Rotmans is conducting a going-out-of-business sale.
WORCESTER, Mass. — Absent a successor within the family and unable to find a purchaser following efforts to sell the retail business earlier this year, Steve Rotman is closing the eponymous family furniture business.
In a letter to stakeholders obtained by Furniture Today, Rotman indicated that the company is conducting a going-out-of-business sale with a goal of drawing things down by the end of 2022 or early 2023. In the letter, Rotman noted that the retailer had been running a sale to liquidate excess inventory, consolidate its remote warehouse and improve its financial condition as well as reduce expenses.
“It’s reached the point where my kids are in other careers, and there is no other family involved. I’m 83. It’s time to make the changes and move on,” Rotman told Furniture Today. “We’ve done phenomenal. We’ve been at the top in Worcester for the past 25 years. The business has been fairly good over the past four or five years. It just got to the point where it was getting more stressful.”
Earlier this year, Rotman had considered splitting off Rotmans from the other businesses in his Vystar portfolio in a potential reverse merger. He had hoped to find a buyer for the retail brand while separating it from his non-furniture holdings, including RxAir air purification; Vytex, a maker of latex foam; and Fluid Energy Conversion.
Rotman said he’s hopeful that another home furnishings retailer might see the potential of the Rotmans location, which includes four acres and high visibility from Interstate 290 and open a store there. He expects the going-out-of-business process for Rotmans will be wrapped up by the end of the year or no later than January 2023.
Steve Rotman
“Despite the company’s best efforts and after careful consideration of many alternatives, the difficult decision has been made to enlist the help of Zimmer Hester Furniture Liquidations and conduct a going-out-of-business sale for Rotmans Furniture,” Rotman wrote in the letter. “The company is taking this step to stop operational losses and maximize the return to our creditors.”
Rotmans first opened more than 50 years ago as a furniture and carpet retailer under the leadership of the Rotman family. It became a publicly traded company when Vystar Corp. acquired a majority interest in the company.
In June 2021, Rotmans underwent a renovation, converting 90,000 square feet of showroom space in the 175,000-square-foot facility into warehouse in order to offer more in-stock items for immediate delivery.
And while Rotman is instead wrapping up retail by closing it, he is still involved those other business channels. He remains CEO of Vystar.
“I’m still CEO of Vystar, and that’s a big part of what I’m doing as well. All I’m retiring from is the furniture side,” Rotman said. “We still have three other divisions in Vystar. We still have the lease on the buildings and will be involved with somebody on the home furnishings side as well.”
[ad_2]
Originally Appeared Here