Rooms To Go

Rooms To Go Incorporated
Private
Industry Furniture
Founded September 7, 1990
Founder Jeffrey Seaman
Morty Seaman
Headquarters Seffner, Florida, U.S.
Number of locations
 106 (February 2012)
Area served
 United States
Puerto Rico
Key people
 Jeffrey Seaman
(Founder and CEO)
Morty Seaman
(Founder)
Stephen Buckley
(President and COO)
Lewis Stein
(CFO)
Revenue US$ 1.75 billion (2007)[1]
Number of employees
 Approx. 7,000 (2007)[1]
Website Rooms To Go Official Site
Rooms to Go in Goodlettsville, Tennessee.

Rooms To Go Incorporated is a Seffner, Florida-based furniture store chain with 106 stores operating in Alabama, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee, Texas, Virginia and Puerto Rico.[2] The company was founded in September 7, 1990[3] by Jeffrey and Morty Seaman, when they sold Seaman Furniture Company.[4]

History

1933–1990: Seaman's

Main article: Seaman's Furniture

Julius Seaman opened his first store in 1933 after dropping out of the seventh grade. His enterprise gradually increased to an annual $150,000 in sales and allowed him to send his two sons to the Wharton School of the University of Pennsylvania. "His big[gest] goal in life was that his boys would follow him and build up his business," Morton Seaman told Forbes. Julius Seaman died at the age of 48 of a heart attack. He left Morton, the elder son and college graduate, to help his mother save for the business, while Carl, still in school, did what he could on weekends and vacations.[5]

In 1955, they spent $1,000 USD on the store's first ad. It was a full-page spread in a local paper. When sales tripled, the same week the ad was published, Morton decided to open a second store to reduce the cost of advertisement per unit. By 1971 there were seven Seaman stores.[5]

In 1988, Seaman's Furniture was taken over in a buyout by Kohlberg Kravis Roberts & Co. for $350 million, burdening the company with severe debt. Jeffrey Seaman, son of Morton Seaman, was only 28 at the time, but he shouldered a large portion of the buying duties for the company. He and his father developed an overseas program during Seaman's restructuring phase.[6]

In February 1990, four months after the major financial restructuring designed to reduce the company's debt, Kohlberg Kravis Roberts replaced the Seaman's with Matthew D. Serra, former president and CEO of the G. Fox division of May Department Stores.[6][7]

1990: Founding of Rooms To Go

After the Seaman's left Seaman's Furniture due to Kohlberg Kravis Roberts replacing them, they opened the first Rooms To Go in Orlando, Florida on September 7, 1990.[8]

Stores

Rooms To Go

States and cities with number of stores:

Alabama

North Carolina

Florida

South Carolina

Georgia

Louisiana

Mississippi

Tennessee

Texas

Virginia

Distribution centers

Products

Cindy Crawford Home

Licensing was signed with her. Collection is made by HM RICHARDS inc Pictures on signs. Big banners in windows. Commercials filmed at store in Atlanta.

See also

References

  1. ↑ 1.0 1.1 "Rooms To Go - WolframAlpha". Wolfram Alpha. Retrieved February 3, 2012.
  2. ↑ "Rooms To Go Store Locator - Furniture Store Locator". Rooms To Go, Inc. Retrieved February 2, 2012.
  3. ↑ "Rooms To Go Business Review in Seffner, FL - West Coast Florida BBB". Better Business Bureau. Retrieved February 3, 2012.
  4. ↑ "Rooms To Go Company Profile - Yahoo! Finance". Yahoo. Retrieved February 2, 2012.
  5. ↑ 5.0 5.1 "Seaman Furniture Company, Inc. - Company History". Funding Universe. Retrieved February 2, 2012.
  6. ↑ 6.0 6.1 "Rooms To Go, Inc. - Company History". Funding Universe. Retrieved February 3, 2012.
  7. ↑ Daniel Cuff (February 9, 1990). "BUSINESS PEOPLE; Family Members Leave At Seaman Furniture - New York Times". The New York Times. Retrieved February 2, 2012.
  8. ↑ "Room to Grow - Gulf Coast Business Review - Tampa Bay, Bradenton, Fort Myers, Naples". Gulf Coast Business Review. April 30, 2009. Retrieved February 4, 2012.

External links

Wikimedia Commons has media related to Rooms To Go.