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Leath Furniture eyes options, including sale

Considering all options

By Furniture Today Staff -- Furniture Today, April 2, 2007

ATLANTA -- The owners of Leath Furniture will not confirm reports the business will be wound down, but say they are looking at options, including selling the Top 100 chain.

A local television station covering Peoria, Ill., recently reported the Leath chain was shutting down, according to an unnamed sales executive, who said he heard about it from Leath management.

"All possibilities are being considered, including aggressively looking for a purchaser," said Roy Hester, a Leath investor and vice president of sales for liquidator Planned Furniture Promotions. He declined additional comment.

This past summer, Hester and other PFP executives teamed with SB Capital Group — a division of Schottenstein Stores — and Leath management to buy Leath from Mack Robinson.

SB Capital has declined to comment.

Last month, sources told Furniture|Today that Leath, would soon begin running high impact sales at its 20 Leath stores — similar to those going on at the company’s five of Modernage stores in Florida — as a likely precursor to full-blown going-out-of-business sales for both chains.

Leath is dismantling its Atlanta corporate office and has let go more than half of its 30 employees, including its merchandising and advertising teams. Leath CEO and investor Ron Phillips resigned, but was expected to help as a consultant. He has declined comment.

Sources familiar with the plans declined to be identified, but continued to confirm last week the office staff layoffs and planned sales.

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