Two leading online retailers, Edenvale Shoppes and Barnes & Wagner, today announced a definitive agreement to merge. Under terms of the agreement, Edenvale Shoppes will acquire all outstanding shares of Barnes & Wagner. The transaction will merge two leaders in the online Home Furnishings marketplace into a single company with the products, infrastructure, resources and expertise to uniquely meet the rapidly evolving needs of the online retail space. The merge of the operations should be completed by the end of January, 2012.
“This merger makes tremendous sense for our customers, shareholders and employees. It marks an unparalleled opportunity for two successful, mission-driven organizations to unify with a singular focus on being a premier online destination in the Furniture and Furnishings market,” said Jesse Akre, Edenvale Shoppes President and Chief Executive Officer. “Together with our customers, we have one of those rare and special opportunities to celebrate the vastly expanded selection and access to all of our product offerings.”
“Both companies are passionate about ecommerce and have truly pioneered the category together,” said Greg Tice, Barnes and Wagner President. “Given the similar alignment of our visions and overall strategies, the combination of our two companies will advance our presence substantially thus benefiting our customers.”
The merged company will represent many of the best brands in the Indoor Furniture and Home Decor, Outdoor Furniture, and Lighting for the Home. The combined company, under the Edenvale Shoppes name, will represent over 200 leading manufacturers. “The combination of our business model and products from great national brands really separates us from the competition,” said Akre.
Akre concluded, “Clearly, the potential of this combination is compelling, and we understand the need for focus and speed as we maneuver the merge process. We’re helped by the fact that both companies have been pursuing parallel online models, and there is immense talent in both organizations. We have done comprehensive integration planning and have goals to drive our success. We are committed to achieving the synergies we have identified as well as accelerating our competitive position and momentum in the marketplace.”
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