Bob's Discount Furniture

Last updated

Bob's Discount Furniture, LLC
Company type Private
Industry Furniture retail
FoundedDecember 13, 1991;32 years ago (December 13, 1991) in Newington, Connecticut
Founders
  • Bob Kaufman
  • Gene Rosenberg
Headquarters
Manchester, Connecticut
,
United States
Number of locations
150 stores (2022)
Area served
Key people
Products
RevenueIncrease2.svg US$1.158 billion  (2016)
Owners
Number of employees
1,000 (2019)
Website www.mybobs.com
Footnotes /references
[1] [2] [3]

Bob's Discount Furniture is an American furniture store chain headquartered in Manchester, Connecticut. The company opened its first store in 1991 in Newington, Connecticut and is ranked 12th in sales among United States furniture stores according to Furniture Today 's list of Top 100 Furniture Stores. [4] [5] As of March 2022, the company has 150 stores in 24 US states, primarily in the Northeast, Mid-Atlantic, Midwest, and West Coast regions.

Contents

History

After the future company's co-founder, Bob Kaufman, was injured in a 1976 motorcycle accident, he discovered the benefits of a waterbed for recuperation. This led him to become involved in waterbed sales and, during the 1980s, he rented space in 24 New England stores to sell them. When waterbed sales dwindled by 1990, Kaufman partnered with Gene Rosenberg who owned Wholesale Furniture, one of the stores where Kaufman had rented space. [6] [7]

Together Kaufman and Rosenberg co-founded Bob's Discount Furniture with Rosenberg owning two-thirds of the company and Kaufman one-third. Rosenberg acquired a building in Newington, Connecticut, previously owned by a furniture company which had gone bankrupt, [6] [7] and re-opened it in 1991 as the first Bob's Discount Furniture store. [6] [8] [7]

Through the 1990s, the company added additional locations, often acquiring buildings that had been vacated by tenants bankrupted during the early 1990s US recession. By 1997, it had a dozen stores in Connecticut and two in western Massachusetts. [6] Its ability to grow during its early years in spite of unfavorable economic conditions has been partially attributed to the extensive use of commercials. [6] [8]

In early 2005, the investment firm Saunders Karp & Megrue acquired 70 percent ownership of Bob's Discount Furniture. Subsequently, Saunders Karp & Megrue was acquired by Apax Partners Worldwide in March 2005. [9] [10] [11] [8] In November 2006, Ted English, former president and CEO of TJX Companies, became the CEO of Bob's Discount Furniture, replacing Stan Adelstein, who became chairman. [12] [13] [14] Adelstein retired in April 2013, and English took over as chairman. [15] In late 2006, the company expanded into Rhode Island, New Jersey, and New York followed by an expansion further south into Maryland and Virginia. [13] [16]

In Q1 of 2014, Bob's Discount Furniture was acquired by Bain Capital, though its current management team continued to own a significant stake in the company. [17] [18] In 2016, Michael Skirvin was promoted from president and COO to president and CEO, replacing English who remained with the company as executive chairman. [19] In June 2020, Skirvin retired and English became interim CEO. In October 2020 the position was permanently filled by William Barton, formerly of California Closets. [20]

Advertising

Bob's Discount Furniture is a prolific advertiser on both television and radio. [21] In 1997, the company was broadcasting roughly 500 commercials a week in Connecticut on network and cable television stations. [6] By 2006, the commercials had become common during broadcasts of Boston Red Sox and New York Mets games. [22] The commercials usually feature company president Bob Kaufman, typically wearing jeans and a golf shirt or turtleneck, and have also included employees such as Cathy Poulin, the company's Director of Public Relations. [23] [12] [8] [24] [25] Starting in 2004, “Little Bob”, a miniature version of Bob Kaufman, frequently appeared in the company’s commercials. [26] The advertisements have been frequently described as wacky and goofy often containing catch phrases describing their “untouchable value”. [27] [26]

Through corporate sponsorship programs, Bob’s Discount Furniture has worked with several professional sports teams, including the New England Patriots, [28] Pittsburgh Steelers, [29] New York Giants, [30] Los Angeles Chargers, [31] and Los Angeles Galaxy. [32]

