Report says Bob's Discount Furniture for sale
Staff Staff -- Furniture Today, October 14, 2013
MANCHESTER, Conn. — Top 100 retailer Bob's Discount Furniture has been put on the auction block by majority owner Apax Partners and could generate more than $350 million when it's sold, according to an article in the Wall Street Journal.
The Journal article, quoting unnamed sources, said Apax already has hired financial advisers to sell the company, but it is unclear where the auction process stands.
Founded in 1991 by Bob Kaufman and Gene Rosenberg, the founders sold a majority stake in the company in 2005 to the private equity firm Saunders, Karp & Megrue, which was later acquired by Apax.
Neither Ted English, the current CEO of the retailer, nor officials at Apax, responded to telephone messages seeking comment on the Journal story.
Bob's was No. 16 on Furniture/Today's latest Top 100 list with estimated furniture, bedding and accessories sales of $685.3 million in 2012. According to its website, the retailer has 48 stores in nine states.
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