McMahan's shutting down operations
By Furniture Today Staff -- Furniture Today, August 31, 2008
LOS ANGELES — Former longtime Top 100 retailer McMahan's will shut down all operations, one of the latest industry victims of the economic downturn.
The credit-oriented retailer, which has trimmed operations to 15 McMahan's stores and two La-Z Boy Furniture Galleries in California and Oregon, cited an extended poor business climate for its demise.
There was no word on whether the company will file for bankruptcy protection.
Vice President Taylor Ganz, who leads the company, could not be reached for comment.
In a statement on its Web site, McMahan's said the stores will close “within the next few months.”
“McMahan's has implemented several strategies to react to the current business environment,” the statement continued. “However, as the economy continued to slump, the market for home furnishings has continued to decline.”
The retailer said it has rebounded from past downturns, but this one, “dating back to late 2006, has been considerably longer and deeper than anything … previously experienced.”
McMahan dropped off Furniture/Today's Top 100 this year with estimated furniture, bedding and accessories sales of $45 million in 2007, down 15.1% from 2006. In 2006, McMahan's closed three stores, including its 36,000-square-foot Reno, Nev., showroom after R.C. Willey entered that market.
McMahan's of Los Angeles was the surviving independent operator of McMahan's stores in the West after acquisitions by the now-defunct Heilig-Meyers.
According to a local news report, an area McMahan's store was closing through last Friday and would reopen Saturday, Aug. 30, for the liquidation sale.
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