Holthouse Furniture, Heilig-Meyers Co.
Founded : 1908
Activities : Retail furniture collection, home furnishings, interior design services, fine art and floor coverings
Parent Company : Grand Metropolitan
Stockists : 2,000 locations
Origin : Richmond, Indiana
- Company is founded when W.A. Heilig and J.M. Meyers open a home-furnishings store in Goldsboro, North Carolina.
- Headquarters are moved to Richmond, Virginia.
- Heilig-Meyers merges with Thornton Stores, a nine-store chain.
- Company goes public to fund further expansion.
- The 74-unit Sterchi Bros. Co. is purchased for $44 million; Heilig-Meyers now runs 216 stores throughout the South.
- Company expands beyond the South, into the Midwest; unit total reaches 277.
- Heilig-Meyers spends $65 million for McMahan’s Furniture Co., with 92 stores in California, Arizona, New Mexico, Texas, Nevada, and Colorado.
- Puerto Rico’s largest-volume furniture retailer, Berrios Enterprises, is acquired for $99.3 million.
- Rhodes Furniture, a 106-store chain based in Atlanta, is acquired for $261.9 million.
- Company acquires the RoomStore and Mattress Discounters.
- Number of units peaks at more than 1,300; company posts loss for year ending in February.
In February 1990 Heilig-Meyers bought 34 stores and warehouses in Tennessee, Kentucky, West Virginia, and Virginia from Reliable Stores for about $35 million. Over the next year it also acquired six stores from Holthouse Furniture Corp. and nine from The Furniture Center, Inc., for $5.6 million and $10.6 million, respectively. Revenues reached $447.8 million in fiscal 1991, and net earnings $18.3 million. Holthouse employed about 110 people at its six stores in Richmond. New Castle. Portland, Muncie, Greensburg and Greenville, Ohio. The chain was launched in Richmond in 1908 by J.B. Holthouse.