A Chinese company has announced a deal to buy a furniture chain with stores in Boise and Nampa.
Healthcare Co. Ltd. has signed a letter of intent to acquire the 36 stores of Mor Furniture for Less. The $68.4 million deal, announced by Steinreich Communications, a Hackensack, New Jersey, public relations firm, is expected to be completed by the end of the month.
Healthcare Co. owns a Knoxville, Tennessee, mattress manufacturer, Mlily USA. Last year, Healthcare bought Maxcolchon, a bedding manufacturer and retailer with 57 stores in Spain.
The company, based in Rugao, a Chinese town of more than 615,000 people north of Shanghai, operates factories in China, Thailand and Serbia. It serves markets in the United States, Europe, the Middle East and North Africa.
According to the South Carolina Department of Commerce, where Healthcare Co. announced plans last year to open a $45 million factory employing 250 people, the company was the first publcly traded memory foam mattress manufacturer in China. It has 3,600 workers worldwide.
Richard Haux Sr. founded Mor Furniture for Less in 1977, selling waterbeds. The company, based in San Diego, California, operates 36 stores in Idaho, Oregon, Washington, California, Nevada, Arizona and New Mexico.
The company has estimated annual sales of more than $310 million, Steinreich Communications said.
Mor opened its Boise store at 5621 W. Fairview Ave., in 2000. It opened four years after the 50,000-square-foot Great Western catalog showroom store closed after going bankrupt. Great Western had operated at that location since the 1970s.
The Boise store is at 5621 W. Fairview Ave. The Nampa store, which opened in late 2016, is at 1509 Caldwell Blvd. in the Karcher Mall.