2008 – A Bumpy Road for the Furniture Industry – Ethan Allen, Wickes Furniture

Last year you may have heard a lot of big names heading to bankruptcy and closing down, like Levitz and Bombay. Well, along with the news (or no good news) of the economy possibly heading into a recession in 2008, and no end in sight for the turnaround of the housing industry, the furniture market is becoming a bigger casualty of the slowdown than many people know.

Just this week, Wickes Furniture has filed to postpone payments to vendors until later this year. And Ethan Allen is looking to close a handful of stores. What does this mean for you as a consumer?

Well, this just shows that there is a shift in demand regarding the types of furniture and services people desire to buy as well as changes in the demographics of the stores that these name brands have in certain locations.

2008 continues to spell trouble for many furniture retailers, and the news about preliminary store closings and payment postponements may mean more furniture businesses closing in this up coming year. Brace yourselves from some changes in where and when you can buy furniture. They will be a slew of closeout deals, but beware, I’ve noticed that “closeout” prices are no better than the highly competitive prices you find buy searching and shopping at the online furniture stores. So Caveat Emptor, and I wish everyone the strength to handle challenges and make it through smoothly through 2008.