• Andrea Lillo

iHome set to buy Strouds for $38 million

CITY OF INDUSTRY, Calif. — If the Bankruptcy Court gives it the nod, Strouds will sell the assets of its business to ihome.com for approximately $38 million. This would include 50 stores, two distribution centers, the corporate headquarters and additional assets including all trade names, trademarks, copyrights and the company website.

The sale agreement is supported by Strouds' unsecured creditors' committee and the boards of directors of both companies,

"Since the company's voluntary Chapter 11 filing in September 2000, management and the board of directors have been exploring various alternatives that would result in maximum recovery to our creditors and, at the same time, have the lease impact on the jobs of our employees," said Thomas Paccioretti, president and ceo. "After careful consideration, it was determined that sales of substantially all company assets is in the best interest of Strouds' creditors, employees, customers and suppliers. Management believes that under new ownership, the Strouds business will be able to capitalize on its industry leader position, while having access to greater financial resources."

Paccioretti will continue to serve as president and ceo of Strouds and the existing corporate headquarters and distribution facilities here will remain operational. The sale is scheduled to be completed in March.

Featured Video

  • Live From New York: Fashion Comes Across the Pond

    Camera Icon More Videos

Subscribe to
Home & Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.


HTT Current issue for September 2017

See the September 2017 issue of Home & Textiles Today. In this issue, we look at the Attack of the Killer Third Tier: Monster off-pricers are climbing to the top of the food chain, plus New Products: 40 pages of new products debuting at the New York Home Fashions Market; Home Stores: TJX unveils first U.S. HomeSense store; Clicks to Bricks: Boll & Branch moves from digital to physical retailing; and much more... See details!