Jennifer Convertibles plans fifth Ashley store
Will open on Flatbush Avenue in Brooklyn
Clint Engel -- Furniture Today, November 30, 2009
WOODBURY, N.Y. — Jennifer Convertibles has signed the lease for a fifth Ashley Furniture HomeStore in New York, according to a document filed with the Securities & Exchange Commission.
The Top 100 company said it executed a lease agreement Nov. 23 to open the store on Flatbush Avenue in Brooklyn. No other details were immediately available.
In August, the Woodbury, N.Y.-based company said it had signed leases for two New York-area HomeStores to open in October on Queens Boulevard in Elmhurst, N.Y., and on Route 110 in Farmingdale on Long Island, doubling the chain's HomeStore count to four.
Jennifer CEO Harley Greenfield said at the time that the company's HomeStore division was continuing to grow and produced about 15% of the chain's revenue during the last fiscal quarter.
Publicly held Jennifer Convertibles is the owner and licensor of the largest group of sofa-sleeper specialty stores in the United States, with 149 Jennifer Convertibles stores and 13 Jennifer Leather stores in addition to the Ashley stores.
The SEC document noting the Brooklyn lease also said that Jennifer was informed by a private affiliated company that the affiliated company would be in default on obligations to Jennifer related to a $975,000 payment. Jennifer said the related company has been late making payments several times before, but in the past had made the payment within a 30-day grace period and avoided default.
This time, the related company made a $625,000 payment and said it expected to pay the $325,000 balance by Dec. 10. It said payments due in November and December also would be late and "advised that it expected to cure its default by Feb. 28," the document said.
The company owes Jennifer a total of about $4.3 million.
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