furniture and home: February 2009 Archives

Update: Fortunoff

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Bankrupt retailer Fortunoff is giving up on an acquisition and beginning liquidation sales today. Liquidators announced the sales would be business as usual and that they would honor outstanding gift cards. Fortunoff closed its flagship store at the start of February and entered into bankruptcy a few days later.

Fortunoff is an interesting bankrupty because of the fond memories people have of its family-owned roots. While its failure is a private-equity and debt-load story, many people remember it as the longtime regional retailer with family roots, making its closure a bit more poignant than other large stores.

Z Galerie shrinking

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Furniture retailer Z Galerie is closing one-third of its stores to respond to economic conditions. The company, which has a national presence, is slated to have 52 doors when the closures are complete. The affected locations are already holding going-out-of-business sales.

Update: Rex

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Appliance Direct, a small chain in central Florida, is assuming control of Rex Stores. Rex, also an appliance seller with a presence in Florida, had been struggling and closing stores in recent months. Appliance Direct has taken over roughly half Rex's locations and is negotiating to acquire other stores and much of its inventory. When complete, the buyout will significantly increase Appliance Direct's regional footprint.

Furniture stores

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Home furnishings continue to suffer in the downturn, with local stores hardest hit.

Pier 1, less 125

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Pier 1 has disclosed plans to cut as many as 125 underperforming stores as a cost-cutting maneuver. The retailer is not yet declaring any store closings (and Timely Demise hesitated posting this news item); instead, it is entering into "negotations for rent reductions" that may lead to the closings. Pier 1, which had been struggling prior to the financial crisis, is making cuts to staff and distribution facilities as well.

Timely Demise tracks the retail industry as it changes with our unprecedented economic environment. Published by David Wertheimer. Did I miss something? Drop me a line.

About this Archive

This page is a archive of entries in the furniture and home category from February 2009.

furniture and home: January 2009 is the previous archive.

furniture and home: March 2009 is the next archive.

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