Rooms To Go
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| Type | Private |
|---|---|
| Traded as | NYSE: ROOMP |
| Industry | Furniture |
| Founded | September 7, 1990 |
| Founder(s) | 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] |
| Employees | Approx. 7,000 (2007)[1] |
| Website | Rooms To Go Official Site |
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, 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]
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[edit] History
[edit] 1933–1990: Seaman's
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]
[edit] 1990: Founding of Rooms To Go
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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]
[edit] Stores
[edit] Rooms To Go
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[edit] Rooms To Go Kids
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[edit] Distribution centers
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[edit] Products
[edit] Cindy Crawford Home
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[edit] See also
[edit] References
- ^ a b "Rooms To Go - WolframAlpha". Wolfram Alpha. http://www.wolframalpha.com/input/?i=Rooms+To+Go. Retrieved February 3, 2012.
- ^ "Rooms To Go Store Locator - Furniture Store Locator". Rooms To Go, Inc. http://www.roomstogo.com/index.cfm?fuseaction=storeLocator. Retrieved February 2, 2012.
- ^ "Rooms To Go Business Review in Seffner, FL - West Coast Florida BBB". Better Business Bureau. http://www.bbb.org/west-florida/business-reviews/furniture-retailers/rooms-to-go-in-seffner-fl-11000837. Retrieved February 3, 2012.
- ^ "Rooms To Go Company Profile - Yahoo! Finance". Yahoo. http://biz.yahoo.com/ic/57/57735.html. Retrieved February 2, 2012.
- ^ a b "Seaman Furniture Company, Inc. - Company History". Funding Universe. http://www.fundinguniverse.com/company-histories/Seaman-Furniture-Company-Inc-Company-History.html. Retrieved February 2, 2012.
- ^ a b "Rooms To Go, Inc. - Company History". Funding Universe. http://www.fundinguniverse.com/company-histories/Rooms-To-Go-Inc-company-History.html. Retrieved February 3, 2012.
- ^ Daniel Cuff (February 9, 1990). "BUSINESS PEOPLE; Family Members Leave At Seaman Furniture - New York Times". The New York Times. http://www.nytimes.com/1990/02/09/business/business-people-family-members-leave-at-seaman-furniture.html. Retrieved February 2, 2012.
- ^ "Room to Grow - Gulf Coast Business Review - Tampa Bay, Bradenton, Fort Myers, Naples". Gulf Coast Business Review. April 30, 2009. http://www.review.net/section/detail/room-to-grow/. Retrieved February 4, 2012.
[edit] External links
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