Good's Furniture

NAME OF STORE:
Good's Furniture

PROFILE:
For decades, Good's Furniture operated as a successful family furniture chain with eighteen stores in multiple east coast states. In 1996, Richard Good, the owner of Good's Furniture, sold his business to the Huffman Koos Furniture chain. Huffman Koos Furniture was part of Breuners Home Furnishings. Breuners Home Furnishings declared bankruptcy in 2004, resulting in the closure all company stores. After the store closings at Good's Furniture, Richard Good purchased the Good's Furniture name through the bankruptcy courts. From 2005 through 2009, Richard Good and his partners, through hard work and dedication, rebuilt the Good's Furniture chain back to multiple successful locations. Their flagship location store was in Lancaster Pennsylvania and operated from a 75,000 square foot retail store/clearance center and a state of the art 95,000 foot racked warehouse. Additional retail stores and warehouse locations were in Harrisburg and Dover Pennsylvania. Vendors used by Good's included Drexel/Heritage, Kincaid, Clayton Marcus, Rowe, Broyhill, Lane, Universal, Simmons, Berkline, and many others. Good Furniture was staffed by a most competent and experienced staff, with a state of the art computer system and detailed operation controls. In 2008 sales were mid eight figures. Richard Good estimated the existing management and physical infrastructure could support sales in excess of Fifty Million Dollars ($50,000,000.00).

Notwithstanding Richard Good’s desire for continued growth, Richard Good forecasted an extended down turn in furniture retailing and decided that a successful store closing would preserve his family’s multimillion dollars investment equity. Starting Inventory at Good's Furniture was approximately $3,500,000. Richard Good established goals in a potential store closing event of obtaining dollar for dollar for all inventory on hand and generating a high sale profit. Richard Good and his partners decision to close the Good's stores was not motivated by financial pressure or need to raise capital or repay existing loans, but rather by the desire to change their current investment in Good's Furniture into liquid assets. As stated by Richard Good, “The decision to close operations is a “logical decision before the downturn.

OBJECTIVES:
Preserve the family name and reputation of Richard Good, obtain full value on millions of dollars of inventory, and generate a strong sale profit. Regardless of the decision to close his business, Richard Good and his partners were also focused upon the objective of providing outstanding service to retail customers and allowing all employees an opportunity to continue to work in the Store Closing event as long as they wanted. The preservation of each employee’s dignity and family life was critical for the Good's Furniture business culture. Richard Good and Good's Furniture partners started an extensive and detailed search for a consulting company that had unquestioned ethical standards and a proven reputation for successful sales. They knew they needed a company that offered the financial ability to provide millions of dollars of new inventory on the credit of the consulting company, a company that would create new fresh and exiting advertising, and a company that could bring a proven sales team to support their event. The Good search team knew they needed a company that could immediately provide more than a hundred experienced and qualified associates in all areas of accounting, sales, warehousing and logistics, without attempting to hire local talent. While other consulting companies attempted to gain Richard Good’s trust through “negative selling methods” and “smear tactics of the competition”, Richard Good rejected such unethical methods. He and his partners were repeatedly advised by trusted industry sources and other retailers that only Deere Park & Associates would offer the standards, controls, personnel and resources to best achieve their goals. The partners of Good's furniture started a dialog with Richard Glabman, President of Deere Park & Associates to develop a strategy for Richard Good’s goals.

RESULTS:
Through the engagement of Deere Park & Associates, the Good family and the partners of Good's Furniture conducted a store closing event in all Good's Furniture stores. The Sale achieved all original Sale objectives and preserved the outstanding reputation of the company. During an approximate 18 week event, the multi million dollar Sale achieved, greater volume than any previous 52 week period (over a 4.2 time multiple of historic sales). Sustained cumulative Gross margins were in the mid 40% level despite such strong competitors as Wolf Furniture, Ashley Home Stores, and Raymour & Flanigan. Through the strong sales associates of Deere Park, all inventory was sold, even damaged and mismatched items. The Sale generated the strong Sale Profit as projected in advanced pro-forma of Deere Park. After payment of 100% of all Starting Inventory Costs and all operational costs, the Sale generated a high six figure Sale Profit for the owners. Most important, the sale was conducted with the dignity, honesty and respect to the consumer and employee upon which Richard Good had built in his reputation. As stated by Joe Cassidy, a partner in Good's Furniture, in a letter of recommendation to Deere Park (Click Here to see Good's Furniture letter of recommendation) “Mr. Glabman and his management team were able to successfully hit all projected sales, gross margins and Sale Profitability goals. They were most professional and organized. They treated our customers fairly and respectfully and maintained the integrity of the Good’s Furniture name. I would not hesitate to give my unqualified highest recommendation on the methods, resources and standards of Richard Glabman and Deere Park”.

As a result of their business dealings and the relationship that developed from working together, Richard Good, Joe Cassidy and multiple others from Good's Furniture remain good friends of Richard Glabman and Deere Park & Associates and welcome any and all calls for reference on the performance and results of Deere Park.

▶CLICK HERE for letter of reference from Good’s Furniture