Five-store Phoenix retailer Razmataz closing
October 5, 2012,
PHOENIX — Razmataz Unique Home Furnishings is closing its five stores in the Phoenix area and Tucson, Ariz., and its Phoenix distribution center.
The company, owned by Raj Dogra and Nancy Dogra, opened in Phoenix in 1996 and is known for its unusual offering of high-end and luxurious home furnishings from around the world at discounted prices and displayed in a no-frills environment.
Bart Bates, Razmataz president and CEO, declined to disclose the reasons for the closing, but he noted while the company has faced the same struggles as other retailers during the economic downturn, it has been profitable this year.
At its peak in 2006, Razmataz operated seven stores and did more than $20 million in sales, he said. Today, it operates five showrooms in the 12,000- to 15,000-square-foot range and a 25,000-square-foot distribution center.
The company hired Denver-based SPCI Cos. to help with the liquidation, which began in September and is expected to wrap up by the end of the year, Bates said. Among the retailer's furniture suppliers are Bernhardt, Rachlin Classics, Universal, Clearwater, Hooker and Aspenhome. That's in addition to the imported goods the retailer often brings in from Peru, Indonesia, Europe and other world markets.
Razmataz and SPCI will liquidate all of its inventory as well as operational equipment, according to a release. Bates declined to say how much revenue the sale is expected to generate.