Knoxville Wholesale Furniture Takes Over Ashley Furniture Store

Posted by slone on June 19th, 2009 at 08:58pm

KNoxville Wholesale Furniture has added another store to their portfolio with the takeover of a 41,000 square foot Ashley Furniture HomeStore in west Knoxville. The Ashley store went out of business earlier in the year, but was reopened last week with a grand opening promotion.

The terms of the deal weren’t disclosed, but it is reported that around $1 million was invested to temporarily lease the store location. And, the company has plans on buying the store if the sales prove to be as expected.

Tim Harris, president and owner of Knoxville Wholesale Furniture has projected that the store will bring in between $8 to $10 million annually and increase the companies market share to almost 50 percent by the end of the year. The companies estimated sales last year were around $27 million.

Under Furniture News