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VOL. 128 | NO. 133 | Wednesday, July 10, 2013

Nashville-Based Oreck Sold at Auction to Royal

AP

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NASHVILLE (AP) – The parent company of Hoover has purchased Nashville-based vacuum maker Oreck Corporation at a bankruptcy auction.

The Tennessean reports (http://tnne.ws/11y4ZvC) the family that founded Oreck had hoped to buy it back but lost the bid at a Monday auction to Royal Appliance Manufacturing Company.

According to a statement, Royal intends to close the transaction on July 24, subject to court approval.

Financial details of the winning bid were not released, but the Oreck family had submitted a $23 million bid at the beginning of the bankruptcy process.

The family's effort was led by former CEO Thomas Oreck. The family said they hoped to keep Oreck's manufacturing jobs in the United States.

Oreck has more than 200 employees at a manufacturing facility in Cookeville and several dozen corporate employees in Nashville.

Information from: The Tennessean, www.tennessean.com

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 69 311 15,028
MORTGAGES 83 338 19,668
FORECLOSURE NOTICES 0 43 3,838
BUILDING PERMITS 0 512 35,842
BANKRUPTCIES 65 247 14,281
BUSINESS LICENSES 16 120 5,111
UTILITY CONNECTIONS 70 316 21,749
MARRIAGE LICENSES 18 93 4,650

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