Hooker Furnishings Corp. (NASDAQ:HOFT) said it completed the sale of its Pulaski Furniture and Samuel Lawrence Furniture casegoods brands to Magnussen Home Furnishings for approximately $6.1 million, part of an ongoing effort to narrow its portfolio and refocus on higher-margin opportunities.
The final purchase price remains subject to customary post-closing adjustments.
Under the agreement, 10% of the sale proceeds will be held back for 210 days to cover indemnification obligations and final adjustments.
The transaction also shifts roughly $4.8 million in showroom lease liabilities—along with related operating expenses—from Hooker subsidiary HMI to Magnussen, providing immediate relief to Hooker’s expense base.
Management said it has begun to see modest improvement in sales and margins within its Hooker Branded and Domestic Upholstery segments, areas it plans to emphasize more heavily as it simplifies its business mix.
The company also highlighted growing momentum in its Margaritaville-licensed collection, a lifestyle line aimed at capturing younger and more design-driven consumers.