PITTSBURGH (KDKA) — Levin’s — the region’s largest furniture and mattress chain — will get new ownership.
On Monday morning, Levin employees received a memo from owner Robert Levin.
“We’re going to become part of a much larger furniture business, if you will,” Levin told KDKA money editor Jon Delano.
Levin said the new owner is a large Midwest furniture chain called Art Van Furniture, recently acquired by a Boston private equity firm call Thomas H. Lee Partners.
Under the deal that has yet to be inked, Robert Levin, now in his 60s, will retire, but the Levin name will live on.
All the stores will remain open, all the employees will report for work, and the current management team will remain in place.
“For our customers, there’s really no changes at all, and really not for our employees, as well,” says Levin.
The Levin stores will not change, says Levin.
In fact, the new owners want to add new products and expand the number of stores.
“We are going to be expanding our business, looking at adjacent markets, to grow and open up more Levin furniture stores and Levin mattress stores, so it’s an exciting day for Levin’s,” says the owner.
All the Levin sponsorships of charities will continue at least through 2020 when the store celebrates its 100th anniversary.
And in an unusual move for a corporate owner, Levin told his employees that he will share part of the undisclosed proceeds of the sale with employees.
“As you know, Jon, the success of any company is really the aggregate efforts of the employees,” notes Levin. “They deserve it, they’ve earned it, and I’m just thrilled to be able to do it.”