Clarke adds to stake in Stylus parent
Upholstery maker's sales decline 17% in second quarter
Michael Knell -- Furniture Today, September 11, 2009
HALIFAX, Nova Scotia — Clarke Inc. has acquired an additional 19,200 unit of TerraVest Income Fund, the parent company of stationary upholstery producer Stylus Made to Order Sofas.
The acquisition, made through the Toronto Stock Exchange, brings Clarke's total holdings in the Vegreville, Alberta-based income fund to just over 2.98 million units, or about 15.2% of the total outstanding units.
The units held by Clarke and George Armoyan, executive chairman of the investment company, together total nearly 3.5 million units, giving them a combined 17.8% ownership stake. Armoyan recently purchased an additional 900 units.
TerreVest recently reported that in the second quarter, Stylus had had sales of C$6.4 million, down about 17% from the same period a year earlier. For the first half, sales of $12.9 million were off about 15% from the 2008 first half.
Clarke and Armoyan also have interests in other Canadian furniture makers and retailers including Amisco Inds., Shermag and Liquidation World.
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Clarke expands stake in Stylus parent
Sep 21, 2009
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