Barcalounger ownership shift completed
By Furniture Today Staff -- Furniture Today, January 6, 2002
ROCKY MOUNT, N.C. — Fairwood Corp., a holding company that once owned several furniture companies under the Mohasco umbrella, has transferred ownership of its last remaining operating unit, Barcalounger, to Court Square Capital Ltd.
The ownership shift was made to satisfy terms of a 1989 revolving credit agreement between Fairwood and Court Square, which was then known as Citicorp Capital Investors Ltd.
Phil Cooper, vice president of merchandising at Barcalounger, said the change will have no effect on the motion furniture producer's day-to-day operations. The existing senior management team will remain in place.
While Fairwood has had a litany of financial problems dating back to the mid-1990s, Cooper said Barcalounger has been a growing and profitable entity. Until 2001, Barcalounger had racked up nine straight years of increasing sales and profits, he said.
According to Fairwood's latest filing with the Securities and Exchange Commission, Barcalounger had sales of $39.6 million through the first nine months of 2001 — a decline of 8.9% from the same period in 2000. Nine-month net income was $2.5 million, down 34.7% from the first nine months of 2000.
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