Storehouse Sale Pending

Specialty home furnishings cataloger/retailer Storehouse announced last week it is looking for a new strategic partner after its parent company, Rowe Cos., filed for bankruptcy. The filing, along with filings by its two operating units — Rowe Furniture and Storehouse — will allow Rowe to sell Storehouse, while completing its restructuring plans.

Acquired by Rowe Cos. in 1999, Atlanta-based Storehouse includes more than 70 stores in the Southeast and Mid-Atlantic regions and Texas, a catalog, and a Website. The 37-year-old chain sells furniture, accessories, lighting, and rugs, targeting affluent markets. Storehouse had sales of $151.8 million in its most recent fiscal year, ended in November 2005.

Storehouse president Caroline Hipple, who could not be reached for comment, said in a statement: “We anticipate spirited bidding at the upcoming auction and expect to announce a sale by Oct. 6. We look forward to an exciting future with a new strategic partner.”

McLean, VA-based Rowe Cos. is one of the largest U.S. upholstery manufacturers. Combined with Storehouse, Rowe Cos.’ total sales for fiscal 2005 were $299.4 million. According to a company statement, Rowe Cos. filed for bankruptcy due to declining sales, import competition, and lingering computer problems from a faulty enterprise resource planning system.

Partner Content

Hincapie Sportswear Finds Omnichannel Success in the Cloud - Netsuite
For more and more companies, a cloud-based unified data solution is the way to make this happen. Custom cycling apparel maker Hincapie Sportswear has leveraged this capability to gain greater visibility into revenue streams, turning opportunities into sales more quickly while gaining overall operating efficiency. Download this ecommerce special report from Multichannel Merchant to more.
The Gift of Wow: Preparing your store for the holiday season - Netsuite
Being prepared for the holiday rush used to mean stocking shelves and making sure your associates were ready for the long hours. But the digital revolution has changed everything, most importantly, customer expectations. Retailers with a physical store presence should be asking themselves—what am I doing to wow the customer?
3 Critical Components to Achieving the Perfect Order - NetSuite
Explore the 3 critical components to delivering the perfect order.
Streamlining Unified Commerce Complexity - NetSuite
Explore how consolidating multiple systems through a cloud-based commerce platform provides a seamless experience for both you, and your customer.