DENVER - Chromcraft Revington's furniture operations is up for sale. A July 17 statement by Sport-Haley Holdings Inc. said the company is actively seeking a buyer for the residential and commercial furniture supplier.
"We continue to make progress toward defining a transition plan for Chromcraft Revington, which we believe has the potential to be a viable and profitable business," said Sam Kidston, chairman and CEO of Sport-Haley Holdings (Pink Sheets: SPOR). "Since May, we have received a number of offers from interested parties in acquiring the assets and operations of CRC, and we are working closely with Chromcraft's management team to review all offers from potential investors. Based on the current level of interest, our goal is to pursue a transaction that we believe should allow CRC to return to full operations by sometime this fall."
Chromcraft Revington ceased production at its Senatobia, MS, plant in May, just one month after the company consolidated its Indiana operations to Mississippi. Since then, the furniture manufacturer and importer has been operating on a "day-to-day basis" while fulfilling orders. "Chromcraft has not cancelled any orders that it could fulfill from finished inventory. Our near-term goal is to return to full operations as soon as practical." Chromcraft said in a statement.
Jeffrey Sockol was appointed chief restructuring officer of Chromcraft Revington in June to oversee the company's transition. E. Michael Hanna has also rejoined the company as senior vice president of sales. Sport-Haley said it has retained an investment banking firm to explore strategic alternatives, including sale of Chromcraft's operations and assets.
During the transition, Chromcraft said a number of inaccurate changes about its operations and status have been made. "While it is not our normal policy to respond to rumors or innuendo, it has become clear to us that clarification is necessary and warranted at this time to set the record straight."
As well as continuing to fulfill existing orders, the company said in its statement that it is continuing to accept new orders through its network of more than 70 non-exclusive representatives. "At this time, we are accepting new orders for furniture for which we have inventory and materials immediately available to meet deadlines or where the dealer understands that the order will be filled as soon as materials are available and production schedules allow."
Chromcraft's statement said allegations that orders were deliberately shipped incomplete also are false. "In some cases, an order may have been broken into multiple shipments or parts of an order were delayed. Less than 8% of our total orders shipped have resulted in an incomplete order being found, and in all these cases, we issued a credit or refund to the dealer."
Chromcraft was acquired in November 2013 by Sport-Haley, a diversified holding company. Headquartered in Mississippi, Chromcraft Revington designs, manufactures and imports residential and commercial furniture marketed primarily in the U.S. under the Chromcraft, Cochrane, Peters-Revington, and CR Kids & Beyond brands.
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