From Home Furnishing Business
Report: Ashley Furniture Not for Sale
The Wanek family has decided to hold onto its Ashley Furniture Inds. instead of selling the industry’s largest entity.
The family that owns Ashley Furniture Industries Inc. said it decided not to sell the largest U.S. maker and retailer of furniture after sharing company data with several potential buyers.
Chief Executive Todd Wanek and his father, Chairman Ron Wanek, who founded the company in 1970, told managers and other employees on Monday that their family would retain its controlling stake and not sell any shares to outsiders. That prompted a standing ovation at the meeting in a high school about 15 miles from its headquarters in Arcadia, Wis., said Bill Koslo, a company lawyer who attended the meeting.
The decision brought relief to Arcadia, a town of about 3,000 people, where Ashley has long been the biggest employer. New owners might have proved less willing to keep jobs in the U.S., where Ashley has major plants and distribution centers in Wisconsin, Mississippi, Pennsylvania, North Carolina and California. Though Ashley has been a huge importer of furniture from Asia since the 1980s, it also has continued to invest in U.S. plants, unlike many rivals.
Read Entire Story Source: Wall Street Journal