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Ray Allegrezza

Admiring Hipple's team at Storehouse

Storehouse president Caroline Hipple is dealing with the Chapter 11 filing of the Atlanta-based retailer's parent, the Rowe Cos., far better than I am.

Here's what irks me: I've seen executives in other home furnishings sectors tank their companies, then walk away with obscenely fat severance packages. By comparison, Caroline and her amazing team, who have excited customers and employees alike, have done well with their business and are staying put.

Their next task: Finding a new strategic partner to replace Rowe, which is selling Storehouse and plans to focus on its manufacturing segment.

My hope is that it won't take long. It shouldn't, based on the growth the retailer has enjoyed under Hipple's leadership.

The numbers tell the story. In 2002, Storehouse had sales of $106.5 million. In 2003, they jumped to $117.2 million. 2004 sales spiked to $140.6 million and last year, Storehouse posted sales of $141.8 million. During that same time, the Hipple team, operating in a challenging retail environment, spearheaded a strategy that judiciously also grew store count from 60 to 73.

But sales figures, which are public, only show the face of the company. Comments, typically never found in an annual report, reveal the soul.

After the news of the Chapter 11, Michael Norris, a Storehouse manager whose store and home were devastated by Katrina, wrote a note to the company.

It said in part, "I could talk about our culture or our values … but none of that can let you know how much Storehouse has meant to me. After the storm, my entire life had been washed away.

"But Storehouse did not turn its back on me. … Not only did Storehouse do more than I could have ever expected, Storehouse did more than any other company I have heard about."

Caroline, you and the team have built one heck of a company with one heck of a culture. I'm tempted to say, "You go, girl," but I don't have to. You always have and always will.