by ST. LOUIS — Weekends Only Furniture & Mattress will liquidate all eight of its stores in Missouri and greater Indianapolis, following the departure of its CEO and the planned retirement of owner Tom Phillips.
Total liquidation of eight retail locations will be handled by industry sales specialist Planned Furniture Promotions (PFP), though the exact date hasn’t been set for the closeout events, according to a release. PFP said it expects sales to begin in January.
Stores include five in metro St. Louis, two in Indianapolis, and one in Springfield, Mo.
“After 25 years of serving the St. Louis area, Indianapolis and Springfield, Missouri, we are so grateful for the many team members who worked with us and the customers we have been fortunate to serve,” Phillips said in a release.
Weekends Only has approximately 400 employees with most continuing to work through the liquidation sales. Store management said all current orders will be filled.
The company was No. 103 on HNN’s inaugural ranking of the Top 125 furniture and bedding retailers with estimated furniture and bedding sales of $69 million at eight stores in 2021, up 9.5% from $63 million at seven stores the year before.
The news follows the departure of former President and CEO Lane Hamm in August after 15 years with the retailer and more than eight years as its CEO. He’s now CEO of AZ MediQuip, a Phoenix-based provider of home medical equipment.
Weekends Only was one of the first stores in the country to operate on an abbreviated schedule, open Friday through Sunday only, with the reduced hours designed to save customers money. The business was built on offering the best price on brand name furniture displayed in large, no frills warehouse showrooms with a friendly and no-hassle customer experience. It later added an e-commerce business, offering 24/7 shopping, which grew to account for nearly 14% of annual revenue, Phillips said.
In the release, Phillips, 70, said he looks forward to his retirement to spend more time with his wife, Peggy, family, grandchildren and friends.
“We cherish the many friends we have made in the industry over the years. There has been so much change in our industry over the past few years and given the storm of challenges retailers face, now is a right time to retire and celebrate the success and good fortune we’ve had in the business,” he said.