Stores

A location in King of Prussia, Pennsylvania Bobs Discount Furniture store.jpg
A location in King of Prussia, Pennsylvania

As of March 2022, Bob’s Discount Furniture has 150 locations in 24 US states. [33] The majority of these are in the Northeast, Mid-Atlantic, Midwest, and West Coast regions. [34] [35]

After its original markets in the Northeast and Mid-Atlantic, its Midwest expansion came in the wake of H.H. Gregg's sudden liquidation, allowing Bob's to purchase the leases for the bankrupt retailer's former locations. [36] The company expanded to the West Coast in February 2018, picking up leases of former Sport Chalet and Sports Authority stores that closed in 2016. [37] Around July 2020, Bob's expanded to the Phoenix metropolitan area in Arizona. [38]

Bob’s Discount Furniture locations include an in-store cafe with complimentary refreshments. [39] [40] [23] Some stores also have a back room with products that are considered imperfect; this area is called “The Outlet”.[ citation needed ]

Community involvement

Bob's Discount Furniture donates over $2.75 million per year to charitable causes through two initiatives, the Bob’s Discount Furniture Charitable Foundation and Bob’s Outreach program. [41] Through these efforts, the company has supported March of Dimes, [42] Autism Speaks, [43] Special Olympics, [44] Save the Children, [45] and Camp Rising Sun. [41] [46] [47] It has also been recognized by the American Red Cross for its financial contributions and sponsored blood drives, [48] [49] some in partnership with professional American football teams including the New England Patriots [50] and New York Giants. [51]

Through the company’s Random Acts of Kindness program, funds are donated to local schools and programs for children following the opening of a new store. [52] [53] [32] [46] It also operated a charity fundraising event for over 30 years to raise funds for a number of non-profit charities, including Nutmeg Big Brothers Big Sisters, Family & Children’s Aid, Connecticut Children’s Medical Center, and Camp Rising Sun. [54] [27] The company collects and matches in-store donations from its customers through its Café Collections for a Cause program which supports non-profit charities including Autism Speaks, [55] Alex's Lemonade Stand Foundation, [56] [57] and the Special Olympics. [58]

