Posted at 9:59 a.m., Friday, February 23, 2007
Young Laundry's owner acquires Cleaners Club chain
Advertiser Staff
The Palm Springs, Calif.-based owner of Young Laundry, Hawai'i's largest retail and commercial dry-cleaner and laundry, said it completed its acquisition of a Cleaners Club Inc., a California-based chain.U.S. Dry Cleaning exchanged 780,000 of its shares to Riaz Chauthani, owner of Cleaners Club, as part of the acquisition, a filing at the U.S. Securities and Exchange Commission said.
Until the purchase, Young Laundry represented the most of U.S. Dry Cleaning's operations. The parent company wants to duplicate Young Laundry's "hub-and-spoke" model of operations elsewhere in the country. Young operates 13 retail locations and serves about 35 hotels that send their laundry into a central processing location on Auiki Street in Kapalama.
U.S. Dry Cleaning in December filed plans at the SEC to sell 2.5 million shares to the public for between $2.25 and $2.75 each.
