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Sherman Clay Sells Bay Area Piano Business to Steinway & Sons

Sherman Clay Sells Bay Area Piano Business to Steinway & Sons 
SAN BRUNO, CA -- (Marketwired) -- 04/02/13 --  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. 
Media Contact:
Jonathan Poretz
Double Forte
415.500.0604
jporetz@double-forte.com 
 
 
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