Hooker Furniture Corp. (HOFT) announced it has completed the acquisition of the assets of Opus Designs Furniture, LLC.
Effective today, Hooker Furniture's professional sales organization will be representing the Opus product line, and all service and operational support for the line will come from Hooker Furniture Corporation. The product will be sold under the Opus Designs brand.
The $5.1 million cash transaction is subject to a net working capital adjustment.
James Millner, who has overseen design and product development of the Opus product, will be employed by Hooker as Vice President, Merchandising & Design concentrating primarily on youth bedroom.
Marc Katzman, Opus co-founder and President-Sales, will also assist Hooker during a six month transition period.
On October 24, Hooker Furniture signed a letter of intent to purchase the assets of New York-based Opus Designs Furniture.
Wholesale Furniture Brokers is currently a client of Opus Designs but not of Hooker Furniture or any of its other subsidiaries. Well update this post if we discover that WFB will now have access to more of Hookers lines.
Read the original publication here.
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[Source: Furniture Store Updates from GoWFB]
