SOURCE: Sherman Clay & Co.

Sherman Clay & Co.

April 02, 2013 11:00 ET

Sherman Clay Sells Bay Area Piano Business to Steinway & Sons

SAN BRUNO, CA--(Marketwired - Apr 2, 2013) - Sherman Clay & Company, the iconic San Francisco music company that for over 140 years has been one of America's most successful piano retailers, today announced an agreement to sell its Bay Area retail piano business to Steinway & Sons.

The announcement was made by CEO Eric Schwartz, whose family has owned Sherman Clay since 1960, and who, along with his brother Michael, has helped lead the successful expansion and diversification into several other profitable businesses under the name of The Sherman Clay Group.

The sale is scheduled to close late next month, when Sherman Clay stores in San Francisco and Walnut Creek will transition to Steinway & Sons. A number of current employees of Sherman Clay are expected to continue with Steinway following the sale. Sherman Clay stores in Santa Clara and Sacramento are not part of the sale to Steinway and will close. Sherman Clay will continue to operate stores in Seattle and Houston.

"We're confident that Bay Area musicians and piano lovers will be in good hands with Steinway, the world's premier piano manufacturer with whom we've worked closely for well over a century," said Schwartz. "We will miss working with our many friends and associates in the Bay Area, relationships that span decades. However, the sale to Steinway will allow us to focus more attention on our other business interests in commercial real estate, retail sales financing, and paper manufacturing."

In addition to taking over the Sherman Clay retail locations in the Bay Area, Steinway & Sons will provide all of Sherman Clay's customer service needs, including service, repair and rentals. The Sherman Clay Group will continue to provide retail piano financing to consumers nationwide through its Allegro Acceptance division.

Beginning April 4 and continuing through the transition to Steinway & Sons, Sherman Clay will celebrate its long and storied history with Bay Area piano lovers by offering extraordinary values on its complete inventory of new and used Steinway, Boston, Essex and Henry F. Miller brand pianos.

About Sherman Clay & Company
Founded in San Francisco by Leander Sherman in 1870 and owned by the Schwartz family since 1960, Sherman Clay & Co. has long been recognized as one of America's leading piano retailers and supporters of music.

Based today in San Bruno, Calif., Sherman Clay & Co. is part of the Sherman Clay Group, which includes SClay Management, Inc., a commercial real estate management firm and Allegro Acceptance, which provides financing to purchasers of pianos and hearing aids. An affiliated company, APC Paper Holdings, Inc., manufactures 100% recycled kraft paper at its mills in New York and New Hampshire.

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