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Levitz Names Nicholas S. Masullo Vice President -- Strategic Operations and Human Resources
BOCA RATON, Fla.--(BUSINESS WIRE)--June 7, 1999--
--Company Veteran Assumes Responsibility for Store Business
As Retail Furniture Pioneer Seeks to Build on Recent Successes--
Levitz Furniture Corporation (OTC BB:LVFIQ), the retail furniture pioneer with operations in 13 states, today announced the appointment of Nicholas S. Masullo to the new position of Vice President -- Strategic Operations and Human Resources, effective immediately.
According to Chairman and Chief Executive Officer Ed Grund, Masullo will provide senior operational leadership and strategic direction for the company's overall operations, including corporate headquarters, stores and sales support centers. He will retain responsibility for human resources and labor relations for the 64-store, 3,000-employee retail furniture chain and will continue to report directly to Ed Grund.
"Nick is an exceptional leader who enjoys the highest respect within the company and throughout the industry," said Grund. "I am extremely gratified that Nick will be taking on such an important role as we continue to implement our business strategy and position Levitz for future profitability and leadership in the industry."
A seasoned company veteran, Masullo brings extensive experience in all aspects of retail operations. He joined the company as a Management Trainee and has held positions at the store, regional and corporate levels, including executive positions in information systems and human resources. For the past six years, Masullo has served as Vice President -- Human Resources & Labor for the company. Previously, he directed the operations of 26 Levitz retail locations in six states.
The appointment of Masullo comes as Levitz works towards its emergence from Chapter 11 bankruptcy protection. Over the past several months, Levitz has made major changes designed to improve the in-store shopping experience for customers, enhance the company's overall efficiency and move closer to long-term profitability.
Last month the company opened the first brand new Levitz store since filing for Chapter 11 protection in September 1997. The new store, located in the fast-growing Santa Clarita Valley north of Los Angeles, employs an open layout with an emphasis on Levitz' best-selling styles as well as the designs and colors that are most popular in the region. The store is Levitz's 17th in Southern California and gives the company 1.4 million square feet of furniture retail showroom space in the greater Los Angeles area.
At the same time, the company re-opened five re-modeled stores in Southern California and Minnesota. In addition, Levitz plans to re-model the entry and interior of its Garden City, NY location, the company's largest volume contributor. All of the re-models are based on the company's experience at its flagship store in the Phoenix market, which was re-located and re-merchandised last year, generating double-digit sales increases at the new location and a positive sales trend at Levitz locations across the market.
The reforms at Levitz extend beyond the showroom floor. Since December, the company has streamlined warehousing operations and focused retail efforts on its strongest markets. Levitz has reformed its field management structure, enabling Market Managers to spend more time in each store and to become experts on the local market. Twenty-one regional sales support centers now provide better support for in-store sales staff and in turn, better service to customers. Levitz is also in the process of completing a review of its creative advertising account as it seeks to re-position itself for today's marketplace.
Levitz Furniture Corporation currently operates 64 stores in 13 states on the East and West Coasts and in the Midwest. For more information, visit the company's web site at www.levitz.com.
Disclaimer: This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements which are other than statements of historical facts. These statements are subject to uncertainties and risks, including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks defined in this document and in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and other cautionary statements which may accompany the forward-looking statements. In addition, the companies disclaim any obligation to update and forward-looking statements to reflect events or circumstances after the date hereof. |
