Buffett can't find more furniture stores to buy
Clint Engel -- Furniture Today, September 8, 2002
Natick, Mass. — It doesn't sound like Warren Buffett is on the hunt for more furniture stores to buy.
It's not that the chairman of Berkshire Hathaway dislikes the business. Indeed, his furniture holdings — including Jordan's, Star Furniture, R.C. Willey and Nebraska Furniture Mart — are among the industry's best, and often receive praise in his annual letters to shareholders.
But he doesn't see others of similar quality available for purchase in the short term, he said in comments to the press at the opening an Imax 3D theater at the Jordan's store here.
"We've just about run out of the ones that fit our criteria," he said. "If there is one out there we think would fit the criteria, we would consider it ... but it's unlikely."
Instead, Berkshire is supporting the expansion of its existing chains by adding new markets and stores. Nebraska Furniture Mart, for instance, acquired Homemakers Furniture of Des Moines, Iowa, and is also planning to open in Kansas City next year; R.C. Willey opened its first store in greater Las Vegas last year and has another in the works there; Star plans a 10th Houston-area store in the suburb of Sugarland; and Jordan's will be expanding with a fifth and its largest store in Reading, Mass., in about two years.
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