Senior executives at Reliable acquire large stake in company

May 13, 1994|By a Sun Staff Writer

A group of senior executives at furniture and jewelry retailer Reliable Stores Inc. has acquired a large stake in the company from New York investment firm Odyssey Partners and other outside investors.

Managers led by Richard M. Barnett, president and chief executive of the Columbia-based company, now own 36 percent of Reliable's outstanding shares. An employee stock ownership plan holds the other 64 percent.

Thomas R. Guercio, Reliable executive vice president and chief financial officer, declined to disclose the price or financing arrangements.

Reliable operates 24 HUB Furniture Centers as well as several Kline's Furniture Stores and La-Z-Boy Furniture Galleries. The company also owns 40 jewelry stores, including the S&N Katz chain.

It sells slightly more than $100 million in merchandise each year, Mr. Guercio said.

Reliable was listed on the New York Stock Exchange until 1978, when it was taken private by Odyssey, Mr. Guercio said.

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