Dufresne Spencer Group has acquired Phillips Furniture,a St.Louis company with seven licensed Ashley Furniture HomeStores and a namesake store.The stores will continue to operate as usual,according to officials.
The deal closed on Wednesday,according to Dufresne Spencer Group spokeswoman Jolene Bergen.Terms of the deal were not disclosed.
This latest deal follows Dufresne's acquisition of six Ashley Furniture HomeStores and a furniture outlet in Indiana and Kentucky last month.With the Phillips Furniture acquisition,the group now has 34 stores,including 30 Ashley Furniture HomeStores.
Phillips Furniture became a licensee of Ashley Furniture in 2004.The company employs about 350 people at its stores,warehouse and administrative offices.All employees are expected to keep their jobs.
Bergen said that the principals at Phillips Furniture are retiring or moving into other areas.
"It was a very amicable deal,"she said."We have lots of admiration and respect for them."
Phillips was ranked No.82 in Furniture/Today's top 100 furniture companies list earlier this year.The company had furniture,bedding and accessories sales of$61.7 million in 2012,up from$51.3 million in 2011.
