Hendricks Group closing two Florida stores
By Clint Engel -- Furniture Today, February 23, 2009
Conover, N.C. — Conover, N.C.— Hendricks Furniture Group has announced it is closing its money-losing Norris Furniture & Interiors business and exiting the Florida retail market.
In a release, the retailer said the move to close the two stores in Naples and Fort Myers, Fla., and two supporting warehouses is part of a strategy to realign its "retail holdings in light of current challenges in the marketplace." It said the Norris stores accounted for the bulk of the company's losses.
The Fort Myers store is about 56,000 square feet, and the Naples stores is 46,000 square feet.
Hendricks has hired High Point Group to manage the liquidation sale, which will run through April 17, Hendricks said. Norris will fulfill customer orders and will meet all vendor obligations, it said.
"Norris has accounted for 80% of our losses and just 15% of our revenues," said owner Larry Hendricks in the release. "We cannot continue in Florida with the state's economy still so unstable, without unnecessarily jeopardizing our other unaffiliated operations."
Hendricks Furniture Group does business as Boyles Distinctive Furniture in North Carolina and South Carolina. It said it expects "more operational efficiencies and retail adjustments" in its remaining stores, including "more customer-focused merchandising and more strategic vendor alliances."
It said the moves should "continue contributing to Boyles' stability" and serve as a foundation for growth when the economy recovers. With the Norris closings, Hendricks will have 11 Boyles locations in the Carolinas.
In October, Hendricks realigned its top management, naming Chad Hendricks president to replace Rick Grant. Grant became the majority owner, president and CEO of Classic Moving & Storage, which once was under the Hendricks Furniture Group umbrella but now is operated separately.
The month before, Hendricks sold its remaining 10 Thomasville Home Furnishings stores to Thomasville Furniture Inds., saying it wanted to focus on Norris and Boyles.
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