Mor Furniture for Less, a 36-store furniture chain that’s been owned by a local family for the past 42 years, is being sold to a multibillion-dollar Chinese home furnishings conglomerate named Healthcare Co. Ltd.

Headquartered in Miramar, Mor Furniture has six stores in San Diego County and has expanded into six other states throughout the West Coast. Founded by Richard Haux Sr. in 1977 as a waterbed store, the company has grown to bring in roughly $310 million in annual sales.

“Healthcare Co. is an ideal partner with deep roots in the mattress business and they share the same company values as Mor Furniture,” said Richard Haux Jr., CEO of Mor, in a statement. “With some of our original investors nearing retirement age, the timing is perfect to bring on a new partner with a fresh perspective for the next steps in our journey.”

Healthcare Co. said it’s paying $68.4 million for the retailer and expects to close the deal by the end of October. A Healthcare Co. representative said shoppers shouldn’t expect any immediate changes to the stores.

Advertisement

“At this time, there are no changes planned for the stores and each of the 36 stores will continue to floor a wide range of home furnishings,” said Sheila Long O’Mara, a Healthcare Co. spokeswoman. “Once the sale is finalized, the stores will remain branded as Mor Furniture for Less across its seven-state region. The reporting structure for the corporate Mor management team will shift, and the team will report to Healthcare Co. executives in China.”

Based in Rugao, China, Healthcare Co. is best known as a mattress manufacturer and the owner of Mlily USA. But the public company, which has a market cap of over $5 billion, is a global home furnishings giant with 20 holding companies worldwide. The purchase of Mor Furniture is the first retail acquisition the company has made in the United States, Healthcare said in a statement.

The company said it hoped the Mor purchase will help it get a better understanding of U.S. retailers and customers.

“The direct day-to-day contact with consumers through Mor’s vibrant retail locations gives us the opportunity to gather critical information about consumer shopping behavior in the U.S.,” said James Ni, chairman and chief executive officer of Healthcare Co. in a statement. “Direct consumer interaction will help us hone our OEM (original equipment manufacturer) product development and better serve our growing network of customers throughout the world.”