World Market Center on Rumors: We Remain Focused
Posted on February 3, 2011 by
LAS VEGAS-The World Market Center has responded to numerous reports that it is planning to merge with High Point's three largest showrooms.
"We are aware of the various rumors and speculation," the World Market Center said in a statement. "However, we remain focused on running our business and maintaining momentum from our January Market, where significant attendance increases among international buyers, designers and retailers drove record-breaking sales for many of our exhibitors."
Speculation started when a newsletter from Stump & Co., a Charlotte, N.C.-based real estate consulting group, stated that merger rumors were rampant at last week's Winter Market. Meanwhile, Basset, which owns 46.9 percent of High Point's International Home Furnishings Center, issued a press release saying the showroom building was about to be sold.
Both of the other two High Point complexes, Showplace and Merchandise Mart Properties, are in receivership. The Las Vegas Review-Journal reported last September that the World Market Center defaulted on loans for two of its massive buildings.