The company reports that the market has been struggling with overcapacity for several years, caused by a shift in consumer preference towards alternative flooring types such as laminate, LVT and vinyl.
The license agreements for resilient and laminate flooring products have been terminated in conjunction with a routine royalty examination and with reference to material breach of agreement..
In a separate statement, AHF Products has finalized the planned closing of its Oneida, Tennessee, facility, a small facility which manufactures floor cleaners.
Celebrating 30 years of business, Great American Floors has built a reputation in the metro Atlanta market through great customer service and follow-through.
Giant Group will acquire the equity interests in the company’s Hong Kong holding company subsidiary, including all associated operations for $59 million, and Cowes Bay will acquire substantially all of the Company’s Australian assets for $31 million plus assumption of specified liabilities.
The account executives will work with the event team and industry manufacturers and suppliers to offer expanded service capabilities to the floor covering, stone, and tile industries.
