LOS ANGELES — Flynt Management Group has agreed to purchase the Lovers stores and retail website from Playboy Enterprises, Inc.
The acquisition will include the chain of 40 Lovers stores located in California, Washington, Oregon, Tennessee and Texas, along with a nationwide distribution center.
Following completion of the acquisition, Lovers will continue to operate as a stand-alone, complementary brand alongside Hustler Hollywood, which currently operates a distribution center and 59 retail stores throughout the U.S. FMG's purchase of Lovers will increase the brand's retail footprint by more than 60% across the country and into new geographical regions.
"I simply could not be more excited about this transaction," said Liz Flynt, chairwoman of FMG. "Purchasing Lovers is the kind of move that my husband Larry liked to make — and I'm so glad that we're both honoring his legacy and pushing our company forward for the future with this acquisition.
"The synergies and geographical disparities between Lovers and Hustler Hollywood will allow us to further expand in the sexual wellness retail space, which is a dynamic and rapidly growing segment of our industry,” she added. “We're thrilled to welcome the Lovers chain and its employees into the Flynt Management Group following closing, and we can't wait to get to work."
The deal is planned to close on or before Dec. 3.
