Diamond buying 2 Unclaimed Freight units
Clint Engel -- Furniture Today, November 24, 2003
Philadelphia — Diamond Furniture here is acquiring two Unclaimed Freight stores in Pennsylvania and New Jersey.
The six-store, promotional to midpriced retailer will buy the 30,800-square-foot Pennsauken store in southern New Jersey and the former 33,200-square-foot Bensalem, Pa., store.
Diamond owner and President Gary Diamond said the company would pay about $2 million for the Unclaimed Freight locations, with the deal to close soon.
The newly acquired stores probably will replace two smaller leased locations, Diamond said, noting the Unclaimed Freight stores are 22% to 24% larger. The Pennsauken store is expected to reopen as Diamond in January, followed by Bensalem in April or May.
Diamond said the company currently does over $27 million in annual sales.
In business since 1927, Diamond operates three stores in metro Philadelphia and three in southern New Jersey. Key suppliers include Berkline, Lane, Vaughan-Bassett, Bemco and Serta.
Bethlehem, Pa.-based Unclaimed Freight, which was revived for a second time last year by founder Joe Colabella, will continue to operate three stores, in Bethlehem and Reading, Pa., and Somerset, N.J.
