NAME OF STORE:
Bullock’s Fine Furniture and Bedding

PROFILE:
Bullock’s Furniture had served central Indiana for approximately 25 years. Located in the greater Indianapolis area, Bullock’s had four stores, a clearance center, and a state-of-the-art distribution center. Their two largest stores were 40,000 and 50,000 square feet. When owner, Jim Bullock, decided to pursue other business opportunities, he wanted to liquidate his business with the greatest financial return. To achieve this goal, Jim Bullock spent months conducting extensive research into every consultant offering services to the home furnishing industry. After receiving consistent recommendations about Deere Park Associates from experienced furniture retailers, wholesalers, representatives, manufacturers, and advisors, Jim Bullock contacted Richard Glabman for confidential discussions to confirm his strategy.

OBJECTIVES:
The goals of the sale were to complete all outstanding special orders, obtain dollar-for-dollar from starting inventory, pay all bank debt of the company, and generate a sale profit. Jim Bullock placed a high priority on extending customers and staff the same dignity, respect, and high ethical standards for which Bullock’s was known.

PROJECT:
Deere Park Associates implemented a multi-phase inventory liquidation event over an extended period of time. For 22 weeks, the experienced team of Deere Park Associates managers, accountants, administrators, and sales associates oversaw all operations, merchandising, inventory facilitation, accounting, sales, and marketing of Bullock Furniture.

RESULTS:
After the first sixty (60) days of the sale, the cumulative gross margin had reached 46%. Throughout the 22 weeks of the sale, Deere Park Associates sales personnel averaged over $35,000 in sales per week, often writing $70,000 to $100,000 per week. By the end of the sale, ALL of the owner’s objectives had not only been met – but exceeded, including maintaining the highest ethical standards.

▶For additional information, refer to the Bullock’s letter on the “References” page.