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StumbleuponCornerstone Brands' parent splits retail, services from its Internet company
Thursday, August 21, 2008
The parent company of West Chester Twp.-based Cornerstone Brands announced today, Aug. 21, it will spin off four companies.
New York-based IAC, a multimedia services company, announced Cornerstone and its other retail, active lifestyle and shopping outlets will now be consolidated into HSN Inc., the parent company for the Home Shopping Network.
Along with HSN Inc, IAC spun off three of its other companies — Interval Leisure Group, a vacation/timeshare services provider, Ticketmaster, a ticketing service provider, and Tree.com, a lending and real estate businesses.
IAC will continue to focus on its Internet businesses, according to a company press release.
Cornerstone sells high-end home goods, such as indoor and outdoor furnishings.
Officials at Cornerstone Brands' 57-acre facility at 5568 West Chester Road in West Chester Twp. could not be reached for comment on how the spin-off companies may affect local operations.
"Armed with outstanding management teams, appropriate capital structures and their own currencies, HSNi, Ticketmaster, Interval and Tree.com are now ready for independent futures ... while the Internet businesses that make up new IAC can operate with a collective purpose and common goals," said Barry Diller, chairman and CEO of IAC in a press release posted on the company's web site.
"The work is done and our focus now is moving forward."
