Hooker Furniture Closes Acquisition of Seating Company Bradington-Young
January 3, 2003
Martinsville, Va: Major case goods producer and importer Hooker Furniture Co. (Nasdaq-SCM:HOFT) announced today that it has completed its diversification into upholstered furniture, closing its acquisition of Cherryville, N.C.-based seating specialist Bradington-Young.
With fiscal 2002 sales of just under $50 million, Bradington-Young specializes in upscale leather reclining chairs, executive desk chairs and motion and stationary upholstery in the upper-medium to high-end price niches. The acquisition creates a company offering case goods, occasional and upholstered furniture for the entire home including the bedroom, dining room, family room, home office and home theater with combined annual net sales of just under $300 million based on fiscal 2002 sales.