Hurt by the faltering economy, Good's Furniture & Flooring will close all three furniture stores in the coming months, it was announced today.
The decision will shut stores in New Holland, Harrisburg and Dover, York County. However, a flooring store on Steel Way in Lancaster will remain open.
The closings will idle most of the company's 75 employees, but a specific number was not immediately available.
Good's Furniture said it will start a "Going Out of Business" sale at the furniture stores on Thursday, Jan. 29. The duration of the sale has yet to be determined.
Along with the store closings, company founder, president and majority owner Richard W. Good, age 73, and his wife, Annetta, will retire.
"Mr. Good was optimistic that things would turn around. But the economy is not going in the right direction and there's no signs that it will be in the near future," said Barbara Hall, assistant to Good.
"His heart is in Lancaster. His heart is in furniture. This is very difficult (for Good)," she said.
The company emphasized that it is not filing for bankruptcy and "will fulfill all of its obligations and commitments to their customers, employees, suppliers and bankers ...
"All present orders will be filled, gift cards will be valid through the sale and all existing warranties will be honored," the company said in a statement.
The flooring store, known as the floorcovering division, will continue to operate under the ownership of Frank Barrett and Joe Cassidy, partners of the Goods.
With today's announcement, Good's Furniture becomes the latest of a host of retailers to close or downsize due to falling sales, triggered by the anemic economy.
The news also ends a remarkable comeback for Good, a second-generation retailer whose parents started Good's Furniture in 1959.
Good sold the chain in 1996, only to see the buyers go bankrupt in 2004.
Meanwhile, he had started another business, Richard's Furniture & Flooring.
The following year, Good bought back the Good's Furniture name and reopened his former flagship store on West Main Street, New Holland.
Staff writer Tim Mekeel can be reached at
tmekeel@LNPnews.com or 481-6030.
