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Article: Baldwin Piano Sells Eleven Retail Piano Stores to Biasco for $4.6 Million; Sale will Further Reduce Debt and SG&A Expenses.
- Article from:
- Business Wire
- Article date:
- March 22, 2001
CopyrightCOPYRIGHT 2001 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Business Editors
MASON, Ohio--(BUSINESS WIRE)--March 22, 2001
Baldwin Piano & Organ Company (NASDAQ: BPAO) today announced the $4.6 million sale of eleven retail piano stores -- located in Cincinnati, Atlanta, Indianapolis, Louisville and Lexington -- to an affiliate of Chicago-based Biasco Musical Instrument Company, Baldwin's largest dealer.
Net proceeds from the transaction will be used to further reduce outstanding debt.
The sale includes all retail piano inventories, lease obligations, and a lease of a company-owned retail store in Atlanta. Biasco also agreed to sell only the Baldwin family of products -- Baldwin, Chickering, ...