Raymour acquires N.Y.'s Futurama
By Jay McIntosh -- Furniture Today, April 3, 2005
Liverpool, N.Y. — Raymour & Flanigan has acquired three-store, Yonkers, N.Y.-based Futurama Furniture from the Mehran family, giving a boost to the Top 100 company's plans to establish a bigger presence in the metro New York market.
Two New York metro Futurama stores, one in Yonkers and one in Fairfield, N.J., will be converted to full-line Raymour & Flanigans, said Neil Goldberg, the retailer's president and CEO. The Yonkers store on Central Avenue is 45,000 square feet and the Fairfield store is 70,000 square feet.
A third, 55,000-square-foot Futurama store in Poughkeepsie in upstate New York will become a Raymour clearance center. The company already has another store in the city.
Raymour also is building a 60,000-square-foot store in Ocean Township, N.J. It's expected to open this fall and would become the retailer's fifth store in metro New York City.
Goldberg said the company will have a liquidation sale at the Fairfield store and expects to reopen in May. The store on Route 46 is between a Seaman's store and a Levitz store.
Inventory will be moved from the Yonkers store to Fairfield, and Yonkers should reopen as a Raymour & Flanigan in late April, Goldberg said.
The company also plans to open a store in Middletown, N.Y., northwest of the metro area, in late April or early May. The 60,000-square-foot unit will be in a building that was built for a grocery store tenant but never was occupied, Goldberg said.
The three Futurama units, plus the Middletown and Ocean Township locations, will give Raymour 61 stores, up from 56 today.
Goldberg estimated that the new stores will help push the company's total revenue to $650 million to $700 million this year, as much as a 30% increase from last year's $540 million.
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