16466 Mon, 07/13/2009 - 5:27pm
DANBURY, Conn.–A group led by Design Investors has won the bidding process to acquire Waterworks, the luxury-furnishings retailer and wholesaler.
Once the sale is final, Waterworks, which has been in Chapter 11 bankruptcy protection for two months, will continue in business under the leadership of Design Investors’ founder and partner Peter Sallick and partner Meg Touborg. Sallick, whose parents Barbara and Robert founded Waterworks in 1978, served as the company’s chief executive officer, while Touborg was chief brand officer. Both executives left in 2006, one year after the Sallick family sold Waterworks.
In a statement to HFN, Sallick said the deal will enable Waterworks to focus on its flagship showrooms in major U.S. markets, including the recently opened showroom in Los Angeles. Sallick also said plans are in the works to move the New York showroom from 57th Street to 58th Street by the end of this year.
Sallick also identified investment in new bath-product design as “the key” to Waterworks’ strategy going forward. “There are plans to expand (the bath-towel and accessories) categories in the future through wholesale and licensing,” he said.