Pulaski has added two case good collections under Drew and Jonathan Home – both featuring bedroom and dining. Shown here is Huntington dining.
MARTINSVILLE, Va. — Hooker Furnishings Corp. is selling its Pulaski Furniture and Samuel Lawrence Furniture case goods brands to Magnussen Home Furnishings for approximately $4.8 million.
Magnussen said the deal will aid its strategic expansion “and brings two long-established brands with deep retail relationships, strong pipelines and decades of design heritage” into its portfolio. The two established case good brands were formerly part of Home Meridian International.
“This acquisition expands our design reach and strengthens our leadership in case goods. Our goal is to build a broader house of brands that gives retailers more choice across design styles and price points,” said Nathan Cressman, CEO of Magnussen Home. “Pulaski and Samuel Lawrence each have strong followings and long-standing reputations. Combined with Magnussen’s capabilities, these brands will offer retailers more depth, more options and more reasons to partner with us.”
Pulaski Furniture, founded in 1955, is known for its broad portfolio of bedroom, dining, accent furniture, curios and display cabinets that it sells to retailers nationwide with mid-price assortments and distinctive designs. Samuel Lawrence Furniture, with more than 50 years of market presence, is widely recognized for value-driven bedroom, dining, youth and home office furnishings. It serves both traditional and e-commerce channels.
Page Wilson, the former president of Pulaski who recently joined Magnussen as senior vice president of strategic accounts, was named senior vice president and head of day-to-day operations for the newly acquired companies.
Pursuant to the terms of the asset purchase agreement, an estimated purchase price will be determined and paid at closing based upon the net book value of the assets being sold in the transaction. As of the end of Hooker’s fiscal Q3 on Nov. 2, the currently estimated purchase price is approximately $4.8 million subject to final adjustment to closing values.
Hooker Furnishings also will shed approximately $4.8 million in Home Meridian showroom lease liabilities and related expenses, as Magnussen will assume the lease of HMI’s High Point showroom at 220 Elm.
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“(This) announcement is a major step in our multi-year effort to streamline our portfolio and strengthen profitability by sharpening our focus on brands that generate consistent earnings,” said Jeremy Hoff, CEO of Hooker Furnishings. “We are excited to move forward as a nimbler business with an efficient cost structure and clear growth priorities.
“We have promising growth opportunities on the horizon following the launch last month of our Margaritaville licensed collection. Together with our remaining portfolio and ongoing cost reductions of over $25 million, we are more confident than ever that we are well-positioned to enhance shareholder value.”
Hooker will retain the Samuel Lawrence Hospitality brand, which is expected to become part of its “All other” segment.
The transaction is subject to customary closing conditions, including third party consents and is currently expected to close by mid-December 2025. Ten percent of the purchase price paid at closing will be subject to a holdback for 210 days for customary indemnification and final purchase price adjustments.
In connection with the transaction, Hooker expects to record $5 million to $6 million in non-cash impairment charges, net of expected lease gains upon termination.
Stump & Company served as financial advisor to Hooker, and McGuireWoods LLP served as legal advisor in connection with the sale transaction.
