Rhodes' Chicago move
Retailer picks up three HomeLife leases
By Clint Engel -- Furniture Today, January 20, 2002
CHICAGO — CHICAGO — Rhodes Furniture is picking up three former HomeLife Furniture leases here in a move that will double its John M. Smyth's Homemakers store count and boost its Chicago market penetration.
Rhodes will take control of the store in the Sleepy Hollow community near Hoffman Estates — a former HomeLife prototype unit — as well as the stores in Naperville and Niles, said Bill Kimbrell, president and chief executive officer of 91-store, Atlanta-based Rhodes.
The stores average between 40,000 and 45,000 square feet, about half the size of existing Homemaker stores, but "we've got a good core program and will pick the best out of that program and represent it" in the new, smaller stores, Kimbrell said.
Rhodes is wrapping up final details on the leases. All three stores are expected to open as Homemakers from March through early April, pushing Rhodes' store count to 94, including two outlets.
Kimbrell said Rhodes studied the market and believes the new stores will help round out Homemakers' metro Chicago coverage. "We feel it's a great opportunity to expand that franchise," he said.
He added there's "more potential" for growth but it's premature to elaborate.
"The locations are very strategic and will strengthen Rhodes' already strong position in the marketplace," said Julius Feinblum, whose real estate company is assisting DJM Asset Management with disposition of some 90 HomeLife leases.
Existing Homemakers stores are in Downers Grove, Schaumburg and Orland Park. Key suppliers include Universal, Alan White, Rowe, Klaussner, Berkline, La-Z-Boy and Simmons and Sealy in bedding.
In June 2001, Rhodes rescued Homemakers from oblivion when it acquired the chain from Richmond, Va.-based Heilig-Meyers, which is operating under Chapter 11 bankruptcy protection and has closed everything but its RoomStore division.
About the time of the acquisition, Homemakers was generating estimated sales of about $60 million a year, and was expected to push Rhodes' annual sales past the $500 million mark.
Kimbrell wouldn't disclose recent sales figures for Homemakers or Rhodes, but projected sales will be "a little ahead of last year." The company's fiscal year ends in February.
"We just continue to march," he said, adding that business is "challenging, but reasonably good right now."
Rhodes generated estimated furniture, bedding and accessory sales of $468.3 million for the fiscal year ended Feb. 28, 2001, placing it at No. 13 on Furniture/Today's ranking of Top 100 U.S. furniture stores.
HomeLife, a former Top 100 chain with 128 stores and $680 million in sales, filed for Chapter 11 last year and since has shut down.
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