Gabberts begins Texas liquidation sales
By Clint Engel -- Furniture Today, February 27, 2006
Minneapolis — Gabberts Furniture & Design Studio began liquidation sales at its two remaining Texas stores last week.
The Top 100 company, which announced it was exiting Texas late last year, hired Great American Group in partnership with Zimmer/Hester Furniture Liquidations to conduct the closing sales at its 100,000-square-foot Dallas showroom on Midway Road and its 70,000-square-foot Fort Worth showroom on Oakmont Boulevard. The sale includes goods from high-end suppliers Stickley, Henredon, Century and Bernhardt.
In addition, the Fort Worth store, which Gabberts owns, is up for sale. The retailer leases its Dallas showroom and service center.
Gabberts spokeswoman Lisa Hannum would not disclose the terms of the deal with the liquidators. Great American Group President Jeff Yellen said last week that he couldn't estimate how much money the sales will generate or how long they would last, noting that "we're analyzing (inventory) as we speak."
Gary Pedersen, Gabberts executive vice president and chief financial officer, said in a press release that the retailer will "complete its Texas market divestiture" by midyear.
In November, Gabberts said it was leaving the unprofitable Texas market to focus its attention on its flagship Minneapolis store in the suburb of Edina. It is working on a $2 million to $4 million project to reposition and redesign the 90,000-square-foot store. Work is expected to be completed later this year.
