Southerland Purchased by Employees
May 19, 2010,
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.
Other Articles By Author
Patti Carpenter Talks Color and its Importance in the Home
HFN's DIGITAL EDITION
COVER STORY: Sharpening the Focus on Millennials
Find out what makes Millennials tick when it comes to home decorating, shopping and at-home entertaining with HFN's annual consumer study. Turns out, Millennials favor the in-store shopping experience.
ALSO IN THIS ISSUE:
- Power of the People - Crowdfunding campaigns provide needed capital, feedback for home and housewares product launches.
- Omnichannel Retailing: Visual Search Takes Off - Learn how voice and visual search are revolutionizing product discovery.