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References

  1. ↑ "Bob's Discount Furniture Names Steve Nesle as CMO, Adam Kasper as Marketing VP, Stacey Karagiannis as eCommerce VP". Bulldog Reporter. July 21, 2016. Retrieved December 30, 2017.
  2. ↑ Engel, Clint (August 28, 2013). "Michael Hoffman, Carol Glaser in expanded roles at Bob's". Furniture Today. Archived from the original on October 31, 2016. Retrieved December 28, 2017.
  3. ↑ "Bob's Discount Furniture". Forbes . 2019. Retrieved April 7, 2022.
  4. ↑ Engel, Clint (May 23, 2017). "Who are the Top 100 Furniture Stores?". Furniture Today. Retrieved April 18, 2018.
  5. ↑ Engel, Clint (May 2017). "Top furniture stores post another strong year" (PDF). Furniture Today (May 22-28, 2017 ed.). pp. 46–83. Retrieved April 7, 2022.
  6. 1 2 3 4 5 6 Ryan, Bill (November 30, 1997). "Now About Bob and Those TV Spots..." New York Times . Section 14CN, page 1. Retrieved April 7, 2022.
  7. 1 2 3 "About". Bob's Discount Furniture. July 31, 2008. Archived from the original on July 31, 2008. Retrieved September 14, 2007.
  8. 1 2 3 4 Marks, Paul (February 1, 2005). "New Investors Have 'Come on Down' To Bob's". Hartford Courant . p. E1. Archived from the original on September 29, 2015. Retrieved September 15, 2007.
  9. ↑ "Saunders Karp & Megrue Completes Recapitalization of Bob's Discount Furniture". Apax Partners (Press release). January 31, 2005. Archived from the original on August 21, 2013. Retrieved September 14, 2007.
  10. ↑ Engel, Cliff (February 7, 2005). "Firm buys 70% stake in Bob's". Furniture Today. Archived from the original on December 15, 2008. Retrieved September 14, 2007.
  11. ↑ French, Howard (July 19, 2006). "Bob's moving into Rhode Island". Journal Inquirer . Archived from the original on September 25, 2006. Retrieved September 14, 2007.
  12. 1 2 "Company profile". Hoover's, Inc. Retrieved September 15, 2007.[ permanent dead link ]
  13. 1 2 Cronin, Anthony (November 8, 2006). "Former TJX CEO joining Bob's Discount Furniture". Business and Financial News. The Day. New London, Connecticut.
  14. ↑ Engel, Clint (November 13, 2006). "Bob's Discount names TJX veteran English to CEO post". Furniture Today. Archived from the original on June 10, 2008. Retrieved September 14, 2007.
  15. ↑ Engel, Clint (April 2, 2013). "Stan Adelstein retires as Bob's Discount Furniture chairman". Furniture Today. Retrieved January 3, 2018.
  16. ↑ Bordonaro, Greg (February 1, 2010). "Booming Bob's | Homegrown TV Ads And Product Value Doubles Furniture Seller's Growth". Hartford Business Journal. Retrieved January 19, 2018.
  17. ↑ "Bob's Discount Furniture to Be Acquired by Bain Capital" (Press release). Business Wire. December 30, 2013. Retrieved January 3, 2018.
  18. ↑ Abrams, Rachel (December 30, 2013). "Bain to Buy Control of Bob's Discount Furniture". DealBook. New York Times. Retrieved January 19, 2018.
  19. ↑ Troy, Mike (March 10, 2016). "Bob's Discount Furniture names CEO". Chain Store Age. Archived from the original on August 28, 2018. Retrieved January 19, 2018.
  20. ↑ Elliott, Adelaide (October 13, 2020). "Bob's Discount Furniture taps former California Closets exec as new president, CEO". Furniture Today. Retrieved April 7, 2022.
  21. ↑ Bob's Discount Furniture (September 11, 2007). "Bob's Discount Furniture Kicks Off "Celebrate the Arts Contest"" (Press release). Furniture World. Retrieved April 30, 2020.
  22. ↑ Aucoin, Don (July 8, 2006). "Bigmouth Strikes Again". Living. Boston Globe . p. C3.
  23. 1 2 Jones, Evan (September 4, 2015). "Bob's Discount Furniture arrives at Broadcasting Square". Reading Eagle. Retrieved January 19, 2018.
  24. ↑ Fillo, Maryellen (September 23, 2006). "Is Bob's Sidekick Gone? I Doubt It!". Life. Hartford Courant . p. D2. Archived from the original on August 1, 2017. Retrieved September 14, 2007.
  25. ↑ Gomez, Michael (March 20, 2000). "It's Bob's World, We Just Sit in It". Business New Haven. Archived from the original on April 12, 2015. Retrieved September 14, 2007.
  26. 1 2 Lazare, Lewis (January 19, 2016). "Bob's Discount Furniture invades Chicago market with multiple stores and goofy ads". Chicago Business Journal. Business Journals. Retrieved January 19, 2018.
  27. 1 2 Hall, Claire (August 3, 2016). "A 'No Phony Gimmicks' Guy". 75th Anniversary. University of Connecticut School of Business. Retrieved January 19, 2018.
