PMP conducts four sales, raising $14 million

Brooklyn's Lorraine Furniture among stores closing

Clint Engel -- Furniture Today, December 20, 2010

JAMISON, Pa. — Profit Management Promotions recently launched four store closing sales and projects total revenues of more than $14 million during the sale periods.

Several more events are expected to begin before the year is out, the company said in a release.
Among the closing stores is Lorraine Furniture in Brooklyn, N.Y., one of New York's largest home furnishings outlets, run by the Horowitz family. Co-owner Paul Horowitz, who also is executive director of Fash-N-Home Buying Group, said the closing isn't due to financial problems.
"The fact is that our lease is expiring and my brother and I decided it was the right time," he said. "We've been running the company successfully for 45 years and due to several factors, including our ages, change in the area and the lease situation, it just made sense."
Horowitz said he will continue to lead Fash-N-Home, joking that the buying group's members will "wind up carrying me out of this office one of these days."
PMP also has been running a closing sale for Furniture World and sister outlet Furniture Furniture in Mableton, Ga. The sales company said the closings are a strategic move in order to consolidate into a single location in a more affluent area. It ran through mid-December.
In Jenkintown, Pa., PMP is liquidating Moderne Life Interiors through the end of this month. The owner there wants to retire after 10 years of operating the business, PMP said in a release.
In addition, Jamison, Pa.-based PMP recently concluded the previously reported closing sale for Silvert's Furniture in Freehold, N.J.
PMP said it also has high-impact sales under way for retailers looking to rebrand or reposition themselves in markets.
"Many independent furniture stores continue to suffer the fallout from the effects of the lingering bad economy," said PMP President Michael Egan. "Our mix of assignments reflects the reality that a large number of stores continue to be forced to close, while a growing number are hanging on and striving to revitalize their operations through strategic restructurings."
He added however, that some of the sales include work for profitable, healthy stores running special promotions for a "shot in the arm" to boost revenues.