LoveSac
 | |
| Company type | Public |
|---|---|
| Nasdaq: LOVE Russell 2000 Index component | |
| Industry | Home Furnishings |
| Founded | 1995 |
| Founder | Shawn David Nelson |
| Headquarters | |
Key people | Shawn David Nelson (CEO & Director) |
| Products | Sactionals, Sacs, Accessories |
| Revenue |  US$ 165.88 million (FY2019)[1] |
 US$ −7.04 million (FY2019)[1] | |
| US$ −6.7 million (FY2019)[1] | |
| Total assets | US$ 105 million (FY2019)[1] |
| Total equity | US$ 78.97 million (FY2019)[1] |
Number of employees | 257[2] (2019) |
| Website | www |
Lovesac is an American furniture retailer, specializing in a patented modular furniture system called Sactionals. Sactionals consist of two combinable pieces, “Seats” and “Sides,” as well as custom-fit covers and associated accessories. Lovesac also sells Sacs, a bag seat filled with a proprietary foam mixture.
History
Lovesac was created in 1995 by Shawn D. Nelson, who formerly hand-made the chairs and delivered them to other students at the University of Utah.[3] In 2005, Nelson won Fox's Rebel Billionaire reality show.[4] The company relocated from Salt Lake City to Stamford, Connecticut in 2006, as it raised private-equity capital in the area. Lovesac joined the Nasdaq stock exchange on Wednesday, June 27, 2018, trading under the symbol LOVE.[5]
In January 2006, the company filed for Chapter 11 bankruptcy protection.[6] They left Chapter 11 protection in August 2006.[4]
In 2012, Lovesac was named the fastest growing furniture company in the U.S. by Furniture Today magazine as well as recognized for being one of the top 100 furniture companies.[7]
According to founder Shawn David Nelson, Lovesac planned to move 75% of its production out of China by 2020, due to trade war tariffs. As of late 2019, 40% of Lovesac's manufacturing was done in Vietnam and Malaysia, which were free of the tariff levels.[8]
References
- ^ a b c d e "The Lovesac Company (LOVE) Income Statement - Yahoo Finance". Archived from the original on 2021-04-10. Retrieved 2019-08-13.
- ^ "The Lovesac Company (LOVE) Company Profile & Facts - Yahoo Finance". Archived from the original on 2021-04-22. Retrieved 2019-08-13.
- ^ "The Lovesac Revolution: How U Students Created A Thriving Business". Daily Utah Chronicle. March 10, 2002. Archived from the original on 2009-10-03. Retrieved 2019-10-20.
- ^ a b Overbeck, Steve (August 19, 2006). "LoveSac ready for business after Chapter 11". Salt Lake Tribune. Retrieved 2014-02-02.
- ^ Schott, Paul (2018-06-27). "Stamford furniture maker Lovesac becomes public company". StamfordAdvocate. Retrieved 2019-10-10.
- ^ "LoveSac in Bankruptcy". Deseret News. February 3, 2006. Retrieved 2014-02-02.
- ^ Clint Engel (22 May 2013). "Top 100 stores' sales jumped 9.9% in 2012". Furniture Today. Retrieved 24 April 2015.
- ^ "Stamford-based Lovesac to move most production out of China over trade war tariffs". connecticut.news12.com. Retrieved 2019-10-15.
External links
 | This United States retail business article is a stub. You can help Wikipedia by expanding it. |