Jennifer Convertibles To Open Two Additional Ashley Furniture HomeStores

Furniture World Magazine

Jennifer Convertibles, Inc. announced that it has signed leases to open two additional Ashley Furniture HomeStores in New York. One will be on Queens Boulevard in Elmhurst, Queens and the other on Route 110 in Farmingdale, Long Island. This will increase the number of Ashley Furniture HomeStore locations which Jennifer is operating in the New York Metropolitan area to four. Commenting on the new store locations, Harley J. Greenfield, Chief Executive Officer said, "We are very excited about expanding our network of Ashley Furniture HomeStore locations. Our Ashley division has been continuing to grow, producing about 15% of our revenue during our last fiscal quarter with increased profitability. By adding additional locations in the same geographical area, we expect to achieve economies of scale in all areas of our Ashley Furniture HomeStore model." Mr. Greenfield added, "We expect these new stores to add to the profitability of the Ashley division relatively quickly. We are aggressively pursuing additional locations in the New York Metropolitan area." Jennifer Convertibles is the owner and licensor of the largest group of sofabed specialty retail stores in the United States, with 149 Jennifer Convertibles stores and is the largest specialty retailer of leather furniture with 14 Jennifer Leather stores. As of August 31, 2009, the Company owns 142 stores, licenses 21 (including 19 owned and operated by a related company on a royalty free basis) and operates two licensed Ashley Furniture HomeStores.