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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 This material may not be published, broadcast, rewritten or redistributed.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 57 307 5,073
MORTGAGES 101 483 6,709
FORECLOSURE NOTICES 22 77 1,556
BUILDING PERMITS 0 720 11,979
BANKRUPTCIES 84 341 5,300
BUSINESS LICENSES 36 125 2,061
UTILITY CONNECTIONS 152 594 7,058
MARRIAGE LICENSES 36 117 1,458

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