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  • INDUSTRY NEWS

    • On July 09, 2020, Bed Bath & Beyond announced it will close about 200 stores, mainly from its namesake banner, over the next two years. This represents about 20% of the Bed Bath & Beyond banner. The company expects to generate between $250 million and $350 million in annualized savings from store closures; lower supply chain costs; selling, general and administrative cost optimization; and more efficient pricing and promotions, executives said on a conference call with analysts. This comes as the company reported first quarter net sales fell nearly 50% to $1.3 billion, according to a press release.
    • On July 07, 2020, it was reported, Gregg Scarlata is the new president and chief operating officer of area rug, storage basket and custom woven products manufacturer Colonial Mills. Scarlata joined the Rumford, R.I.-based company in 2003 as a maintenance tech and in his 17 years with the company has worked his way up the corporate ladder, holding various leadership roles such as national accounts sales manager, vice president of sales and in 2017 was named executive vice president, overseeing all sales, marketing and business operations
    • On July 07, 2020, it was reported, having successfully reacquired portions of the business bearing his family name in May, Robert Levin, chairman of Levin Furniture and Mattress has completed the road back with the July 3 opening of 17 Levin Furniture and Mattress stores; nine in Pittsburgh and eight in Cleveland. The new company, co-owned and operated by Levin and co-CEO's John and Matt Schultz, of John V. Schultz Furniture, has hired back 375 former associates and said it intends to continue adding back more. Levin also indicated that it will service all Levin customers who made furniture selections and deposits with the previous owner that were unfulfilled. According to the company, customers that made deposits with the previous owner, and did not receive a refund from their credit card or finance company, have been identified and will soon be receiving a letter and Resolution Form detailing the next steps. Robert Levin had been working for several months to reacquire portions of the former Levin Furniture operation that were closed following the liquidation of Art Van earlier this year. At the time of Levin Furniture's November 2017 acquisition by Art Van Furniture the company was ranked number 39 on Furniture Today's Top 100 list and operated 32 stores in Pennsylvania and Ohio, with annual sales of $218.3 million.
    • On July 06, 2020, it was reported, Crate & Barrel announced that CEO Neela Montgomery will leave her position with the company on Aug. 1. Montgomery informed the board of directors of her plan late last year according to a statement released by the company. Montgomery spent six years with the Otto Group, Crate & Barrel's owner, first as a member of its executive board before taking on the role of Crate & Barrel's CEO.