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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 This material may not be published, broadcast, rewritten or redistributed.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 65 366 17,721
MORTGAGES 70 417 23,068
FORECLOSURE NOTICES 15 91 4,519
BUILDING PERMITS 210 932 42,157
BANKRUPTCIES 62 299 16,691
BUSINESS LICENSES 19 80 5,781
UTILITY CONNECTIONS 49 305 25,174
MARRIAGE LICENSES 16 96 5,381

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