Hoping for Some Answers Soon
Furniture Today Staff -- Furniture Today, March 15, 2011
Dear Purchaser, Last week, Furniture/ Today was first to post online the news that in an SEC filing, Bassett Furniture Inds. said that it and other owners of the IHFC had reached an agreement to sell the building to a purchaser identified as the IHFC Acquisition Co. for $275 million.
Later, we also reported on a sale proposal that if approved, would result in MMPI's High Point buildings being sold for $139.5 million to a purchaser simply listed as the High Point Acquisition Co. And we learned that a deal is in the works for Showplace, the third High Point property rumored to be involved in what many believe is a World Market Center-led real estate play. (Checking the public records, we found that on Feb. 4, a corporation was formed in Delaware appropriately named Showplace Acquisition Co. LLC.)
If my math is correct, that makes three. And if my intuition is on the money, our paper will soon be reporting on the pending sale of Showplace to the Showplace Acquisition Co., a.k.a. The Purchaser.
Assuming this all takes place, as an advocate of this industry, I wanted to share with you some of the questions people have shared with me during the past few months:
► Will the acquisition result in more manageable and permanent show dates for both venues? In the past, many exhibitors have complained about changing or overlapping show dates.
► Will sole ownership of the WMC and the three largest High Point properties generate a new level of cooperation and excitement for both furniture markets, or will it result in complacency?
► How will these acquisitions impact the role of the High Point Market Authority?
► Will the acquisitions impact or alter the role of High Point's Premarket?
► Will the acquisitions change the frequency of markets at either or both venues?
While I certainly don't have the answers, I do know that we are hoping for the best and hoping the answers to these questions arrive soon.
-
IHFC sale likely by April 29
May 1, 2011 -
2 High Point buildings suing former tenants
May 15, 2012
Featured Company
-
Wright Labels
Bill and Tom Wright founded Wright of Thomasville in 1961 on the idea that printing was a creative medium and the belief that "a promise made is a promise kept." The Wright brothers focused their attention on providing exceptional printing for the... more
VIEW ALL GALLERIES
