furniture and home: January 2009 Archives

The economic downturn is hitting local stores especially hard. Saddest among those affected are the decades-old establishments, many involved in housing and home goods, suddenly facing bankruptcy or liquidation.

Some recent changes of note:

• In central Pennsylvania, Good's Furniture and Flooring is closing all its furniture stores, with liquidation sales just underway. Good's dates to 1959 and is under second-generation management.
  
• Olender Mattress in Schenectady, N.Y., which traces its history to 1902, has to close one of its three locations. "This is nothing new for us," says the store's owner, noting the chainlet survived the Great Depression and other economic crises.
• Eighty-year-old Peerless Furniture in Michigan is closing its two stores. Peerless, which began as a mattress manufacturer in 1924, calls its decision "responsible."
• In Massachusetts, Lebow Men's and Boy's Clothing is closing after 81 years. The store, which prided itself on its personalized service, has been unprofitable for some time.
  

Home Depot has decided to shut down EXPO, its high-end interior decoration chain. The company is closing all 34 stores as well as five YardBIRDS stores, a small-store format it launched earlier this decade. Home Depot CEO Frank Blake called EXPO "not a strong business" and a resource drain. Home Depot does have 12 store openings planned for 2009 in a modest recessionary expansion.

Candle and gift retailer Yankee Candle is eliminating its Illuminations retail chain as part of a corporate restructuring. Illuminations, a candle and home decorating line, was purchased by Yankee Candle in 2006. The Illuminations brand name may continue in wholesale and catalog options.

Yankee Candle is also closing one additional store under the Yankee Candle name. Plans for new store openings are not affected.

Home goods retailer Cost Plus is closing 26 stores and cutting back its media plan in 2009. The moves are a reaction to weak holiday sales. Cost Plus is expected to be fiscally sound as a result of the move, which is an upbeat note in the economic environment.

Flatware maker Oneida is closing all 20 of its retail outlet stores in the United States. Oneida, a global leader in flatware dating to the 1880s, will exit the flatware business entirely following inventory clearance sales. The company is instead focusing on its other, more profitable divisions and the marketing of imported flatware.

Legendary crystal and ceramics manufacturer Waterford Wedgwood was placed into administration and receivership in the United Kingdom and Ireland yesterday. The move, similar to chapter 11 bankruptcy in the United States, reflects stock market conditions and a failed round of fundraising for a planned restructuring.

Waterford Crystal, which dates to 1783, has been operating in its modern guise since 1947; Wedgwood (which traces its own history to 1759) was purchased by the previous Waterford Glass Group in 1986. The company's US and other subsidiaries are not currently affected by the moves in the UK and Ireland. Three US firms are discussing financial options for the company today.