Hooker Furnishings to Sell Two Brands to Magnussen

Dow Jones

Dec 02

By Katherine Hamilton

Hooker Furnishings has agreed to sell its brands Pulaski Furniture and Samuel Lawrence Furniture to Magnussen Home Furnishings.

The estimated purchase price is about $4.8 million based on closing values as of Nov. 2, the Martinsville, Va., furniture company said Monday. The exact purchase price will be determined and paid when the deal closes, which is set to be around mid-December, based upon the net book value of the assets.

Hooker will also shed about $4.8 million in Home Meridian showroom lease liabilities and related expenses, as Magnussen will assume the lease of HMI's High Point showroom.

The sales are part of Hooker's efforts to streamline its portfolio and strengthen profitability, Chief Executive Jeremy Hoff said.

Hooker will retain the Samuel Lawrence Hospitality brand, which is expected to become part of its "all other" segment.

In connection with the deal, Hooker expects to record $5 million to $6 million in non-cash impairment charges, net of expected lease gains upon termination. The charges are primarily related to write-down of HMI intangibles and fixed assets.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

December 01, 2025 18:34 ET (23:34 GMT)

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