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Execs at Chromcraft Revington enter talks to buy firm

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Executives at Chromcraft Revington Inc. are in negotiations to buy the West Lafayette-based furniture maker in a tentative deal that values the company at $5 million.

The firm announced Thursday that “certain members of its management team” are interested in acquiring the company. Chromcraft has entered into a non-binding letter of intent and term sheet with RMMJ LLC, a company led by Ronald H. Hunter, Chromcraft's chairman and CEO, according to a prepared statement.

Under the terms contemplated by the parties, a subsidiary of RMMJ would merge with Chromcraft, with Chromcraft then becoming a subsidiary of RMMJ. They estimate the value of the company at $5 million, with record stockholders receiving cash for common shares in the potential purchase.

The company stressed Thursday that there was no definitive agreement and that the terms could change.

Earlier this month, the firm foreshadowed its intentions to go private by announcing that it would delist its common stock from the New York Stock Exchange, as well as suspend its reporting obligations as a public company.

The company also said on Thursday that it has violated U.S. securities rules by failing to file a 2012 annual report with the Securities and Exchange Commission by an April 16 deadline. The company now expects to file the report on or before May 31.
 

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  1. The east side does have potential...and I have always thought Washington Scare should become an outlet mall. Anyone remember how popular Eastgate was? Well, Indy has no outlet malls, we have to go to Edinburgh for the deep discounts and I don't understand why. Jim is right. We need a few good eastsiders interested in actually making some noise and trying to change the commerce, culture and stereotypes of the East side. Irvington is very progressive and making great strides, why can't the far east side ride on their coat tails to make some changes?

  2. Boston.com has an article from 2010 where they talk about how Interactions moved to Massachusetts in the year prior. http://www.boston.com/business/technology/innoeco/2010/07/interactions_banks_63_million.html The article includes a link back to that Inside Indiana Business press release I linked to earlier, snarkily noting, "Guess this 2006 plan to create 200-plus new jobs in Indiana didn't exactly work out."

  3. I live on the east side and I have read all your comments. a local paper just did an article on Washington square mall with just as many comments and concerns. I am not sure if they are still around, but there was an east side coalition with good intentions to do good things on the east side. And there is a facebook post that called my eastside indy with many old members of the eastside who voice concerns about the east side of the city. We need to come together and not just complain and moan, but come up with actual concrete solutions, because what Dal said is very very true- the eastside could be a goldmine in the right hands. But if anyone is going damn, and change things, it is us eastside residents

  4. Please go back re-read your economics text book and the fine print on the February 2014 CBO report. A minimum wage increase has never resulted in a net job loss...

  5. The GOP at the Statehouse is more interested in PR to keep their majority, than using it to get anything good actually done. The State continues its downward spiral.

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