FREDERICKSBURG, Va. \u00e2\u20ac\u201d The owners of high-end Danker Furniture in Gaithersburg, Md., and Sheffield
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\nFurniture in greater Philadelphia have acquired the name and lease of retailer Gallahan\u00e2\u20ac\u2122s here.<\/p>\n
Severegn Furniture Management acquired the name and certain other Gallahan\u00e2\u20ac\u2122s assets from Stone-Lee for an undisclosed amount.<\/p>\n
Stone-Lee was led by Phil Kennett, whose other furniture business, High Point-based Wood Armfield, filed for Chapter 11 bankruptcy protection last summer and subsequently closed.<\/p>\n
Severegn is led by CEO and majority stakeholder Jim Shrawder. The other owners are Gerard Kvasnovsky, former owner of Danker, and Schrawder\u00e2\u20ac\u2122s other business partners, Mike Holmes and Dave Zartman. This fall, Shrawder acquired a stake in Danker, which was later transferred to Severegn, now the owner of Danker, Sheffield, and Gallahan\u00e2\u20ac\u2122s<\/p>\n
\u00e2\u20ac\u0153It\u00e2\u20ac\u2122s a beautiful store,\u00e2\u20ac\u009d Shrawder said of\u00c2\u00a0 the 82,000-square-foot Gallahan\u00e2\u20ac\u2122s showroom, twice the size of the Sheffield showroom in Malvern, Pa., and the largest of the four Danker stores in Maryland and Virginia.<\/p>\n
It will be run separately as Gallahan\u00e2\u20ac\u2122s, but, \u00e2\u20ac\u0153It\u00e2\u20ac\u2122s going to take several months to get it fully back up to speed,\u00e2\u20ac\u009d he said.<\/p>\n
Gallahan\u00e2\u20ac\u2122s faltered last year as a result of the Wood-Armfield bankruptcy, as common suppliers to both stores \u00e2\u20ac\u0153cut back hard,\u00e2\u20ac\u009d Shrawder said.<\/p>\n
Severegn didn\u00e2\u20ac\u2122t buy Gallahan\u00e2\u20ac\u2122s inventory. Instead, that is being sold on consignment with proceeds held in escrow for distribution to the former Gallahan\u00e2\u20ac\u2122s creditors in order of priority, much as they would in a bankruptcy proceeding, he said.<\/p>\n
The new Gallahan\u00e2\u20ac\u2122s of Fredericksburg company expects to eventually bring back all the retailer\u00e2\u20ac\u2122s key suppliers, including Henredon, Drexel Heritage, Hickory Chair, Maitland-Smith and Stanley (all Danker suppliers) as well as add Stickley, just as Shrawder did at the Danker stores late last year.<\/p>\n
He projected Gallahan\u00e2\u20ac\u2122s sales could reach $20 million this year, and said Severegn, through the three chains, should top $60 million.<\/p>\n
Kennett declined to discuss the reasons for the sales other than to say, \u00e2\u20ac\u0153For our customers and our people and the future of Gallahan\u00e2\u20ac\u2122s, this just seemed to be an excellent fit.\u00e2\u20ac\u009d<\/p>\n","protected":false},"excerpt":{"rendered":"
FREDERICKSBURG, Va. \u00e2\u20ac\u201d The owners of high-end Danker Furniture in Gaithersburg, Md., and Sheffield<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-3234","post","type-post","status-publish","format-standard","hentry","category-furniture-world-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/3234","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/comments?post=3234"}],"version-history":[{"count":0,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/3234\/revisions"}],"wp:attachment":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/media?parent=3234"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/categories?post=3234"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/tags?post=3234"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}