SOURCE: Broad Street Furnishings

April 24, 2008 13:56 ET

Broad Street Furnishings Going Out of Business: Area's Largest Home Furnishings Store to Liquidate Entire Inventory Beginning April 24

Broad Street to Demonstrate Appreciation to the Community With Discounts up to 70% off at 210 Broad St. Location

NEVADA CITY, CA--(Marketwire - April 24, 2008) - Broad Street Furnishings, which has been serving customers in the Nevada City / Grass Valley area for more than three decades, is going out of business and has begun the total liquidation of its inventory.

Broad Street, founded in 1977, said its 28,000 square foot location at 210 Broad St. will remain open until all merchandise is sold. All manufacturers' warranties will remain in effect (except on items sold "as is"). In appreciation for the decades of support, Broad Street will say "thank you" to the community by selling the remaining merchandise in its multi-million dollar inventory at price reductions of up to 70% off.

The sagging economy and the sharp decrease in new home sales was cited by owners Lionel and Joan Holman as the reasons for closing the store which is considered the largest home furnishings retailer in the area. Sales have been continually decreasing during the years the Holmans have owned Broad Street. In addition to the 100-plus year-old building which houses Broad Street, the store also has a 4,000 square foot warehouse in a separate location.

"People just aren't buying," said Lionel Holman. "The economy has taken its toll on Broad Street. New home sales are at the lowest point in 10 to 15 years while the number of homes for sale is at a record high level."

The Holman family intends to make a graceful exit and reward its customers with the chance to purchase every item from the millions of dollars of first quality inventory at greatly reduced prices. Among the major brands carried by Broad Street are Woodworks Amish Furniture, Ekornes Stressless and Lane Furniture. Other well known brands include Barcalounger, Borkholder Amish Furniture, Bradington-Young Furniture, Broyhill Furniture, Flexsteel Furniture and Hooker Furniture.

"Joan and I had significant experience in customer service before we bought Broad Street. We thought our background would serve us very well and we could grow the business. We didn't foresee either the economy or the housing market decreasing so dramatically," Holman added.

"The sale will continue only as long as inventory remains. We hope that all customers will come in early to get the best selection before everything is gone," Holman said.

Broad Street's going-out-of-business total liquidation event is supported by Deere Park Associates, one of the leading consultants to the furniture industry. Deere Park Associates is based in Northbrook, Il.

"Deere Park Associates was clearly the best furniture consultant in terms of reliability, integrity, professionalism, resources, and proven success. It is very important for us to maintain the standards and reputation we've earned," said Holman.

"We thank the community, too, for years of loyalty and support," Holman said.

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