X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTA-Locally based Haverty Furniture Co., which operates 104 locations, has had its offer rejected to buy four Atlanta area stores Chicago-based HomeLife Co. formerly leased from Sears Roebuck & Co., its founder.

The offered price wasn’t disclosed. The store’s total estimated size is 320,000 sf based on average 80,000 sf per store, according to GlobeSt.com research.

HomeLife filed for protection from its creditors on July 16 of this year under Chapter 11 of the U.S. Bankruptcy Code. The company is selling off 99 stores in 21 states out of a total 133-store national chain.

The Georgia stores are at 1901 Terrell Mill Road, Marietta, GA; 6800 North Point Parkway, Alpharetta, GA; 2300 Pleasant Hill Road, Duluth, GA; and 815 Barrett Parkway, Kennesaw, GA.

Sears sold 81% of the 22-year-old HomeLife to Citicorp Venture Capital in 1999 for $100 million cash and $10 million of debt, according to published accounts at that time. Citicorp Venture is a division of New York-based Citigroup Inc.

HomeLife had 2000 sales of $680 million making the eighth largest furniture retailer in the United States, according to industry rankings. Sears closed 23 HomeLife stores in 1997.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.