LuxeYard Acquires Leather Furnishings Specialty Site LeatherGroups.com
Consolidation Strategy Continues as LuxeYard Announces Formation of Acquisitions Team
LOS ANGELES, May 8, 2012 /PRNewswire/ -- LuxeYard Inc., (OTCBB: LUXR), the fast-growing boutique luxury flash sale site, announced today that it signed an agreement to acquire LeatherGroups.com, the online division of Solana Beach, California furniture retailer homeLOFT. Terms of the deal were not disclosed.
The transaction was led by LuxeYard CEO Braden Richter and coincides with the creation of an acquisitions team, which will be based in LuxeYard's New York office. The company is actively pursuing several other acquisitions as part of its effort to consolidate the flash sale category and to reinvent the future of social and mobile ecommerce with its Concierge Buying and Group Buy technologies.
LeatherGroups.com was created by LuxeYard CTO Jerry Wilkerson in 2002 and the company has since shipped thousands of orders to every state in the U.S. The first site to specialize in sales of leather furniture on the Internet, LeatherGroups.com was designed to reduce excess inventory by offering clearance pricing on discontinued styles of leather sofas, loveseats, chairs and ottomans.
"LeatherGroups is the perfect complement to our core home furnishings flash sale business and demonstrates our ability to make the strategic acquisitions necessary to achieve our long-term objectives," said Tony Winders, executive vice president of revenue. "Not only does the acquisition add to our topline revenue, it extends the reach we can deliver to our suppliers and provides a wider selection of quality furniture at the best prices for our members."
LuxeYard will assume all assets of LeatherGroups.com, including its existing inventory, customer base and multiple domain names, including SofaGroups.com and PatioFurnitureGroups.com.
"Having helped build the quality team and technology at LuxeYard, I'm confident our vendor relationships and customer base are in great hands," said Wilkerson. "I'm proud to apply my ten-year investment in LeatherGroups.com to the bigger opportunity afforded by bringing these two innovative companies together."
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You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. We undertake no obligation to update publicly any forward-looking statements for any reason after the date of this press release to conform these statements to actual results or to changes in our expectations.
SOURCE LuxeYard, Inc.
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