Ashley Furniture acquires former Wickes store in Victorville, Calif.
Will reopen location as a HomeStore in November
Clint Engel -- Furniture Today, October 28, 2009
VICTORVILLE, Calif. — Ashley Furniture Inds. has acquired the former Wickes Furniture store here, which will reopen as a corporate-owned HomeStore next month.The 39,200-square-foot building and 2.3 acres fronting Interstate 15 on Amargosa Road was sold by a Texas-based financial institution to Ashley, according to information from Hodgdon Group, which represented Ashley in the deal. President Aaron Hodgdon said the store will be operated by Stoneledge Furniture LLC, which operates other HomeStores in Southern California.
The deal is valued at $4.25 million, according to reports. The store will be remodeled quickly and will open by mid-November.
"Although the real estate market is still challenging, it has provided a great opportunity for Ashley ... as they expand their retail operation," Aaron Hodgdon said.
Separately, a HomeStore company acquired the lease on a 42,000-square-foot former Wickes in Palmdale Calif., which opened as an Ashley unit earlier this month and is also operated by Stoneledge. A former Top 100 company, Wickes filed for bankruptcy in early 2008 and subsequently shut down.
Earlier this year, Ashley Furniture Inds. acquired two industrial buildings totaling about 439,000 square feet, in Colton, Calif., expanding its operations to about 1.4 million square feet on the campus, which includes distribution facilities and a HomeStore that Stoneledge operates. In addition, Hodgdon said Stoneledge also operates HomeStores in West Los Angeles and Palm Desert, Calif.
The Colton distribution facility serves Ashley retailers throughout the West Coast region.
