Strouds deal complete in wake of HQ layoffs
Andrea Lillo -- Home Textiles Today, April 30, 2001
CITY OF INDUSTRY, CA — Strouds Inc. has officially been bought by Strouds Acquisition Corp., a group which includes Strouds management and Cruttenden Partners.
"The brand-new company starts business today," Rob Valone, the president of the new company, said last Friday.
Valone stressed that Strouds Inc. is not re-emerging from bankruptcy or filing a plan of reorganization. Instead, Strouds Acquisition has purchased the remaining assets of Strouds, which include 50 full-line and outlet stores, two DCs, the corporate headquarters and the trademark names.
He confirmed that 15 people from the corporate offices were laid off early last week: "This was a necessary step to ensure the expense structure of the new company was appropriate."