Hooker Furniture takes $33.7M impairment charge

Hooker Furniture Corp. reported Monday that it took a $30.1 million impairment charge in the first quarter related to writing down elements of goodwill for its Home Meridian and Shenandoah divisions.

The company also took a $3.62 million trade-name impairment charge.

Goodwill arises when a company acquires another business. The amount of goodwill is the cost to purchase the business minus the fair market value of the tangible assets, the identifiable intangible assets, and the liabilities obtained in the purchase

Hooker released a preliminary first-quarter earnings report June 12 in which it reported at that time a loss of $1.08 million for the quarter.

With the impairment charges factored in, Hooker had a $34.8 million loss for the quarter and an earnings loss of $2.95 a share.

Paul Toms Jr., the company’s president and chief executive, said the COVID-19 pandemic “had a material impact on our financial performance … and on the market valuation, discount rates and other inputs used in our intangibles valuation analysis.”

Richard Craver

Thomasville manufacturer spends $1.8M on four parcels

A Thomasville fabricated metal-product manufacturer has spent $1.8 million to buy four parcels in Davidson County from Leggett & Platt Inc., according to a county Register of Deeds filing Monday.

The buyer is an affiliate of McIntyre Manufacturing Group.

The parcels are at 3380 and 3040 Junior Order Home Road, an 8.52-acre part of Junior Order Home Road without a street address, and a 2.77-acre section of Junior Order Home Road without a street address.

The combined properties are 33.64 acres.

Richard Craver

Getty Realty purchases Greensboro site for $4.14M

An affiliate of N.Y. commercial real-estate developer Getty Realty Corp. has spent $4.14 million to purchase a vacant 1.41-acre property at 2109 Pyramids Village Blvd. in Greensboro, according to a Guilford County Register of Deeds filing Friday.

The seller is Zips Pyramids Village Boulevard LLC of Fort Wayne, Ind.

Getty specializes in developing and owing convenience store and gasoline stations in metro areas. Its portfolio consists of 946 properties in 35 states, including nine in North Carolina.

Richard Craver

Charter opens Spectrum service store in Kernersville

Charter Communications Inc. said Monday it has opened a Spectrum Store at 1040 S. Main St., Suite 1040, in Kernersville.

The store offers services that include adding or managing their Spectrum internet, television, mobile and voice products.

Business hours are 10 a.m. to 8 p.m. Mondays through Saturdays and noon to 5 p.m. Sundays.

Richard Craver

Load comments