus, Ohio-based Top 100 company American Signature, which operates American Signature and Value City Furniture stores.<\/p>\n
The Planned Furniture Promotions executives involved in the deal are vice presidents Roy Hester, Burt Homonoff and Mark Bannon. PFP is affiliated with Gene Rosenberg Associates, and Rosenberg is the co-founder of Connecticut-based Top 100 store Bob\u00e2\u20ac\u2122s Discount Furniture.<\/p>\n
\u00e2\u20ac\u0153We are grateful to Mack Robinson for his tutelage during his 16 years as owner of the company,\u00e2\u20ac\u009d said Phillips. \u00e2\u20ac\u0153Looking forward, we are excited with our new partnership and fully expect this venture to introduce new ideas and energy into the company. It is our expectation that with the availability of our new working capital line and the help of our partners, we will enter a new era of growth.\u00e2\u20ac\u009d<\/p>\n
Scott Bernstein, principal and chief operating officer of SB Capital Group, said the deal \u00e2\u20ac\u0153fits squarely within our strategy of acquiring retailers with growth potential. Through our successful history of buying businesses and intellectual property, we know how to rebuild a company\u00e2\u20ac\u2122s assets.\u00e2\u20ac\u009d<\/p>\n","protected":false},"excerpt":{"rendered":"
ATLANTA \u00e2\u20ac\u201d Leath Furniture\u00e2\u20ac\u2122s top managers have joined with SB Capital Group and certain senior managers of Planned Furniture Promotions to acquire the Top 100 chain from owner Mack Robinson, the company said today.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-1210","post","type-post","status-publish","format-standard","hentry","category-furniture-world-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/1210","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/comments?post=1210"}],"version-history":[{"count":0,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/1210\/revisions"}],"wp:attachment":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/media?parent=1210"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/categories?post=1210"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/tags?post=1210"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}