BASSETT, VA -- Bassett Furniture Industries announced plans to acquire the remaining 51% of Zenith Freight Lines LLC. Financial details were not disclosed on the transaction, which is expected to close early next month.
Bassett's investment in the transportation and logistics firm dates back to 1999.
"Since that time, the strategic significance of the partnership has risen to include the over the road transportation of furniture, the operation of regional wholesale distribution centers in eight states, and the management of various home delivery facilities that service Bassett Home Furnishings stores and other clients in local markets around the United States," said Robert H. Spilman, Jr., Bassett's president and CEO.
The day-to-day operations at Zenith will continue to be led by Jack Hawn, president and CEO, and Deborah Hawn, executive vice president. The decision comes as Zenith's founders are addressing estate planning.
"Zenith represents the life's work of the Hawn family," said Jack Hawn. "I am very proud of the best of class furniture transportation and logistics services company that we have built over the past 40 years. I am also proud to count many furniture retailers, manufacturers, and distributors as valued clients and as personal friends. It is in this light that Deborah and I plan to continue to lead the Zenith team in serving our current customers and gaining the trust of new ones as we expand our nationwide furniture supply chain platform in the future."
Bassett (Nasdaq:BSET) manufactures and markets residential furniture through 94 company- and licensee-owned stores.
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