Gilmartin to acquire Covington
October 19, 2005-- Home Textiles Today,
NEW YORK – Roger Gilmartin, executive vice president and chief operating officer of Covington Inds., has reached an agreement with the Gilmore family to acquire the assets of Covington under a letter of intent signed today.
Abby Gilmore, Covington chairman and CEO, described the transaction as the "culmination of the Gilmore family’s expectation when Gilmartin joined Covington in 1996 that he would serve as president in the transition from Gilmore family ownership."
The Gilmore family will continue to have an interest in Covington and Abby Gilmore will continue to serve the company in an advisory capacity.
Gilmore added: "It is bittersweet for the Gilmore family to begin our exit from the company which our father, Benjamin Gilmore, founded 65 years ago. But we are thrilled that Roger will be leading the Covington team in the future."
Covington will move from its showroom and office at 15 East 26 St. to a new site in midtown south by year end. It is expected that the transaction will close prior to the move.
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