Bailey Street Addresses Confusion Caused By Bombay Company Filing
Furniture World Magazine
“We have not been associated with the Bombay Company since May of 2005”, said Jim Berk Chairman and CEO of Bailey Street Holding Company. “The confusion in the media releases has come about because Bombay Company still had a dormant company whose name is similar to ours. They were required to divulge that in their filing and the phones started ringing.” “We’re happy to say that we just finished the best fiscal year in company history with double digit sales increases and a good profit performance”, said Greg Waylock, president and one of the founders of Bailey Street Holding Company.” Mr. Waylock was part of the investment group that purchased the assets of Bailey Street from Bombay Company and re-named it Bailey Street Holding Company. “We did not know that Bombay had retained the old name and company as a legal entity until the phones started ringing Thursday. As you know, this is a closely knit industry”.
“It is a bit ironic that we just had a great fiscal year ended in May, acquired the assets of Mirador in June, introduced the new Couture Covers™ chair line in Las Vegas to great acceptance in July, moved to our new larger offices last month and are now fielding questions related to the Bombay filing and our stability as a company. I am here to say we are alive and well in Arlington, Texas and doing just fine financially”, said Berk.
Bailey Street has actually increased its space at the High Point Market (they are located in the Suites at Historic Market Square MS-G50 and MS-G51) by nearly 50% and will be introducing a number of new items at the market. “We’ve nearly doubled the upholstery choices for our Couture Covers™ chair program plus we are introducing several new accent tables, chests and chairs. Since we acquired the line from Bombay in 2005 the SKU count has nearly doubled as well so we really needed the extra space. The space next to us opened up and we jumped on the opportunity”, said Waylock.
Bailey Street introduced the Couture Covers™ chair program to the industry in July at the Las Vegas Market with 14 upholstery patterns to which they have added nine additional choices. “This new concept chair allows the retailer to offer as many of the upholstery patterns as they wish. They can either stock all the patterns or as few as they wish. The Couture Covers™ come in a self storage bag and can be displayed in the available free furniture display fixture (minimum purchase of six chairs is required) or maintained as back stock. When the retailer’s customer orders a particular style of cover, the finished chair can be available in as little as 5 minutes. One Couture Covers™ base chair can be sold in any of the styles and be ready for immediate customer delivery. The fashion forward nature of the design and unique fastening system creates incredible value for the customer”, said Waylock. “The concept allows the retailer to stock a limited number of the base chairs and as many of the upholstery styles they wish. It allows a lower inventory carrying cost and still gives the retailer a real advantage with their customers by offering such a great choice,” added Berk.
“From the retailer’s perspective, we see the potential for repeat sales of the covers for the same chair base. Change your mind. Change your chair™ says it all. The end consumer can choose from a variety skirted and un-skirted chairs in luxurious fashion fabrics with out having to invest in a whole new chair. Simply change the look when inspired or the season dictates”, Waylock said.