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 Opening of
these licensed HomeStores, which are approximately ten times the
size of a typical Jennifer Convertibles store, will allow us to
significantly grow our top line and add to profitability in a
relatively short time.
Harley J. Greenfield, CEO, Jennifer Convertibles
Jennifer Convertibles, the
country's largest specialty retailer of leather furniture, has
signed the first of three Trademark Usage Agreements to open
three licensed Ashley Furniture HomeStores in New York. Ashley
Furniture HomeStores is the second largest retail furniture
company in America, with estimated retail revenue in excess of
$1.5 billion.
Harley J. Greenfield, Chief Executive Officer of Jennifer said,
"We believe this is an extraordinary opportunity for Jennifer.
We should be able to capitalize on our back office
infrastructure and our advertising expertise in our core market.
Opening of these licensed HomeStores, which are approximately
ten times the size of a typical Jennifer Convertibles store,
will allow us to significantly grow our top line and add to
profitability in a relatively short time."
Mr. Greenfield added, "We have been a customer of Ashley
Furniture for more than 15 years. Ashley Furniture is the parent
of the licensed Ashley Furniture HomeStores and is the World's
largest furniture manufacturer with wholesale sales approaching
$3 billion. We feel this relationship is an excellent fit for
Jennifer, allowing us to leverage much of our Jennifer
experience in the successful Ashley Furniture HomeStores
environment, without having a negative impact on our current
operations".
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