Dufresne Spencer Group acquires Phillips Furniture
December 19, 2013,
The deal closed on Wednesday, according to Dufresne Spencer Group spokeswoman Jolene Bergen. Terms of the deal were not disclosed.
This latest deal follows Dufresne's acquisition of six Ashley Furniture HomeStores and a furniture outlet in Indiana and Kentucky last month. With the Phillips Furniture acquisition, the group now has 34 stores, including 30 Ashley Furniture HomeStores.
Bergen said that the principals at Phillips Furniture are retiring or moving into other areas.
"It was a very amicable deal," she said. "We have lots of admiration and respect for them."
Phillips was ranked No. 82 in Furniture/Today's top 100 furniture companies list earlier this year. The company had furniture, bedding and accessories sales of $61.7 million in 2012, up from $51.3 million in 2011.
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