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".