Gardiners Furniture & Mattress, a 73-year-old family-owned retailer based in Baltimore, is being sold to a Pennsylvania-based furniture chain that plans to continue running Gardiners' five stores and distribution center, keeping all 200 of the employees.
Wolf Furniture Co., a 113-year-old family business based in Bellwood, Pa., with 12 Wolf's showrooms and a clearance center, plans to finalize a purchase agreement in about 30 days for an undisclosed amount, Doug Wolf, Wolf's CEO, said Tuesday. Terms were not disclosed.
Gardiners is selling because company co-owner Gary Mullaney is retiring, Wolf said. Wolf said he expects no changes to the locations, in Bel Air, Catonsville, Pasadena, Towson and Westminster, or to employment levels.
"Family members looking into the future … wanted to keep the same feel to the business as they look to retire, and were seeking out companies that had comparable values and would not only maintain but build on what they've developed," said Wolf, a fourth-generation owner of his business. "We were pleased to pick up the customer goodwill and the talents of the employees."
In addition to stores in Pennsylvania, Wolf's already has Maryland stores in Frederick and Hagerstown.
"This market makes sense for us," Wolf said.
Mullaney, who owns the business with his brother Greg, referred questions about the sale to Wolf.
Gardiners traces its roots to an appliance repair shop established on Polk Street in Northeast Baltimore in 1942. After the war, Gardiners evolved into appliance sales before moving into furniture, opening its existing store in Towson in 1964.
The acquisition will make Wolf's one of the state's largest today. Wolf's is studying whether to retain the Gardiner's name on the acquired stores, Wolf said.
"It's a healthy, profitable business," he said, "and so is Wolf's."