• Andrea Lillo

Strouds deal complete in wake of HQ layoffs

CITY OF INDUSTRY, CA — Strouds Inc. has officially been bought by Strouds Acquisition Corp., a group which includes Strouds management and Cruttenden Partners.

"The brand-new company starts business today," Rob Valone, the president of the new company, said last Friday.

Valone stressed that Strouds Inc. is not re-emerging from bankruptcy or filing a plan of reorganization. Instead, Strouds Acquisition has purchased the remaining assets of Strouds, which include 50 full-line and outlet stores, two DCs, the corporate headquarters and the trademark names.

He confirmed that 15 people from the corporate offices were laid off early last week: "This was a necessary step to ensure the expense structure of the new company was appropriate."

Research Store

Featured Video

Subscribe to
Home Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.

CURRENT ISSUE

HTT November 2017 cover

See the November 2017 issue of Home Textiles Today. In this issue, we look at Complex Colors, Complex Times--Trend forecasters and interior designers weigh in on 2018 palettes and motifs.  Other articles include: Data: Exclusive HTT soft window research; Innovation: Material Changes conference preview; Country report: India invests in the future and Fabrics: Showtime preview.  See details!