An unexpected furniture store with 400 locations is now closing after 24 years in business, initiating sales of up to 70% off.
A franchisee of Basset Furniture is closing its store in Redmond, Washington, 16 miles east of Seattle, after more than two decades in business.
It announced a 70% off in “ALL” of its fine rugs on July 4, 2024, which the store said will be its last.
Moreover, the store said shoppers have only Sunday, July 7, 2024, to make the most of this opportunity, reports The-Sun.
“We’re closing this store forever! Now through July 7, you can negotiate your best deal,” the store said on its Facebook page.
While it did not disclose why it is closing, the store has been trying to liquidate its assets since announcing last April.
“The store has a 20,000 square-foot showroom, offering a wide selection of furniture and mattresses that will be on sale up to 65%,” it said in a statement.
Franchisee Todd Copitzky put up the shop in 2000.
This closure comes after 24 years of doing business in Redmond.
“Our closing sale marks the end of an era, but it also presents an opportunity for our customers to acquire timeless pieces at unprecedented prices,” he previously said.
Other brands in the store include Stressless, Tempur-Pedic, Stearns & Foster, Leather Italia, USA Leather, Heckman, and Howard Miller.
Management encouraged early shopping for the best selection.
“As we close the chapter on 24 incredible years, I’m filled with gratitude for the support of our loyal customers and the hard work of our dedicated staff,” Copitzky said.
It is not clear how the store closure affects the overall performance of the brand in the US.
In its latest available quarterly report, Bassett Furniture Industries, Inc. reported an operating loss of $2.4 million.
“There are currently no new corporately owned stores planned for 2024, although we are performing due diligence in several markets,” it said.
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Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois
Other Economy News Today
An unexpected restaurant now abruptly closes 7 locations in one state after revealing plans to shutter a total of 36.
TGI Fridays is closing a total of seven restaurants in one state as part of the company’s ongoing growth strategy.
This comes after the chain abruptly closed 36 locations across 12 states in at the beginning of the year, per The-Sun.
The restaurant chain will pull the plug on seven locations across the state of New Jersey in the coming weeks.
Today, Fridays will welcome in famished diners at its location in Brick for the final time.
“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Weldon Spangler, CEO of TGI Fridays earlier this week.
“We are at the helm of a pivotal moment that will allow us to explore boundless advancement, expansion, and innovation to keep delivering ‘That Fridays Feeling’ that our fans know and love.”
Before the closures, TGI Fridays had about 270 US locations, according to the company’s website.
“As part of the store closures, TGI Fridays is offering more than 1,000 transfer opportunities, which represents over 80% of total impacted employees,” the company previously said in a statement.
“Our top priority has always been delivering a superior experience for each and every TGI Fridays guest, and we’ve identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet – and exceed – on that brand promise,” said Ray Risley, US president and chief operating officer, in the release.
Eight other locations were sold to former CEO Ray Blanchette, a longtime stakeholder who will acquire the previously corporate-owned restaurants.
The sale comes as major changes have been made to the brand’s leadership, including the news of Weldon Spangler being made CEO.
“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Spangler in a statement.
Also Read: Retirees Will Now Receive More Money For Social Security
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