- change ups
Local Salon Chain Sold
Salon Enterprises of Grand Rapids revealed this morning that it has reached an agreement to sell its Panopoulos chain of hair, nail, skin and body care salons to Regis Corp. of
"This was a little bit of a difficult decision," Max Matteson, president of Salon Enterprises, told the Business Journal.
The price and terms of the sale were not revealed.
Regis Corp. is the world's largest salon operator with over 10,400 salons in 10 countries that serve more than 150 million customers each year. Regis owns a 2-percent share of the worldwide $150 billion hair-care industry and a 4-percent share of the domestic market.
In FY04, Regis had sales revenue of $1.9 billion with net income of $105 million. Sales were up 14 percent for the year from the previous year and profits were up by 22 percent from the previous year.
Christo Panopoulos opened the first salon in 1960. Since then, the chain has grown to a dozen locations. Six are located in
Panopoulos Salons has 250 employees and most are expected to remain under the new ownership.