New Hillside name reflects strategy – mattress futon
Hillside bedding is a futon mattress retail chain including 11 sleep stores. It has a plan to penetrate the new market via a direct marketing strategy throughout the nation like what Dial-A-Mattress has done.
Recently, the company has announce its plan to change its corporate name to "Coast to Coast Corp.". According to the president of this company, Robert Martire, this name will “reflect more clearly the new strategy and direction that the company is going to do to enlarge its direct marketing campaign all over the nation.”
People wonder if the effort of Hillside will make it become similar to Dial-A-Mattress or not, which is famous for offering mattress as well as futon mattress by telephone, its spokesman Frank Marra of Corporate Relations Group stated that “In my opinion, this assessment is quite fair.” This marketing program will cover both mattress, futon mattress and bedding accessories. To have more information about choosing futon mattress, you can read at Best queen size futon mattress
In a New York Post’s article dated 14th Dec, there was an opinion that the company “is going to close all its stores located in New York and Long Island, with the estimated number of 11 stores” and “transfer the purpose of these stores to warehouses.” In response to such rumors, Marra highlighted “That is totally incorrect. These rumors have no reliable sources. We do not have any plan to do that. We also don’t discuss about the using of such stores.”
Morton Swirsky, as the official announcement from the company, has resigned from chief financial officer and director from now on. According to Marra, Swirsky “has a personal reasons and he would like to step down.” HFD has tried to have an interview with Swirsky but didn’t succeed.
Hillside additionally revealed that it has cooperated with Corporation Relations Group Inc., which is located in Winter Park, Fla., to give speculator relations administrations intended to construct familiarity between financial investors and experts.
As you may not know, Hillside is a futon mattress chain with the total value up to $11.3 million. However, it kept away from liquidation not so long ago by raising $4.1 million through a stock offering to have money for repurchasing franchises and having new stores opened.
As a result, the company has completed repurchasing 11 franchised stores, increases the number of stores to 31 in March.
However, since the company has closed down some stores, the total number of Hillside’s stores reduced to 11 only.
Because of rivalry in the New York region, where the company intended to extend, it changed its procedure to enter different markets and develop productive stores.
As a component of that arrangement, the company detailed that it had marked an agreement to purchase a controlling stake in Today's World Inc. of Tampa, Fla., a furniture, futon mattress and bedding chain with $15 million yearly deals. Cash and stock are the methods of payments.
There are about $2 million out of $7.3 million on revenues that Hillside lost in the fiscal year ended 30th June. In the next year, the revenue increased to $11.3 million while the lost reduced, only $600,000.
In the quarter finished Sept. 30, the organization's deals slid in excess of 50 percent from a similar period for the earlier year to $1 million, on profit of $11,794. For the monetary year finished June 30, the organization lost $2 million on offers of $7.2 million.
Since the organization opened up to the world on the over-the-counter market, offers of its basic stock have dove from a high of $10 to $1.50.
In the report at 30th Sept, the sales of the company has decreased more than 50% in compared with the same period of the previous year. $2 million is the lost the company has suffered on the total sales of $7.2 million, for the fiscal year ended on 30th June.
This lost also affects the share of common stock, the value reduces from $10 to $1.50 only because Hillside has already gone public on the over-the-counter market.See more: HEILIG-MEYERS TO SELL ITS 236 MATTRESS STORES: DIVESTITURE MAY ENABLE RETAIL GIANT TO PAY DOWN ITS DEBT