NAME OF STORE:
House of Denmark

PROFILE:
When House of Denmark, a chain of Michigan retail stores, set sales expectations of $100 million, they turned to a local Michigan furniture consultant to help them achieve their goal. Although the furniture consultant promised an advertising campaign with proven results, House of Denmark experienced a loss of income and reputation during ongoing promotions. With their options dwindling, House of Denmark asked the same consultant to facilitate store closings, but again results were not beneficial and the project was cut short. House of Denmark was left with obsolete inventory and significant debt. One day before House of Denmark was scheduled to make an assignment for the benefit of creditors, owner John Bech and his attorney met with Richard Glabman, President of Deere Park Associates. In less than two hours, Mr. Glabman was able to demonstrate how the resources and services of Deere Park Associates would allow House of Denmark to avoid liquidating the company. Deere Park proposed an orderly reorganization with the completion of millions of dollars of sold orders. Because Deere Park Associates was a dedicated furniture consultant with extensive references, House of Denmark trusted Mr. Glabman’s advice and a long term strategic plan was initiated.

OBJECTIVES:
Avoid bankruptcy, complete millions of dollars of sold orders, sell leftover inventory that a previous Michigan furniture consultant had left unsold, generate an operational profit in multiple stores, and protect the integrity of the House of Denmark name and the reputation of its owner.

PROJECT:
Deere Park Associates conducted specialty events throughout the House of Denmark chain, using Deere Park Associates personnel. A team of expert managers was immediately assigned to structure and implement the proposed strategic plan in each of the House of Denmark stores and warehouses. With the expertise of this team, the strength of Deere Park’s financial support and inventory, a multi-phase event was launched to prevent the impending bankruptcy and achieve the stated objectives.

RESULTS:
Within a few weeks, two of the House of Denmark stores were reopened after being abandoned by the previous consultant as “unprofitable”, and Deere Park Associates operated these stores profitably for the next six months. Over the course of the nine month project, all House of Denmark sold orders were completed, excess and obsolete inventory was sold, the buildings House of Denmark owned were sold, and an operational profit was generated. Most importantly this was done without the need for court supervision or resorting to assignment for the benefit of creditors. At the completion of the event, owner John Bech stated, "If I had known about Deere Park before I chose to use another furniture consultant for my original store promotions and store closing events, House of Denmark in Michigan would be a successful company. Deere Park’s reputation as the best in the furniture industry is well justified. I welcome the opportunity to talk to any other retail store considering your services Thank you Deere Park Associates for restoring my faith in the furniture industry."

▶For additional information, refer to the House of Denmark letter on the “References” page.