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GigaCloud Technology to Acquire New Classic Home Furnishings for $18 Million
GigaCloud Technology Inc is set to acquire New Classic Home Furnishings for $18 million, enhancing its footprint in the business-to-business retail marketplace.
- GigaCloud Technology Inc (NASDAQ: GCT) announced a binding term sheet to acquire New Classic Home Furnishings Inc for $18 million, expanding its business-to-business capabilities.
- New Classic, a 25-year-old furniture distributor based in Fontana, California, generates around $70 million in annual revenue through its extensive portfolio of over 2,000 active SKUs for brick-and-mortar retailers.
- The acquisition will allow GigaCloud to strengthen its position in the retail marketplace, serving over 1,000 customers and tapping into New Classics established distribution network.
Por Qué Es Relevante
This acquisition reflects GigaClouds strategic move to diversify its offerings in the competitive business-to-business retail sector, positioning itself for growth amidst evolving consumer demands in the furniture industry.