Retailer Pope & Turner closing doors, liquidating assets
Furniture Today Staff -- Furniture Today, January 28, 2013
OVERTON, Texas - Home furnishings retailer Pope & Turner is closing here after 75 years in business.
The company has hired Denver-based consultant and liquidation specialist SPCI Cos. to assist with the sale over the next several weeks, including liquidation of the inventory and equipment.
Pope & Turner opened in 1938. In addition to carrying home furnishings in all key categories from suppliers including Ashley, La-Z-Boy, Serta and others, it sells appliances and operates a full carpeting and flooring department and a True Value hardware store.
Rogers Pope, second generation co-owner of the business with his sister Jerry Pope Bynum, confirmed the company is liquidating all the businesses in the roughly 20,000-squarefoot store on South Rusk Street in Overton.
"The weak economy in East Texas and in Overton and the fact that we are a small store concept," surrounded by larger discount stores including Walmart and Target, made it increasingly tough to compete, Pope said.
In addition, he said he has been an absentee owner with little involvement in the store since his father died 15 years ago. Rogers Pope is in the banking business as chairman of Texas Bank & Trust in Longview, Texas.
The sale began Jan. 5 and Pope estimated it will run through March. SPCI President Steve Forsey estimated the liquidation will generate about $1.2 million in sales.
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