Oreck Family Loses Bankrupt Vacuum Co. To Rival

Law360, New York (July 09, 2013, 2:07 PM ET) -- The parent company of Hoover vacuums on Monday acquired bankrupt vacuum manufacturer and longtime competitor Oreck Corp., outbidding the family’s own $23 million attempt to keep their namesake.

The terms of the sale were not disclosed, but the bid by Royal Appliance Manufacturing Co. beat the Oreck family’s $23 million stalking horse bid made in May, according to an Oreck Corp. spokesman.

A court hearing for approval will be held July 16 in Tennessee bankruptcy court. Pending court approval, the deal is expected close July 24,...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers

Required