GLENWILLOW, Ohio - The company that makes Royal vacuum cleaners has finalized purchasing the assets of the Oreck Corp., the company's new owners announced Thursday.

Royal Appliance Mfg. Co. purchased the assets of Nashville-based Oreck for $17.25 million in cash and various liabilities, according to records filed in the United States Bankruptcy Court for the Middle District of Tennessee, Nashville Division. The court formally approved the purchase agreement July 16, and the sale of assets was finalized late Wednesday, a company spokeswoman said.

Royal is part of Glenwillow-based TTI Floor Care, which also include the Hoover, Dirt Devil and Hoover Commercial brands.

TTI Floor Care and former Oreck CEO Tom Oreck announced Thursday that both parties were close to reaching an agreement for the former company head to purchase "an unspecified number" of Oreck retail stores. Both parties also said in a news release that they were close to reaching an agreement in which Tom Oreck would continue as the "public spokesman" for the 50-year-old brand.

"We are excited at the potential for a partnership with Tom Oreck, said TTI Floor Care President Simon Lawson in the release. "He brings a great deal of successful experience with both the Oreck brand and customer service driven retail operations.

Added Oreck in the release: "The legacy of the Oreck stores is their unyielding commitment to the Oreck customer. "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."

Oreck products will continue to be made in Cookeville, Tenn., the release said.

More at source: Cleveland.com 

Find cleaning supplies here.

Find professional cleaning companies here.