FAMSA buys La Canasta
By Clint Engel -- Furniture Today, April 23, 2007
Corona, Calif. — Monterrey, Mexico-based chain FAMSA has acquired the 12-store La Canasta here, further expanding its U.S. presence.
The publicly held, credit-oriented retailer bought La Canasta's operations — including nine California stores and three in the Houston area — for $37 million from Javier Rodriguez, said Arturo Prestamo, FAMSA investor relations director.
The acquisition gives the retailer 37 stores in California, Texas and Nevada. There are plans to open eight more units by the end of the year, including FAMSA's first store in the Phoenix area, said Prestamo.
