Jennifer Convertibles, Inc. (JEN) Opens Two New Furniture Stores
Jennifer Convertibles, Inc. (JEN) announced that it was opening two more Ashley Furniture HomeStores, bringing the total to four. The two new stores will be located in Farmingdale, N.Y. and Elmhurst, N.Y., and are operated under a license agreement with the parent company. Although the number of Ashley Stores is relatively small, the store chain is an important part of the overall company, and sales were 15% of the company’s total in the most recent quarter. Jennifer Convertibles reported a loss of $1,532,000, or ($0.22) per share, in its third fiscal quarter ending 5/30/09. The company also saw revenues fall…