Leath Furniture Under New Ownership

July 11, 2006  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on July 2006 Senior management of Leath Furniture, backed by the owners of Value City and top management of Planned Furniture Promotions, has purchased the 27-store Atlanta-based retailer, which operates 20 locations in five midwestern states, and seven Modernage Furniture storefronts in Florida.

Leath President and Chief Executive Officer Ron Phillips, Chief Financial Officer Barbara Snow, and Jolene Takemura, vice president of merchandising, have joined with SB Capital Group--an affiliate of Columbus, Ohio-based Schottenstein Stores Corp., owners and operators of Value City Department Stores, DSW Designer Shoe Warehouse, Value City Furniture and American Eagle Outfitters--and PFP managers to acquire the company, which will continue to operate all its stores under the Leath Furniture and Modernage names.

Phillips will continue as CEO of Leath Furniture.

“Leath is an acquisition that fits squarely within our strategy of acquiring retailers with growth potential,” said Scott Bernstein, principal and chief operating officer of SB Capital Group. “Through our successful history of buying businesses and intellectual property, we know how to rebuild a company’s assets. We are excited to be a part of this venture and have the opportunity to work with Ron and his team and the senior managers of Planned Furniture Promotions to make Leath the predominant furniture retailer in its niche markets.”