BOSTON (Thomson Financial) - Rock of Ages Corp. Friday said it has sold its
retail operations to PKDM Holdings Inc., a company owned by Rich Urbach, the
former president and COO of the company's retail operations, and Jim Barnes, who
served as the chief financial manager of those operations.
Under the agreement, Rock of Ages said it will receive about $7.6 million in
net cash proceeds. In addition, PKDM will be responsible for purchasing $2.1
million in inventory retained by Rock of Ages as it is sold, plus any inventory
remaining after the tenth anniversary of the transaction.
Rock of Ages said it will record a write down on the retail division of
about $6 million.
Shares of Rock of Ages, a Graniteville, Vt.-based manufacturer of granite
memorials and blocks used in cemeteries, closed Thursday at $4.93.
Casey Logan
cl/vj
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