Hooker Furnishings has sold its Pulaski Furniture and Samuel Lawrence Furniture case goods brands to Magnussen Home Furnishings for approximately $6.1 million. The transaction includes a 10% holdback for post-closing adjustments and indemnification. As part of the deal, Magnussen will assume the lease for Home Meridian International's High Point showroom, relieving Hooker of roughly $4.8 million in lease liabilities.
© Hooker Furniture
CEO Jeremy Hoff described the sale as a "significant milestone" in efforts to improve profitability and streamline operations. Hooker reported a modest improvement in sales and margins in its core Hooker Branded and Domestic Upholstery segments for the fiscal third quarter. The company also highlighted early retailer commitments for its Margaritaville licensed collection as a growth opportunity.
Hooker plans to continue returning capital to shareholders through a share repurchase programme while focusing on its streamlined business. Stump & Co. served as financial adviser, with McGuireWoods providing legal counsel.
The divestment follows wider net losses reported in fiscal 2026's third quarter, driven mainly by non-cash impairment charges and lower hospitality shipments, but executives noted improved margins and a reduced cost structure as positive signs for future performance.
Source: www.virginiabusiness.com
