Haverty Furniture Companies, Inc. ("Havertys") is a retail furniture company founded in 1885. Starting with a single store in downtown Atlanta, Havertys has grown to become one of the top furniture retailers in the south and central United States.
Video Havertys
History
Havertys was founded by James Joseph (J.J.) Haverty and his brother Michael in 1885. The first store is located at 14 East Hunter Street (now 117 Martin Luther King Jr. Drive) in Atlanta, Georgia. In the third year, the new company moved to a larger location.
In 1889, J.J. and Michael forged a partnership with the owner of neighboring furniture store, Amos G. Rhodes, formed the Rhodes-Haverty Furniture Company. A year and a half after the first Rhodes-Haverty store opened, J.J. Haverty moved west to St. Louis, Missouri with his family to expand, and soon after buying flowers in a number of smaller showrooms. Not until 1894 was J.J. returning his family back to Atlanta and going down the street to open more stores. In 1908, 17 stores opened and flourished.
J.J. Haverty's son, Clarence, who first started the business by sweeping the floor, climbed into a leadership position and hoped for a bigger role in the business. The partnership with Rhodes was dispersed peacefully and, with a flip of coins, 16 shops split between Rhodes and Haverty. The main Atlanta location is bought directly by J.J. Haverty and the business took back its original name from Haverty Furniture Company.
After parting with Rhodes, the company spread its wings to the South. Atlanta headquarters expanded their facilities and moved to a larger six-story building in 1924. Also during this period, J.J. Haverty and Amos Rhodes formed another partnership, this time to establish the Rhodes-Haverty Building, which will remain the tallest structure in Atlanta until 1954.
In the late 1920s, the company took advantage of a booming stock market and became public. Stock sales took place on October 1, 1929. Four weeks later, the market fell. The strong financial position of Havertys allows the company to face difficult years ahead.
Clarence Haverty, who has been in business for many years, was officially named president in 1938, at the time of his father J.J. become chairman of the board. In October 1939, just less than his 81st birthday, founder J.J. Haverty died.
In December 1941, the United States entered World War II and the company faced tough times caused by the allotment of furniture production materials. When the war ends, the pent-up demand for consumer goods causes sales to soar. The company took the opportunity to overhaul the old store and open a new location. Clarence Haverty's son, Rawson, returned from the war and occupied the position of Corporate Secretary.
The company continued to grow during the 1950s. By 1955, there were 38 stores in ten states. Clarence Haverty decided to resign as President and Rawson took over the role. In 1960, the company's 75th birthday, Havertys added four more locations. That year also witnessed Clarence Haverty's graduation at the age of 79.
In the late 1960s, retail trends changed and stores in the city center were replaced by shops closer to the growing suburban population. Rawson Haverty led the company through this transition as President and Chief Executive Officer until 1984, when he was elected chairman of the board. One of the other founding grandchildren, Frank McGaughey, Jr., who had joined the company since 1947, received the president's title.
In the late 1980s, Havertys embarked on a comprehensive revitalization program, increasing most of the company's stores. Lighting and improved viewing areas are major improvements, with some stores also growing. The revitalization includes the closing downtown Atlanta store last. Havertys remains the largest furniture retailer in the region, with locations scattered throughout the metropolitan area.
Frank McGaughey, Jr. added the CEO to his title in addition to the president in 1990. He held this post until his retirement in 1994, when John E. Slater was appointed president and CEO. Slater joined the company in 1956 and has spent his entire career with Havertys.
In August 1998, the company's stock list was moved from the NASDAQ Exchange to the New York Stock Exchange.
When Havertys witnessed the turn of another century, the company underwent many changes. An initiative began developing Havertys own brand furniture, starting with only a few items in February 2000. Most of the company's sales volume is now a specially designed, sourced and manufactured merchandise under the Havertys brand.
Progress continues and 100 stores do business in early 2001, when furniture retailers see another change in leadership. Rawson Haverty retired from the council and took the title of emeritus chair. Granddaughter of J.J. Haverty, Clarence (Clancy) H. Ridley, elected to the board of directors in 1979, took Rawson's place as chairman of the board. Clancy provides continuity and guidance when JJ's great grandson, Clarence H. Smith, who spent his entire career experiencing all aspects of the company, became president and CEO in 2002. Rawson Haverty continued to attend board meetings until his death in 2007 at that age 86. Frank MaGaughey , Jr. also died soon afterwards in 2008 at the age of 84 years.
The growth of the internet presents Havertys with other opportunities and in 2007 the company updated its website. Until March 2008, customers can explore products and make purchases online.
In 2002, Havertys built their southeastern distribution center in Braselton, Georgia. Since then, it has grown to over 800,000 square feet.
The year 2010 marked another change for the company's leadership as L. Phillip Humann replaces Clancy Ridley as chairman of the board. Clancy was elected emeritus chairman.
In 2012, President and CEO Clarence H. Smith, who has been a member of the board of directors since 1989, replaces L. Phillip Humann as chairman of the board. Mr. Humann remains a member of the board, as president.
Havertys has expanded into three distribution centers to support more than 100 showrooms in 16 states.
Additional information is available on the company's website, havertys.com.
Maps Havertys
Key Date
1885: The first store opened by J.J. Haverty and his brother Michael
1889: Partnership with Amos G. Rhodes to form Rhodes-Haverty Furniture - 1908: J.J. Haverty and Clarence's son parted ways with Rhodes and re-established Haverty Furniture Co. 1929: Company becomes a public company as Haverty Furniture Companies, Inc. 1938: Clarence Haverty becomes President of the Republic 1955: Clarence Haverty's son, Rawson, is appointed President 1984: J.J. Haverty's grandson, Frank McGaughey, Jr., named President of the
1994: Jay E. Slater becomes the new President 1998: Stock moves to New York Stock Exchange
1999: 100th Store opened
2000: Launch of own furniture brand - 2001: Clarence H. Smith, grandson of J.J., named President of the Republic 2008: First online sales
Community Services
Over the years, Havertys has donated time, energy, money and furniture to national destinations such as the United Way, the American Red Cross, the American Cancer Foundation, the American Heart Association, and more.
In 2010, the company became a national sponsor of The American Cancer Society: Creating a Strides Against Breast Cancer runs.
Furnishings and accessories are donated to families featured in Extreme Makeover: Home Edition. In some instances, local employees volunteer their time to assist in the process.
In the Atlanta area, Havertys has affected the High Museum of Art, MARTA, the Saint Joseph Hospital and many charities associated with the Catholic Archdiocese of Atlanta.
Environmental Impact
Havertys has invested $ 750,000 in equipment that recycles about 4,000 tons of corrugated materials and 120 tons of styrofoam each year. An environmentally friendly furniture line with innovative elements designed to leave a smaller environmental footprint introduced in 2009.
References
External links
- Havertys' official website
- Havertys on Facebook
- Havertys Location
Source of the article : Wikipedia
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