Jennifer Convertibles
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Jennifer Convertibles Inc. (OTCBB: JENN) is the owner and licensor of sofabed and leather specialty retail stores in the United States, with stores located throughout the Eastern seaboard, in the Midwest, on the West Coast and in the Southwest. The company was founded in 1975 and is based in Woodbury, New York.[1]
On July 19, 2010, the company announced that it had filed for bankruptcy as a consequence of "substantial losses".[2] According to Furniture Today[3] the company was number 48 among furniture retailers with US$114 million in sales for the year ending August 29, 2009.[2] It subsequently emerged from Chapter 11 under the control of its major supplier, the Haining Mengnu Group.[4]
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[edit] Stores
As of August 26, 2006, the Company's stores included 175 Jennifer Convertibles stores and 16 Jennifer Leather stores. Of these 191 stores, the Company owned 167 and licensed 24, including 23 owned and operated by a related private company and one owned by other third parties operated by the private company. Jennifer Convertibles stores specialize in the retail sale of a complete line of sofabeds. In addition, the Company sells sofas and companion pieces, such as loveseats, chairs and recliners, in both fabric and leather. The Company is a dealer of Sealy sofabeds in the United States. Jennifer Leather stores specialize in the retail sale of leather living room furniture. During the fiscal year ended August 26, 2006, the Company closed three stores, of which one was located in Las Vegas, Nevada, and two were located in Indianapolis, IN.[citation needed]
As of July 20, 2010, Jennifer Convertibles operated 142 namesake stores and 12 Jennifer Leather stores across the U.S. It also owned 154 Ashley Furniture HomeStores and licensed five others.[5]
Upon its emergence from bankruptcy the company had 64 Jennifer Convertibles sofa sleeper specialty stores and eight Jennifer Leather stores as well as six licensed Ashley Furniture HomeStores in greater New York.[citation needed]
[edit] Criticism
On July 29, 2004 New York State Attorney General Eliot Spitzer announced a consent order and judgment that will significantly reform the sales practices of Jennifer Convertibles and provide restitution to consumers. The judgment permanently enjoined Jennifer Convertibles from engaging in deceptive, fraudulent or illegal business practices, and requires the company to make substantial reforms to its sales practices and customer service operations. The judgment also requires Jennifer Convertibles to make restitution to consumers for its failure to replace or repair defective goods. In addition, Jennifer Convertibles agreed to pay $275,000 in penalties, and $2,000 in costs.[6]
Jennifer Convertibles has received a grade of "F" from the Better Business Bureau each year from 2006 through 2009.[7] Across the U.S. they have had complaints for deceptive sales practices, delivery problems, not honoring their warranties and bait and switch techniques.[8]
[edit] References
- ^ "Jennifer Convertibles, Inc.: Private Company Information". BusinessWeek. http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=281985.
- ^ a b Stock, Sue (July 20, 2010). "Jennifer Convertibles closing N.C. stores". News & Observer. http://www.newsobserver.com/2010/07/20/588924/jennifer-convertibles-closing.html. Retrieved 2010-07-20.
- ^ Engel, Clint (July 20, 2010). "Several factors drove Jennifer Convertibles into Chapter 11". Furniture Today. http://www.furnituretoday.com/article/530168-UPDATE_Several_factors_drove_Jennifer_Convertibles_into_Chapter_11.php?intref=sr. Retrieved 2011-03-24.
- ^ Engel, Clint (March 4, 2011). "Jennifer exits banruptcy". Furniture Today. http://www.furnituretoday.com/article/536478-Jennifer_Exits_Bankruptcy.php. Retrieved 2011-03-24.
- ^ "Company stats". Miami Herald. http://www.miamiherald.com/2010/07/19/1737340/jennifer-convertibles-files-for.html#ixzz0uGBJ2Haw.[dead link]
- ^ "unknown". New York: Office of the Attorney General. http://www.oag.state.ny.us/press/2004/jul/jul29a_04_attach.pdf.[dead link]
- ^ "LA BBB: Grade F for Jennifer Convertibles". Better Business Bureau. http://www.la.bbb.org/Business-Report/Jennifer-Convertibles-78001922.
- ^ "Jennifer Furniture Bait and Switch Allegations". Consumer Affairs. http://www.consumeraffairs.com/furniture/jennifer_bait.html. Retrieved 2011-03-24.
