SAN DIEGO - Chinese mattress manufacturer Healthcare Co. Ltd. will buy furniture retailer Mor Furniture For Less for $68.4 million. Mor Furniture operates 36 stores in the San Diego area, with estimated annual sales of more than $310 million.
“The direct day-to-day contact with consumers through Mor’s vibrant retail locations gives us the opportunity to gather critical information about consumer shopping behavior in the U.S.,” said James Ni, chairman and chief executive officer of Healthcare Co. “Direct consumer interaction will help us hone our [original equipment manufacturer] product development and better serve our growing network of customers throughout the world.”
The Mor purchase marks Healthcare Co.’s second retail acquisition in the last 18 months. Its first purchase was of Maxcolchon last year, a Spanish bedding manufacturer and retailer who operating 57 stores in Spain.
The Mor acquisition is Healthcare Co.’s first in the U.S. The company operates factories in China and Serbia with markets in Europe, the Middle East, and North Africa.
Mor was founded in 1977 as a small waterbed store. Today, it sells bedroom furniture, dining room furniture, mattresses, and other home furniture.
The sale is expected to be complete by the end of October.
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