JORDAN'S FURNITURE SELLS TO
BERKSHIRE HATHAWAY INC.
Eliot and Barry reward J-Team!
Jordan's Furniture Company, the Massachusetts based furniture powerhouse, and Berkshire Hathaway Inc. (NYSE; BRK.A and BRK.B) announce that they have signed a definitive agreement for the merger of Jordan's Furniture with a Berkshire Hathaway Inc. subsidiary.
In commenting on the merger, Warren E. Buffett, chairman and CEO of Berkshire Hathaway Inc. said, "Jordan's Furniture is truly one of the most phenomenal and unique companies that I have ever seen. The reputation that Eliot and Barry have earned from their employees, their customers, and the community is unparalleled. This company is a gem!"
Eliot and Barry Tatelman will remain as integral parts of virtually every aspect of Jordan's Furniture. "We are very excited about this venture. Berkshire Hathaway and Jordan's are a perfect fit. Nothing in the company will change...except for the fact that our growth potential is huge with the financial support of Berkshire Hathaway," said Barry.
Known for their generosity toward the employees, Eliot added, "We wanted to share the excitement of this merger with our incredible group of employees. Therefore, we are rewarding every single J-Team member with 50 cents for every hour that they have ever worked for us. Many of our people have been with us for 10 years, 20 years and more. That's adds up to a significant sum."
Jordan's Furniture was incorporated in 1928 by Samuel Tatelman in Waltham, MA. In the early 70's, Barry and Eliot took over the business, bringing it from a company of 8 employees to now over 1200. Jordan's is currently approaching a quarter of a billion dollars in sales and sells more furniture per square foot than anyone in the US. One of the most unique aspects of Jordan's Furniture is the incorporation of "shoppertainment' within the stores. The Avon location houses a 48-seat flight-simulator movie theatre called the Motion Odyssey Movie ride, or M.O.M., shown on a 4-story high movie screen. In the Natick store, customers walk onto "Bourbon Street", complete with a Riverboat, a "Streetcar Named Dessert", beads, full-scale French building facades, and a 9-minute multi-media Mardi Gras f/x show.
Future plans for other Jordan's Furniture locations all over New England will continue to move forward. Community outreach with organizations such as MA Adoption Resource Exchange and other various charities will continue to be a strong part of the Jordan's business philosophy.
For more information, please contact Heather Copelas at Jordan's Furniture in Avon, MA at 508-580-4600, ext. 1155.