From Home Furnishing Business
Steinhafels Acquires 3 American TV & Appliance Stores
Steinhafels' purchase of the stores in Appleton, Wis., Oak Creek, Wis., and Madison East, Wis., brings the retailer's store count to 20. The stores are all located in Wisconsin and Illinois.
“We have respected American TV & Appliance for many years and have appreciated our spirited, competitive relationship,” said Gary Steinhafel, president. “It is never good for any community to lose a business, and we feel for their employees and families. We will carry on their fine 60-year
tradition in the manner we have for 80 years while maintaining our company’s strategic growth plans.”
Waukesha, Wis.-based Steinhafels will begin remodeling the Appleton and Oak Creek stores to look and feel like the other Steinhafels locations, with a goal to open both in late autumn, Steinhafel said. The Madison East location will be remodeled in 2015, while Steinhafels current Madison store is currently undergoing a $1.5 million remodeling project.
None of the three new stores under the Steinhafels banner will carry televisions and appliances as American TV & Appliance did but will operate as Steinhafels furniture stores only.
American TV & Appliance operated 11 stores in Wisconsin, Illinois, and Iowa. It closed its doors Feb. 17, and filed a Wisconsin Statutes Chapter 128 Receivership.
American’s CEO since 1988 and controlling shareholder, Doug Reuhl, said he was gratified that Steinhafels is going to own and operate three of the stores.
“I have nothing but the utmost respect for the way Steinhafels does business, its unwavering commitment to its customers, and the respect they give their employees,” Reuhl said. “In many ways we are very similar, which gives me confidence those three stores and those employed there are in very capable hands.”
The acquisitions follows Steinhafels commitment to make upgrades to two of is established stores along with an expansion into Illinois.
The retailer recently completed a $1 million renovation at its Kenosha, Wis.
In August 2011, Steinhafels opened a 101,000-square-foot superstore in Vernon Hills, Ill. That opening was followed by the opening of a Steinhafels mattress store in Rockford, Ill., in September 2012.
The company's recent growth coincides with the addition of the Steinhafel family's fourth generation to the team.
Andrew Steinhafel has joined the retailer in its information technology department. He joins family owners Gary Steinhafel, Ellen Steinhafel-Lappe, CFO, and Mark Steinhafel, COO. Andrew is Mark's son.