Good's Furniture shutting down operations
Going-out-of-business sales to start Jan. 29
By Clint Engel -- Furniture Today, January 18, 2009
NEW HOLLAND, Pa. — The three-store Good's Furniture & Flooring, which was reborn three years ago with the reopening of the former Good's Furniture flagship here, is closing — another victim of the weak economy.
The midpriced stores in New Holland, Harrisburg and Dover, Pa., will close after going-out-of-business sales that start Jan. 29 and are expected to run until April. Deere Park Associates is running the sales.
Richard Good, 73, opened the business in 2005, along with his wife, Annetta Good, and partners Frank Barrett and Joe Cassidy. Good is son of the founder of the original Lancaster, Pa.-based Good's Furniture (which was sold to Breuners Home Furnishings Corp. in 1996 and later closed).
The company cited the economic downturn for the decision to close the new business, a rapid turn of events for the retailer that was doing about $10 million in annual sales before the economy tanked.
“We were gaining market share,” Good said, adding that his first-quarter 2008 sales were up about 20%. But business slowed as the year wore on and “the fourth quarter was a drain to the point where it was just wise to close it down.”
“It is very devastating to me, but … I really just have to do this so I can pay all my bills,” he said. “I didn't want to declare bankruptcy, and if I stay too long that's what will happen. Every bill will be paid. Every customer will be served.”
The closings do not affect Good's floor covering division, which will continue to operate in Lancaster, Pa. That location has been open only to the building trade, but will be renamed Richard's, its original name, and will be open to the public.
Richard Good said he will retire from day-to-day activities in the furniture business, but will remain in an advisory role to the floor covering business and may return in some form to the furniture industry. Good's has a 20,000-square-foot furniture outlet across the street from its main New Holland store, and that may reopen under a different name, Good said.
“I can gladly stay out of the daily grind, but I can't keep my fingers completely out,” he said.
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