Fortunoff Backyard Stores to Open Under License To Furniture Concepts
Fortunoff Brands, LLC and Furniture Concepts, LLC have reached an exclusive agreement licensing rights to the Fortunoff brand for Outdoor Furniture and seasonal products in the United States and on the internet. The company will open Fortunoff Backyard Stores in the Tri-State area in the first quarter of 2010. Furniture Concepts is a new entity under the management and leadership of Marty Merkur and Bernard Sensale, two former Fortunoff executives. Isidore Mayrock, a member of the Fortunoff family with 30 years of retail and real estate experience in the Tri-State area, has also invested in the new company and joined the Board.
“This marks the reintroduction of a proud brand name in a market that has long associated Fortunoff with service and value,” stated Mr. Mayrock. “Our joint announcement is one of the reasons why the Fortunoff – Mayrock families successfully purchased all of the intellectual property of Fortunoff, including the brand name and related trademarks and all copyrighted material some two months ago.”
The new stores, each approximately 15,000 square feet, are expected to be in the same markets though not necessarily the same locations as the previous stores.
In a related transaction The Chair King, a Texas retailer specializing in outdoor furniture, has purchased a controlling interest in Furniture Concepts LLC. David Barish, President of The Chair King, will also serve as Chairman & President of Furniture Concepts, LLC. “We are excited to be able to bring back an iconic Fortunoff brand to the Tri-State area as well as to partner with these great operators Marty and Bernie,” Barish said.
The Chair King Casual Furniture Stores and Fortunoff Backyard Stores will operate separately but will be strategically aligned. The combined purchasing power of the two companies is expected to be in the $70 million dollar range making the alliance the largest specialty outdoor furniture powerhouse in the country.
About Fortunoff Brands, LLC
Fortunoff Brands, LLC is a holding company that purchased all of the intellectual property of Fortunoff, including the brand name and related trademarks, customer lists, domain names, and all copyrighted material. It is owned by The Fortunoff and Mayrock families, who owned and operated Fortunoff for four generations. Their decision to purchase the brand name is part of what David Fortunoff describes as, “the start of a thoughtful strategy that honors past excellence and consumer loyalty with future retail opportunities.”
About the Fortunoff Backyard Store
Fortunoff enjoyed 86 years of successful retail operations in the New York and Tri-State area. The Fortunoff Backyard Store was recognized as a leader in the outdoor furniture and accessories industry. For years, Fortunoff’s dominated the Outdoor Furniture market in its trading area, becoming the largest specialty Outdoor Furniture retailer in the U.S.
About The Chair King
The Chair King has been in business for over 59 years, selling a full range of pool, patio, wicker, and rattan furniture, as well as dinettes and barstools. With the 18 stores in Houston, San Antonio, Austin, and the Dallas-Ft Worth market, The Chair King is the largest independent retailer of pool and patio furniture in the Southwest, and one of the top ten casual furniture retailers in the Country.
In addition to The Chair King Casual Furniture Stores, the Company also operates a design/contract showroom in Houston under the name Leisure Collections.
### Contact: Rubenstein Associates 212 843-8010 / Gary Lewi