  28. ↑ Fiske, Angelique (August 14, 2018). "Patriots and Bob's donate 200 beds to kids in need". New England Patriots. Retrieved May 16, 2019.
  29. ↑ Bringing support – and furniture – to those who need it. Pittsburgh Steelers. Retrieved May 16, 2019.
  30. ↑ "Meet Giants alumni at Bob's Discount Furniture". New York Giants. April 23, 2014. Retrieved May 16, 2019.
  31. ↑ "Bob's Discount Furniture enters Los Angeles market with 6 stores in 2018". Furniture Today. October 18, 2017. Retrieved May 16, 2019.
  32. 1 2 "Bob's Discount Furniture". LA Galaxy. Archived from the original on May 16, 2019. Retrieved May 16, 2019.
  33. ↑ Kelly, Brianna (March 17, 2022). "Bob's Discount Furniture opening third Minnesota store in Roseville". Minneapolis/St. Paul Business Journal. Business Journals. Retrieved April 7, 2022.
  34. ↑ "Bob's Discount Furniture Promotes Michael Skirvin to President & CEO" (Press release). Business Wire. March 10, 2016. Retrieved April 28, 2016.
  35. ↑ Gowen, Samantha (October 20, 2017). "Bob's Discount Furniture coming to Southern California with 6 stores planned for 2018". Orange County Register. Retrieved January 18, 2018.
  36. ↑ Ford-Stewart, Jane (February 7, 2017). "Big discount furniture chain opening soon in Greenfield". Milwaukee Journal Sentinel . Retrieved March 27, 2019.
  37. ↑ Dehnel, Chris (February 9, 2018). "Bob's Furniture Coming on Down to the West Coast". Manchester, CT. Patch. Retrieved April 18, 2018.
  38. ↑ Brown, Brandon (July 30, 2020). "Bob's Discount Furniture to open four Phoenix-area stores". Phoenix Business Journal. Business Journals. Retrieved April 7, 2022.
  39. ↑ Swanson, Lorraine (February 10, 2016). "Bob's Discount Furniture Opens in Burbank". Oak Lawn, IL. Patch. Retrieved January 19, 2018.
  40. ↑ Burke, Michael (February 15, 2017). "Bob's Discount Furniture opens at Regency Mall". Journal Times. Retrieved January 19, 2018.
  41. 1 2 "About Us". Bob's Cares. Archived from the original on January 20, 2018. Retrieved May 16, 2019.
  42. ↑ "Ready. Set. March for Babies!". March of Dimes (Press release). April 7, 2015. Retrieved May 16, 2019.
  43. ↑ "Bob's Discount Furniture". Autism Speaks. Retrieved May 16, 2019.
  44. ↑ "Bob's Discount Furniture presents $75k Check to Special Olympics" (Press release). Furniture Today. June 26, 2017. Retrieved January 19, 2018.
  45. ↑ "Bob's Discount Furniture gives $45,000 to Save the Children". Furniture Today. January 27, 2015. Retrieved January 19, 2018.
  46. 1 2 Bienenstock, Russell (September 25, 2012). "Charitable Giving Series: Bob's Creative Giving". Furniture World. Vol. 142, no. 5 (September/October ed.). Retrieved January 19, 2018.
  47. ↑ "KIDS: Resources for Parents". ConneCT Kids. State of Connecticut. Retrieved May 16, 2019.
  48. ↑ "Red Cross salutes Bob's Discount". Furniture Today. June 29, 2005. Archived from the original on June 10, 2008. Retrieved September 14, 2007.
  49. ↑ "Bob Squad History". The Bob Squad. Archived from the original on September 11, 2007. Retrieved April 7, 2022.
  50. ↑ "Bob's Discount, Red Cross, New England Patriots Team Up for Blood Drive". Home Furnishings News. December 4, 2013. Retrieved April 30, 2020.
  51. ↑ "Giants hosting annual blood drive Saturday". New York Giants. July 16, 2014. Archived from the original on January 4, 2018. Retrieved January 3, 2018.
  52. ↑ Bong, Bob (February 2, 2016). "Bob's Discount Furniture set to open 5 stores". Daily Southtown. Chicago Tribune. Retrieved May 16, 2019.
  53. ↑ Asaba, Jeni (June 28, 2008). "Bob's Furniture donates laptops to M.S. 206". Bronx Times. Archived from the original on May 16, 2019. Retrieved May 16, 2019.
  54. ↑ "Bob's Discount Furniture announces 30th Annual Golf Outing" (Press release). Furniture Today. June 5, 2017. Retrieved January 19, 2018.
  55. ↑ "Bob's Discount Furniture donates $100,000 to Autism Speaks". Hartford Business Journal. August 10, 2015. Retrieved May 16, 2019.
  56. ↑ Dehnel, Chris (November 30, 2018). "Bob's Furniture/Alex's Lemonade Stand Campaign Nets $85,000". Manchester, CT. Patch. Retrieved May 16, 2019.
  57. ↑ Walker, Quoron (July 18, 2018). "Alex's Lemonade Stand Debuts At Bob's Discount Furniture". Hartford Courant. Retrieved May 16, 2019.
  58. ↑ Ameden, Danielle (April 15, 2016). "Special Olympics athletes compete in MetroWest Schools Games". Natick Bulletin and Tab. Wicked Local. Retrieved April 28, 2016.

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