• Clint Engel

Erdos at Home shutting down

Formerly I.O. Metro, the 12-store retailer is closing as namesake CEO resigns

DALLAS — The 12-store Erdos at Home, formerly I.O. Metro, is shutting down, ending an attempt to rebuild the business under a new name and merchandising strategy.

In a release, the lifestyle specialty retailer said CEO John Erdos announced his resignation Wednesday and “in light of the news,” the company also was planning to close all 12 stores in Texas, Missouri, Oklahoma, Arkansas, Alabama, Tennessee and Mississippi. A timeline was not provided for the closings and John Erdos couldn’t be reached immediately for comment.

The move follows a rebuilding attempt that got underway in early 2015 when private equity owners brought in John Erdos as CEO of the then Arkansas-based I.O. Metro.

Erdos was founder of a Singapore-based furniture and accessories company before joining the furniture chain. At the time of the February 2016 relaunch, after he had moved headquarters to Dallas, Erdos told Furniture Today that he wasn’t pleased with the quality and design of the goods I.O. Metro was selling, “so we decided to make a wholesale change and launch a new brand.”

In February 2016, Erdos said the retailer did about $30 million in sales in 2015 and “we look to grow that substantially.”

Before a full rollout, the company first tested new product in its Dallas store, and closed unprofitable stores in Atlanta and Collierville, Tenn.

The new brand “aimed to offer customers exclusive, highly edited product offerings with a sense of discovery, not predictability,” it said in Wednesday’s release. It’s tagline: “a dose of the unexpected.”

“It’s been a great ride, and I’m very proud of the company we created,” Erdos said in a statement.

“I’m currently working on some new things and fielding some fun opportunities, so it’s hard to say exactly what’s next for me. But, I can tell you; it’s going to be exciting. I’m not going anywhere, anytime soon.”

The retailer is owned by private equity firms Banyan Investment Partners and Diamond State Ventures, which formed a joint venture in 2011.

Clint EngelClint Engel | Senior Retail Editor, Furniture Today

Please feel free to email or call me with all of your retail news and tips, including expansion news, successful merchandising and marketing strategies and anything else you would like to see covered by Furniture/Today.  Contact me directly at cengel@furnituretoday.com or 336-605-1129.

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