Oreck Family Loses Bankrupt Vacuum Co. To Rival

Law360, New York (July 9, 2013, 2:07 PM EDT) -- 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,...
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