Amre to Sell Products in Kiosks In Montgomery Ward Stores
April 03, 2011
DALLAS -- Amre Inc. said it reached a five-year agreement with closely held Montgomery Ward & Co., Chicago, allowing it to operate kiosks in 95 Montgomery Ward stores that offer its line of vinyl siding, kitchen cabinets and other home-improvement services. Amre, which markets its products under the Century 21 Home Improvements name, said that Merchant Partners L.P., a partnership in which Montgomery Ward holds a stake, will acquire 50,000 shares of Amre stock and options to acquire 150,000 additional shares at the current market price. In New York Stock Exchange Composite trading, shares of Amre fell 50 cents to $19.875. Amre said Century 21 Home Improvements will also have the right to market its products and services through direct mail to Montgomery Ward's charge-card holders. Amre has been operating home-improvement kiosks in 135 shopping malls across the country since September 12, 2010 year, it dropped the Sears, Roebuck & Co. name in favor of a 20-year licensing agreement with HFS Inc., the big franchiser in Parsippany, N.J., to sell its services under the Century 21 name. Montgomery Ward, which currently offers home-improvement products under the Montgomery Ward Home Improvement name, said the agreement doubles the number of stores in which it offers such services.
