Burlington in hand, Prudential hits rugs
August 30, 2004,
Prudential Capital Partners L.C., the new owners of Burlington Rug Corp., took over the organization last week and got right down to business.
Brookshire explained that Yanoor made "an unsuccessful expansion into the wall-to-wall carpet business. Exiting the carpet business required a capital investment and some revisions to the management team."
Brookshire replaces Saeid Korhani, founder and CEO of Yanoor Corp. — which does business as Burlington Rug Corp. Korhani recently sold his stock in the company to Prudential, an investor in Yanoor Corp. since 2002.
Yanoor Corp. — the owner of Burlington Rug Corp. and Monticello Carpet Mills — was formed by Korhani in February 2001 when he took over Burlington Industries' Burlington House Floor Accents division and its tufted rug facility here, as well as retained licensing exclusivity of the name Burlington.
Burlington Rug Corp. represents Prudential's only rug business in its "broad portfolio of companies in diverse industries," Brookshire said.
"Increasing (Prudential's) stake holding in the rug arena was a natural expansion strategy," he continued.
Prudential's business strategy going forward for Burlington, Brookshire said, is to "provide customers with the highest quality rug products utilizing the expertise of Burlington's experienced associates. The company's goal is to meet each customer's needs on a timely basis."
The company will also continue its pace of offering a mix of domestically manufactured and imported rugs, he said.
Aside from Brookshire, whose background is in general management, other new appointees include Roger Miller, a longtime Burlington veteran who has returned as vice president of operations.
Kelley Moore, vice president and national sales manager, and Denis Fein, vice president of bath sales, will retain their posts.
"We expect to see continued support and enthusiasm from our existing sales force," Brookshire said.
"Additionally, we are in the process of recruiting several additional positions."
Korhani, previously the CEO of his family's floor covering company Korhani in Canada, said he is exploring other business opportunities in the textiles industry, but also considering the possibility of leaving the industry altogether.
"My future is still a mystery," Korhani said.
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