Who owns havertys

Ridley will take control of a company that has been performing well financially, especially in light of the furniture retail industry as a whole where some competitors have gone out of business, including Roberds Inc.

Comparable store sales grew more than 9 percent during this quarter, the company stated in its filings with the Securities and Exchange Commission. Despite its income growth, Havertys stock hasn't really caught the attention of investors.

Ridley was very guarded during interviews on his plans and vision for the company. He declined to say if and where the company would expand. Grooming executive successors and management from within the company is something Havertys is adamant about, company officials said.

At least that's holding true for Slater's successor. Slater -- who has been president and CEO for seven years -- said he's grooming the chief operating officer for Havertys, Clarence Smith, to take over his duties in Smith has been chief operating officer since April, officials said, and like many other top executives, he has moved up through Havertys ranks.

Officials said Smith's transition into the president's chair would eventually need a vote of the board of directors. Furniture industry analyst Heleniak said Havertys management philosophy is not that much different than many privately held, family-owned furniture businesses. A lot of other industries may not be used to that," Heleniak said. They like to keep things in the family because that's who they trust. By the end of the s, retail trends were changing. Suburban malls were luring shoppers away from downtown businesses, and Havertys began to adapt, moving its main Atlanta location from downtown to the area of the popular Lenox Square mall.

Over the next several years other downtown stores also were closed in Roanoke, Virginia; Chattanooga, Tennessee; and Birmingham, Alabama. Company veteran and J. Haverty's grandson Frank McGaughey, Jr. In the company closed its last downtown Atlanta store, although it still remained the area's largest furniture retailer, with locations distributed throughout the metropolitan area. The company also recapitalized and created two classes of stock, leaving the Haverty family and other management personnel with control of about a third of the voting shares.

In the late s Havertys began to embark upon a comprehensive revitalization program, upgrading most of the company's stores over the next decade. Enhanced lighting and display areas were the primary improvements, with some stores also being expanded in size.

The changes were intended to appeal to a more upscale clientele, while continuing to retain the company's traditional middle-income customers. A new, more aggressive expansion strategy was also in place, with five to ten new stores opening per year, in some cases as replacements for smaller outlets. In a new regional distribution center also came on line in Jacksonville, Mississippi.

The company reached an agreement with mid- to high-end furniture maker Thomasville Furniture Industries, Inc. Havertys also opened a prototype store in Naples, Florida in late that solely featured Thomasville merchandise; three more such stores were added over the next year.

The company had made the alliance to gain better access to the manufacturer's products, as customers were increasingly seeking out top brand names like Thomasville.

Slater was named president and CEO. Slater had joined the company in and was serving as its chief operating officer. Havertys now owned 90 stores. Nearly three-fourths of sales were made via the company's own credit program, and this provided it with another consistent source of income. In contrast to the problems experienced in this area by many lower-priced furniture stores, Havertys had an insignificant default rate of less than one percent of sales. The company began to rethink its distribution of furniture to stores at this time and implemented a "Just In Time" system.

This made better use of Havertys' five regional warehouses, which were linked with computers to the retail locations. Truckloads of furniture could be sent from a regional center to stores for final delivery so quickly that large backstocks no longer needed to be maintained in each city, thus reducing storage costs. In the late s Havertys continued to grow, with seeing the company purchase its first two locations in Kentucky, replace eight smaller outlets with seven larger ones, and open a new store in the Dallas distribution center.

The year also saw Havertys' credit operations more centrally consolidated, which cut administrative costs and improved efficiency. Early in the company announced a strategic alliance with Thomasville's parent company Furniture Brands International, the number two manufacturer of furniture in the United States. This agreement allowed the company to put the popular Thomasville line in all of its stores, which it had not been able to do previously. Furniture Brands pledged to improve delivery times for Havertys and also to design some pieces for exclusive sale in the company's stores.

The company formed another alliance with a major manufacturer in , announcing an agreement with La-Z-Boy Inc. Other new Havertys openings were planned that would take the company's holdings to more than stores by year's end.

As it approached its th year in business, Haverty Furniture Companies could look back on a long history of growth and prosperity. Boasting a continuous string of annual profits since the Second World War, a seasoned management team, new strategic manufacturer alliances, and a successful program of expansion and store renovations, the company's prospects for a long and healthy future looked bright. Principal Subsidiaries: Havertys Capital, Inc.

Penney Company, Inc. Stock Screener Home. MarketScreener tools. Dynamic chart. Our Services. MarketScreener Portfolios. Add to my list. Haverty Furniture Cos.

In partnership with Allbrands. Sector Other Home Furnishings Retailers. Connections : Haverty Furniture Companies, Inc. Clarence H. Richard B. Thomas Hough. Mylle H. All rights reserved. Show password. Add to my list Report. Business Summary. Haverty Furniture Companies, Inc.

Havertys is a retailer of residential furniture and accessories. The Company operates stores serves 84 cities in 16 states with approximately 4. Its stores range in size from approximately 19, to 60, selling square feet with the average being approximately 35, square feet. All of its retail locations are operated using the Havertys name.