Q.E.P. Company completes sale of certain Harris Flooring Group assets

Q.E.P. (QEPC) announced that, on September 20, 2023, it completed the sale of certain assets of its Harris Flooring Group to Marquis Industries, a subsidiary of Live Ventures Incorporated (LIVE), in a transaction valued at approximately $10 million. The purchased assets include the Naturally Aged Flooring, Harris, Kraus and Heritage Mill brands in North America, as well as related inventory and associated domain names and websites. Marquis Industries has also extended offers of employment to substantially all Harris Flooring Group employees. QEP’s primary flooring-related businesses in tools, adhesives, underlayment and accessory products are not included in this transaction. As the Company is currently in the process of selling the remaining assets of the Harris Flooring Group, the Company cannot at this time make a good faith determination of cost estimates, or ranges of cost estimates, associated with the sale of all Harris Flooring Group assets. If required, the Company will provide such information at such time as its management is able in good faith to estimate the amount, or range of amounts, of these costs.