Dufresne Spencer Group acquires seven KHF Holdings stores
Clint Engel -- Furniture Today, November 21, 2013
MEMPHIS, Tenn. — Dufresne Spencer Group has acquired the six Ashley Furniture HomesStores and a furniture outlet operated by KHF Holdings in Indiana and Kentucky.
Terms of the deal between the two Top 100 companies were not disclosed.
The acquired stores, along with additional expansion in the works, is putting Memphis, Tenn.-based DSG on a trajectory to double its annual sales volume by the end of next year to about $250 million, President Chad Spencer told Furniture/Today.
The seven new stores for DSG include two HomeStores in Louisville - KHF's home base - three HomeStores in Indianapolis, one recently opened in Terre Haute, Ind., and a furniture outlet in Richmond, Ky., that DSG will convert to a HomeStore. The stores average about 40,000 square feet.
In a release, Spencer said the company is excited to be in the new market and is "committed to offering guests in these areas an outstanding shopping experience and being a blessing in our new communities."
DSG is No. 59 on Furniture/Today's Top 100, with 19 stores, including 14 HomeStores, three Ashley Furniture HomeStore Outlets and two multi-line Stash Home stores in Alabama, Arkansas, Kentucky, Mississippi, Tennessee and Texas. That includes the three HomeStores the retailer acquired a year ago Nashville from another HomeStores licensee.
KHF Holdings is No. 98 on the Top 100 with 2012 sales of $43.7 million.
Spencer said DSG expects to do about $125 million in sales this year, up about 28% from $98 million in 2012. With the latest acquisition along with the planned opening of three Stash Home stores in undisclosed markets next year, the company is projecting 2014 sales to double to $250 million.
"Our success is thanks to the great team we have both in our stores and in our home office," said Jim Spencer, DSG's CEO. "We welcome our new team members and look forward to learning from them while we share our passion for customer service with our newest Ashley shoppers."
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