LuxeYard acquires LeatherGroups.com
Flash sale website LuxeYard has signed an agreement to acquire LeatherGroups.com, the online division of California-based furniture retailer homeLOFT.
LuxeYard will assume all the assets of LeatherGroups.com, including its existing inventory, customer base and multiple domain names, including SofaGroups.com and PatioFurnitureGroups.com.
"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."
"Having helped build the quality team and technology at LuxeYard, I'm confident our vendor relationships and customer base are in great hands.
"I'm proud to apply my ten-year investment in LeatherGroups.com to the bigger opportunity afforded by bringing these two innovative companies together."
