The Oreck Corp.'s new owner and its former CEO are close to finalizing a deal allowing the latter to run the stores recently acquired by the former.
TTI Floor Care — which this month purchased the assets of Oreck Corp. in bankruptcy court — will sell an as-yet-unspecified number of Oreck retail stores to former company CEO Tom Oreck. In addition, Oreck is close to an agreement allowing him to stay on in an advisory and public spokesman role for the company founded by his family.
"The legacy of the Oreck stores is their unyielding commitment to the Oreck customer," Oreck said. "The power of the Oreck Experience combined with the resources of TTI will serve to enhance and sustain the Oreck brand and the fine people who build, sell and service Oreck for generations to come."
TTI will maintain ownership of Oreck's Cookeville production facility and is "exploring" opportunities with its other retail stores.