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ARNOLD'S INTERIORS, $40 MILLION COMPANY, SOLD TO FURNITURE RETAILER; EXPANSION OF STORES, FURNISHING CENTERS PLANNED

ARNOLD'S INTERIORS, $40 MILLION COMPANY, SOLD TO FURNITURE RETAILER;
 EXPANSION OF STORES, FURNISHING CENTERS PLANNED
 SAN DIEGO, Nov. 26 /PRNewswire/ -- Arnold's Interiors, with total revenues of $40 million, has been sold by Arnold B. Belinsky, 60, to San Diego resident and long-time furniture retailer Fred Comrie, 38. The new company will continue operations as Arnold's Interiors in eight stores, the corporate headquarters and a warehouse facility, with the company's entire furniture inventory. Terms of the transaction were not disclosed.
 The sale has been described as the passing of a successful business to the management that will take it to the next level, with a goal of doubling sales volume within five years.
 Founded in 1966 by Belinsky and his wife, Esther, Arnold's Interiors has become the 70th largest furniture retailer nationwide, according to Furniture/Today. With showrooms in two household furnishing centers (San Diego and San Marcos, Calif.) and two freestanding sites (Chula Vista and Miramar, Calif.) Arnold's recently opened two new concept stores, Arnold's for Kids and Teens.
 The new chief executive officer already has plans for adding two new home furnishing centers, and expanding existing stores, as well as the San Diego Home Furnishing Center in Kearny Mesa, Calif.
 "We plan to create Home Furnishing Centers in East County and the South Bay, move the San Diego Thomasville Showcase to a freestanding 18,000-square-foot building adjacent to the center, and expand several other stores," said Comrie. "We will stay within San Diego County, but increase our penetration and coverage of the county through steady expansion."
 Added Belinsky, "It's time, after 25 years and consistently profitable growth, for me to pass the torch to a new generation of management. This will allow me to spend more time with my family and playing tennis, which I love.
 "I have to admit it's tough to do this, but Fred is a natural buyer. He has the furniture retail experience, also comes from a family business background and isn't bringing banks in on the deal. He also has a strong marketing orientation that will help the company continue to grow and flourish," Belinsky said.
 Belinsky will stay on as a consultant to the new management team, and his three children will remain in positions with the company.
 At a time when heavy leverage has put many companies in precarious financial positions, Comrie has purchased a company that is the exception. "Other companies are in trouble because of their debt load, not just the economic or retail climate," Comrie explained. "We are very optimistic that the market exists for the kind of aggressive, intelligent and customer?iented furniture retail outlet that Mr. Belinsky has built and that we fully intend to keep in place. You won't see us tinkering with success, just building on that foundation."
 Comrie, who signed a contract with the Pittsburgh Penguins and played professional hockey with that organization after high school, has 18 years experience in furniture retail. He and his family built The Brick in Canada into a $400 million company. Comrie and his wife and children moved to San Diego seven years ago and subsequently sold his entire interest in that company.
 "This is my first opportunity to have 100 percent ownership of a company. It may be stating the obvious, but this is tremendously exciting for me," said Comrie.
 Belinsky, born and raised in Detroit, discovered San Diego and met Esther while based here during his military service. He worked for his father-in-law, Max Weinstock, at Union Furniture before starting his own company with the first store, located on El Cajon Boulevard.
 Arnold's Interiors, founded in 1966 by Arnold and Esther Belinsky, had revenues of $40 million in 1990, making it San Diego's largest retailer selling exclusively in San Diego, according to Furniture/Today. In 1991, it was sold to furniture retailer Fred Comrie. Pioneer of the one-stop shopping concept of the home furnishing centers, Arnold's comprises eight stores with two Arnold's for Kids and Teens, three Arnold's Interiors, two Thomasville Galleries and Arnold's Clearance Center.
 -0- 11/26/91
 /CONTACT: Peter James MacCracken of MacCracken & Co., 619-496-3701, for Arnold's Interiors/ CO: Arnold's Interiors ST: California IN: REA SU:


DM-SE -- SD001 -- 7266 11/26/91 12:02 EST
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Date:Nov 26, 1991
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