Heilig-Meyers

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Heilig-Meyers
Industry Retail
Fate Bankruptcy
Founded 1913
Defunct 2000
Headquarters Richmond, Virginia
Products Furniture, bedding, small appliances, consumer electronics, jewelry, and seasonal goods.
Website None

Heilig-Meyers was a retail furniture store chain founded in Goldsboro, North Carolina, in 1913 by two Lithuanian immigrants, H. A. Heilig and J. M. Meyers. Its corporate headquarters was in Richmond, Virginia. The chain grew to become the largest furniture retailer in the United States in the 1990s, ultimately having over 1,000 stores nationwide (including Puerto Rico).

Its over-expansion—by purchasing over 100 McMahan's Furniture Stores based in Carlsbad, California in 1993, as well as other stores and chains in the West—contributed to its failure. The company also bought the L. Fish furniture chain in the Chicago, Illinois area.

Heilig-Meyers filed for bankruptcy in August 2000.[1] The Richmond Times-Dispatch reported in 2000 that the company failed when its large expansion did not succeed in creating sufficient revenue and when customers who'd previously used the company's inhouse credit began using credit cards instead. The company's credit customers had grown increasingly of lower quality.[2]

The company, which had sponsored NASCAR drivers Bobby Hillin, Jr., Dick Trickle and Mike Wallace, was one of the last furniture companies to finance its own accounts. The last CEO/President was Bill DeRusha

References[edit]

  1. ^ "Fraud Trial to Focus on Accounting at Heilig-Meyers". The New York Times, LYNNLEY BROWNING, October 27, 2008. 
  2. ^ "The Ghost of Credit Past: The Specter of the Heilig-Meyers Fiasco Haunts Today's Failed Lenders". The Finance Professionals Post, 07/08/2010.