Hooker Furniture completes sale of Pulaski Furniture, Samuel Lawrence Furniture

Hooker Furnishing announced it has completed the sale of the Pulaski Furniture and Samuel Lawrence Furniture casegoods brands to Magnussen Home Furnishings, Inc. for approximately $6.1M, subject to certain final customary post-closing adjustments. As previously announced ten percent of the purchase price is subject to a holdback for 210 days for customary indemnification and final purchase price adjustments. The Company also shed approximately $4.8M in HMI showroom lease liabilities and related expenses, as Magnussen assumes the lease of HMI’s High Point showroom.