| Type | Private |
|---|---|
| Industry | Furniture retail |
| Founded | 1991 |
| Founder(s) | Bob Kaufman and Gene Rosenberg[1] |
| Headquarters | Manchester, Connecticut, U.S. |
| Number of locations | 43 stores (2011)[2] |
| Area served | Eastern United States |
| Key people | Robert (Bob) Kaufman (president) Stanley (Stan) Adelstein (chairman) Edmond J. (Ted) English (CEO) Bill Ballou (CFO) Steven Caprario (COO) Catherine (Cathy) Poulin (Director, Public Relations)[3] |
| Products | Furniture, Bedding, Mattresses |
| Revenue | US$ 329.3 million (2006)[4] |
| Owner(s) | Apax Partners Worldwide (Saunders Karp & Megrue): 70%[5][6][7][8] |
| Employees | 2,500(2011)[5] |
| Website | www.mybobs.com |
Bob's Discount Furniture is a privately owned regional chain of furniture stores along the Eastern United States, primarily in the Northeastern United States. As of 2010[update], the company had 40 stores located in Connecticut, Massachusetts, Maine, New Hampshire, New Jersey, New York, and Rhode Island. Bob's Discount Furniture has started moving down the east coast, opening the chain's forty-third store on November 10, 2011 in Rockville, MD. [2][9]
The company was founded in 1991 with its first store in Newington, Connecticut.[1] Bob's Discount Furniture is based in Manchester, Connecticut and is ranked 30th among U.S. furniture stores, with estimated 2006 sales of $329.3 million.[4] In addition to being known for its distinctive advertisements, the company is also known for offering amenities at many of its stores, which may include in-store home theaters, video arcades, and complimentary refreshments. Many of the stores have a back room where people can get items that are considered imperfect; this area is playfully called The Pit.[2][10][11]
Contents |
In 1976, future company co-founder Bob Kaufman was injured in a motorcycle accident; Bob discovered the benefits of a waterbed for recuperation.[1][12] The experience inspired Kaufman to become involved with waterbed sales, and during the 1980s, he had rented space in 24 New England stores for selling waterbeds.[1][12] By 1990, waterbed sales had dwindled and Kaufman partnered with Gene Rosenberg (owner of Wholesale Furniture, where Kaufman had rented space for waterbed sales); at this point, Rosenberg acquired a building in Newington, Connecticut previously owned by a furniture company that had become bankrupt.[1][12] In 1991, the Newington, Connecticut location became the first Bob's Discount Furniture store.[1][5] The company was initially co-owned by Rosenberg (two-thirds) and Kaufman (one-third).[1] As time progressed, the company expanded to additional locations, often acquiring buildings that had been vacated by tenants that had become bankrupt during recession.[1] By 1997, the company operated a dozen stores in Connecticut and two in western Massachusetts.[1] The ability of the company to grow during its early years in spite of unfavorable economic conditions has been partially attributed to the company's extensive use of commercials.[1][5] In early 2005, the investment firm Saunders Karp & Megrue acquired 70 percent ownership of Bob's Discount Furniture; subsequently, Saunders Karp & Megrue was acquired by Apax Partners Worldwide in March 2005.[5][6][7][8] In November 2006, Edmond (Ted) English, former president and CEO of TJX Companies, became the CEO of Bob's Discount Furniture, replacing Stan Adelstein, who became chairman.[3][11][13] By this point, Bob's Discount Furniture had recently expanded into Rhode Island, New Jersey, and New York.[11]
Bob's Discount Furniture is widely recognized for its idiosyncratic advertising. Bob Kaufman has been characterized as "something of a celebrity in the Northeast, thanks to his quirky television commercials".[3] As of 1997, the company broadcast roughly 500 commercials a week in Connecticut on network and cable television stations.[1] More recently, the commercials have become common during broadcasts of Boston Red Sox & New York Mets games.[14] The commercials usually feature company president Bob Kaufman, typically wearing jeans and a golf shirt or turtleneck, and have also included Cathy Poulin, the company's Director of Public Relations.[3][5][15][16] Recently "Clay Bob" has been added to the company's commercials. The commercials have been characterized as "amateurish",[16] "unconventional",[10] and "wacky",[10] and viewer reaction to the commercials is mixed, with some disliking the advertisements.[1] The advertisements often feature catchphrases, including "Gotcha!", "Untouchable!", "Lickety-split delivery!", "It's a no-brainer!", and most famous (in Bob's early years), "Come on down!".[1][16] "Spanish Bob" William Newton appears in Bob's Discount Furniture commercials on Spanish stations, such as Telemundo.[17]
Bob's Discount Furniture has received significant attention for its community involvement. The company has been recognized by the American Red Cross for its blood drives and financial contributions to the organization.[18][19] Bob's Discount Furniture has also been involved in food drives, charity walks, and conducts a "Celebrate the Arts Contest" to provide grants to regional schools.[20][21][22] Once a month Cathy Poulin (Bob's commercial sidekick) drives the "Random Acts of Kindness" van to places in need throughout the communities served by the stores. People can submit suggestions for people or organizations in need of help through the outreachvan@mybobs.com email address. As of 2005, the company's charitable contributions totaled about $1 million a year.[7] In December 2008 Bob's Discount Furniture donated a household full of furniture to the family in Voluntown, Connecticut receiving an ABC Extreme Home Makeover. In March 2011 the Rhode Island Hospital Intensive Care Unit waiting rooms received $25,000 worth of furniture donated by Bob's Discount Furniture.