Industry Dashboard for July 29, 2013
June’s existing-home sales went down by a mini-margin of 1.2% to a seasonally adjusted annual rate of 5.08 million, though still well ahead of last year. Meanwhile, gas was down 2 cents from last week.
Tom Oreck in deal to buy back Oreck stores
TTI Floor Care and Tom Oreck announced that they are close to an agreement for the purchase of an unspecified number of Oreck retail stores by Tom Oreck, the son of Oreck vacuum cleaner brand founder David Oreck.
TTI assumed ownership of the stores as part of the post-bankruptcy asset purchase agreement for the Oreck Corporation, which has been finalized.
In addition, Tom Oreck and TTI Floor Care are close to an agreement to give him a continuing role as the brand’s public spokesman and as a senior adviser to the Oreck team.
“We are excited at the potential for a partnership with Tom Oreck. He brings a great deal of successful experience with both the Oreck brand and customer service driven retail operations,” said Simon Lawson, president of TTI Floor Care. “We believe that combining this with TTI’s strength in innovation and product development will offer an exciting future for the Oreck brand, its retail partners, employees and consumers.”
“The strength of the Oreck brand has always come from our people. I am incredibly proud of the people who make their living operating the Oreck stores,” Oreck said. “The legacy of the Oreck stores is their unyielding commitment to the Oreck customer. The power of the Oreck Experience combined with the resources of TTI will serve to enhance and sustain the Oreck brand and the fine people who build, sell and service Oreck for generations to come.”
TTI will maintain production at the Cookeville, Tenn., facility and "is reviewing the opportunity with regard to the remaining Oreck company-owned stores," the company said.