WORCESTER, Mass. (AP) — The largest furniture and flooring store in New England has been acquired.
Vystar Corp. announced Monday that it has signed a definitive agreement to acquire Worcester-based Rotmans Furniture and Carpet.
Rotmans, one of the largest independent furniture retailers in the U.S., with 200,000 square feet and 150 employees, was founded by and has been under the leadership of the Rotman family for 50 years.
Vytex is a Worcester-based manufacturer of environmentally safe and biodegradable rubber latex products.
Vystar has acquired a controlling interest in Rotmans for more than $2 million, comprised of 25% cash and 75% in notes convertible into shares.
Steve Rotman, CEO of Vystar and Rotmans, says the transaction will not impact the Rotmans store name or business practices, and is expected to increase Vystar shareholder value and liquidity.
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