Burlington Rug relocates as parent co. pursues aggressive growth
October 30, 2002,
Atlanta — Burlington Rug this week is in the process of relocating from Monticello, AR, to new headquarters here as part of a strategic plan by parent Yanoor Corp. to grow the company to $300 million to $400 million in sales by yearend 2005 — and to eventually take it public.
Prudential recently invested in the company as part of that initiative, said Shields Smith, Yanoor's vp. He would not discuss the details of the investment or the size of Prudential's stake but noted that "our mandate is to go public in the next four to five years."
Recent hires by Yanoor include John McLeod, vp, sales for Burlington Rugs; Kelly Moore, vp, national accounts for Burlington Rugs; and Jeff Seagle, marketing manager for Burlington Rugs, all previously of Mohawk. Moore will report to McLeod, and Seagle will report to Smith.
As reported yesterday in HTT Extra, the company has hired Mike Degrace as vp, sales for the new Monticello Flooring segment of the Monticello Carpet Mills business. He previously held the same title at Beaulieu of America. He will be responsible for extending the Monticello brand into hardwood and ceramic tile.
In addition, the company plans by the end of 2003 to launch two other divisions: a wall art and decorative accessories business called Saint Augustine Mills and an occasional RTA furniture business that has not yet been named.
"We view ourselves as a total decor company," Smith told HTT. "We're not trying to be the biggest in any one category but to be one of the best in all categories."
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