Another large furniture retailer goes bankrupt and firm all the locations
The chain has maintained a unique commercial model for almost 25 years.
Brick and mortarfurniture stores become more and more difficult to find, with the rise of online retailers and the possibility of buying items with large tickets at home. However, there is something to say to enter a physical store and test a chair or a sofa before engaging in the investment. Unfortunately, you will no longer be able to do it with a large furniture retailer, who goes bankrupt and closes all stores. Read the rest to discover the last closure.
Read this then:Jo-Ann Fabrics closes the stores, from January 22.
Several furniture stores have imminent closures.
Several closures are on the file of furniture stores, including small businesses and regional channels.
In October,Rotman furniture, a must in Worcester, Massachusetts, announced that it closed its doors after 60 years of activity. The store should officially close in early 2023 and CEOSteve Rotman plans toLocal license For small retailers, Spectrum News 1 reported.
Another retailer, Homestead Furniture in Nescopeck, Pennsylvania, should also close, and Huffman Koos, a beloved channel in New York and New Jersey, alsoFacebook confirmed that he will closed three of his six stores.
Now another chain of furniture has announced that it would be completely bankruptcy.
A regional retailer says goodbye.
According to the commercial newspaperFurniture today, Only weekend furniture and mattresses, aRetailer based in Saint-Louis, went bankrupt. The news was announced for the first time on November 15, reported the point of sale, and will lead to the closure of the eight channel stores.AE0FCC31AE342FD3A1346EBB1F342FCB
Currently, weekends have only five stores in Missouri - in Bridgeton, South County, St. Peters, West County and Springfield. He also operates two stores in Indiana, Castleton and Greenwood, and a store in Fairview Heights, Illinois.
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The owners have been in the furniture sector since 1937.
As its name suggests, the company has a unique commercial model, as stores areonly open During the weekends. The retailer calls on Friday, Saturday and Sunday "the best days of the week" and says that Monday to Thursday, weekends, only team members are looking for "the best offers".
SpeakSaint-Louis Post-Dispatch, a large part of the retailer's inventory is acquired from liquidations and fences, which only allows weekends to offersteep discounts.
The Phillips family, owner of the chain, has been involved in the St. Louis furniture market since 1937, when Phillips Mercantile has opened in the city center. In 1997, the first store of the first weekend was opened, with the most recent opening in Springfield in May 2021.
In 2013, weekends only widened its scope by introducing online sales - available all week. The store generated about $ 74 million in income last year, but according toFurniture today, Profit is not at the heart of the problem: the chain closes so that its current CEO,Tom Phillips, can retire.
"After 25 years of service in the St. Louis region, Indianapolis and Springfield, Mo., we are very grateful to the many team members who worked with us and the customers we have been lucky to serve", said Phillips, according toFurniture today. "There have been so many changes in our industry in recent years and given the storm of the challenges that the retailers have faced, it is the right time to retire and celebrate the success and the good fortune that we have had in the company. "
No closing date has been confirmed, but the stores themselves are coveted locations.
An official closing date has not been announced, nor a date for closing events. However,Furniture today indicated that buyers can provide that sales begin in January 2023. The 400 employees of the weekend only, who had just been informed of the closure on November 11, according to theSaint-Louis Post-Dispatch, will be kept on the staff to manage liquidation sales.
As for the store locations themselves - which have exhibition halls between 40,000 and 50,000 square feet - demand should be high, especially for the five sites in the St. Louis region.Joe Ciapciak, Retail broker for Pace Properties, owner of two weekends only stores, told St. Louis Business Journal that he seesLarge area retailers As best suited for new tenants, in particular "clothing retailers at reduced prices".
"The market will tell us if these tenants exist or not, but we are cautiously optimistic," said Ciapciak. "They are all that I consider as very regional or super-regional retail sites, and they should be quite at high demand."
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