House2Home suspends shipments
November 5, 2001-- Home Textiles Today,
Irvine, CA — Following a steep decline in sales, House2Home has stopped shipments for several weeks while it works to balance its inventory.
"The suspension of new merchandise shipments is consistent with our ongoing attention to improve our financial position and store operations," said Herb Zarkin, chairman and ceo.
Sales at the home decorating superstores have been running approximately 25 percent to 30 percent below its levels prior to Sept. 11. The suspension of shipments came a week after the retailer announced that it has retained the services of Barrington Associates, an investment banking firm, to assist it in looking at strategic and financial alternatives.
"Barrington is continuing to explore any and all alternatives," said Michelle Feller, spokeswoman. "The field is pretty wide open."
House2Home completed its conversion from HomeBase stores in August and changed its company name in September to reflect that.
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