Hooker Furnishings Completes Sale of Pulaski Furniture and Samuel Lawrence Furniture for Approximately $6.1 Million

MARTINSVILLE, Va., Dec. 15, 2025 (GLOBE NEWSWIRE) -- Hooker Furnishings Corporation (NASDAQ-GS: HOFT) (“Hooker” or the “Company”), a global leader in home furnishings, today announced it has completed the sale of the Pulaski Furniture and Samuel Lawrence Furniture casegoods brands to Magnussen Home Furnishings, Inc. for approximately $6.1 million, subject to certain final customary post-closing adjustments.

“Completing this transaction marks a significant milestone in our journey toward enhanced profitability, and we are pleased to complete the transaction at a higher price than initially estimated,” said Jeremy Hoff, CEO of Hooker Furnishings. “We are moving ahead with positive momentum after delivering a modest improvement in sales and margins within Hooker Branded and Domestic Upholstery for the fiscal third quarter, and we are excited for the significant opportunity ahead with our Margaritaville licensed collection. We look forward to creating value for shareholders, including through the opportunistic repurchase of shares in connection with our new share repurchase program, and to capturing the potential of our more focused business as we move into the next calendar year.”

As previously announced ten percent of the purchase price is subject to a holdback for 210 days for customary indemnification and final purchase price adjustments. The Company also shed approximately $4.8 million in HMI showroom lease liabilities and related expenses, as Magnussen assumes the lease of HMI’s High Point showroom.

Stump & Company served as financial advisor to the Company and McGuireWoods LLP served as legal advisor to the Company in connection with the sale transaction.

About Hooker Furnishings
Hooker Furnishings Corporation, in its 101st year of business, is a designer, marketer and importer of casegoods (wooden and metal furniture), leather furniture, fabric-upholstered furniture, lighting, accessories, and home décor for the residential, hospitality and contract markets. The Company also domestically manufactures premium residential custom leather and custom fabric-upholstered furniture and outdoor furniture. Major casegoods product categories include home entertainment, home office, accent, dining, and bedroom furniture in the upper-medium price points sold under the Hooker Furniture brand. Hooker’s residential upholstered seating product lines include Bradington-Young, a specialist in upscale motion and stationary leather furniture, HF Custom (formerly Sam Moore), a specialist in fashion forward custom upholstery offering a selection of chairs, sofas, sectionals, recliners and a variety of accent upholstery pieces, Hooker Upholstery, imported upholstered furniture targeted at the upper-medium price-range and Shenandoah Furniture, an upscale upholstered furniture company specializing in private label sectionals, modulars, sofas, chairs, ottomans, benches, beds and dining chairs in the upper-medium price points for lifestyle specialty retailers. The H Contract product line supplies upholstered seating and casegoods to upscale senior living facilities. The Sunset West division is a designer and manufacturer of comfortable, stylish and high-quality outdoor furniture. Hooker Furnishings Corporation’s corporate offices and upholstery manufacturing facilities are located in Virginia, North Carolina and California, with showrooms in High Point, NC, Las Vegas, NV, Atlanta, GA and Ho Chi Minh City, Vietnam. The company operates distribution centers in Virginia, North Carolina, and Vietnam. Please visit our websites at hookerfurnishings.com, hookerfurniture.com, bradington-young.com, hfcustomfurniture.com, hcontractfurniture.com, and sunsetwestusa.com.