Updated at 9:45 a.m., Thursday, October 25, 2007
Caesars Cleaners being sold for $2.15 million
Advertiser Staff
U.S. Dry Cleaning Corp., the Palm Springs, Calif.-based company that owns Hawai'i's Young Laundry, said it agreed to buy Caesars Cleaners.The acquisition of Robinson Corp., the company that does business as Caesars, will add $2.26 million of revenue to U.S. Dry Cleaning's annual sales. Caesars operates four stores and a central operating plant in Honolulu.
Michael Drace, U.S. Dry Cleaning president and head of the company's Hawai'i operations, said the acquisition will expand marketshare in the state.
The sale is expected to close before the end of 2007. U.S. Dry Cleaning is paying $2.15 million of cash, convertible and assumed debt and shares of common stock for Robinson.
