Southerland Purchased by Employees

NASHVILLE, Tenn.-Mattress manufacturer Southerland has been acquired by employees through an Employee Stock Ownership Plan.

The transaction closed on May 17, and the company is now led by its co-presidents, David Corbin and Stephen Russo (former president and chief executive officer of Restonic), and its executive vice president and chief financial officer, Bryan Smith. Herman Southerland has retired as chairman and CEO, while Marty Southerland, Trey Southerland and other members of the family remain with the company "in key roles," according to a Southerland statement.

Under the ESOP, the employees own 100 percent of Southerland. The company said it will continue to develop its own brands and private-label brands for regional mattress retailers. Founded by the Southerland family in 1893, Southerland currently has manufacturing facilities here, in Oklahoma City, Okla., and Phoenix.

HFN Staff | News & Commentary

HFN provides detailed information on the key home classifications: Housewares, Tabletop, Floor Covering & Rugs, Furniture, Home Textiles, Lighting, Home Decor, Mattresses & Bedding, Gifts, Major Appliances and Consumer Electronics as well as Business, Finance and Retail.


Current Issue

  • HFN May digital issue


    May 2017

    COVER STORY: HFN Turns 90

    We commemorate HFN's 90th anniversary by paying tribute to the iconic retailer and supplier brands--and the people--that have helped the industry flourish, then and now.


    • Up & Coming Leaders - The home industry is in capable and visionary hands as this year’s 40 Under 40 list attests. Today’s young leaders span all disciplines and varied levels of operation.
    • Omnichannel Retailing - In the Mobile App World, Time is Money