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Nearly every morning this week, there's been news about Jennifer Convertibles, and the news has all been bad. First the locally-based sofa brand was closing its Upper West Side store. Then it was shuttering its Brooklyn Heights outpost. Then, today, in the weirdest item of all, the City Room blog reported that a man with the same name as Jennifer's CEO had been accused of hitting and killing a pedestrian while driving drunk. Crain's looks into the stories and determines that, basically, it's the worst week ever for the company.
Jennifer lost $6.2 million this past quarter, compared with $2.3 million in the second quarter of last year, which obviously can't have made them feel good about keeping stores open. But they also bought a rival company earlier this year, inspiring business leaders to reevaluate the leases on their NYC stores. They apparently plan to open two Ashley Furniture HomeStores later this year. And while one might imagine that the bad financial report caused CEO Harley Greenfield to get wasted and drive onto the sidewalk, he says he only had two drinks before the accident, and the victim, a security guard, was trying to cross a highway in Queens. In other words, there's no real connection between all of Jennifer's problems—it's just bad things (one of them truly tragic) happening in threes.
· Jennifer Convertibles' nightmare week [Crain's]
· Name of Driver in Pedestrian Death Matches That of Furniture Executive [City Room]